Beneficiary Questions?
Our La Crosse Estate Planning Lawyers are Here to Help
As the second oldest law firm in the State of Wisconsin, the La Crosse trust attorneys of Moen Sheehan Meyer, Ltd continue the legacy of individualized attention, experience, strategy, and comprehensive estate planning our Coulee Region neighbors have expected of us since 1853. Through the combined seamless working relationships of our practice areas, we assist you with the careful consideration of beneficiary designation for the often-overlooked assets of your estate including:
- Life insurance
- Retirement plans
- Individual Retirement Accounts (IRA’s)
- Annuities
Importance of Wisconsin and Minnesota Beneficiary Designation
A beneficiary designation form clearly states whom you wish to receive benefits of a policy or accounts upon your death. It may be important to integrate beneficiary designations into your estate plan to include investment portfolio assets, as they do not automatically pass to your heirs through a Will or Trust.
Our La Crosse trust attorneys “go the extra mile” in taking the time to discuss your wishes and concerns for your beneficiaries. We draft your estate plan to incorporate your best interests and the best interests of your heirs. Beneficiary designations must remain current and up-to-date to reduce potential problems with probate, estate taxes, and inheritance taxes. At Moen Sheehan Meyer, Ltd, our La Crosse will lawyers help you avoid a multitude of common mistakes in beneficiary designation including:
- Unintentionally disinheriting your children or grandchildren
- Naming children by name, and unintentionally eliminating future unborn children or grandchildren
- Naming minor children directly without putting the assets in trust
- Naming individuals whose financial choices concern you instead of putting the assets in trust
- Not changing a primary beneficiary who enters a nursing home, becomes disabled, or dies
- Not changing your ex-spouse as primary beneficiary after a divorce
- Unintentionally causing your spouse unnecessary IRA tax consequences
The safest approach in protecting your heirs and your legacy is to consult with an experienced La Crosse will lawyer at Moen Sheehan Meyer, Ltd today.