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Your Responsibilities as Agent Under a Power of Attorney

We have, from time to time, addressed the importance of creating a power of attorney in our quarterly newsletter “A Step Ahead.” Through a power of attorney the “principal” authorizes an “agent” to manage property and make financial and business decisions on behalf of the principal. When an agent accepts his or her appointment, a...

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The Importance of Reviewing Beneficiary Designations

Having a well drafted last will and testament and/or trust is only the first step to comprehensive estate planning. A proper estate plan is not the result of a singular event. It is an ongoing process, affected by life events, relationships, births and deaths and changes in assets. To be truly effective, an estate plan...

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Hidden Pitfalls of Naming a Minor as an IRA Beneficiary

Naming someone as the beneficiary of your IRA or other retirement account can be a wonderful way to provide for a loved one after you have passed away. Often, the people we name as beneficiaries of our IRA accounts are our children and/or grandchildren. This is a powerful planning tool for the named beneficiary as...

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Spring Cleaning 2013

Tax season is over! Spring has sprung! It’s time to “review and renew.” Each spring, we at Berwitz & DiTata LLP encourage our clients, friends and “would be” friends to focus on estate planning, refresh those resolutions and stop procrastinating. We call it our annual “Review and Renew” program. If you have never created an...

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The Benefits of 529 College Savings Plans in Estate and Tax Planning

The price of higher education, college and graduate school, is astronomical. Many families try to start saving when the child is young. 529 College Savings Plans provide an effective strategy to save for future costs during the child’s formative years while affording tax and other benefits. Here’s How It Works: A 529 plan can be...

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Spring Cleaning Time To Review and Renew : 2014

Tax season is over! Spring has sprung! It’s time to “review and renew.”Each spring, we at Berwitz & DiTata LLP encourage our clients, friends and “would be” friends to focus on estate planning, refresh those resolutions and stop procrastinating. We call it our annual “Review and Renew” program. If you have never created an estate...

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Thinking Ahead: Senior Living Arrangements

We recently participated in an elder care meeting at which one of the speakers quipped: “Be kind to your children, they will select your nursing home!” While it was intended as dark humor, it can also serve as a call to action. We won’t avoid the aging process. We may as well resign ourselves to...