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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...