Safeguard Your Etsy Store: A Crucial Aspect of Estate Planning for Entrepreneurs

The global online marketplace, Etsy, has swiftly transformed from a niche craft platform to a colossal commerce hub. With millions of active sellers worldwide, many of whom are based in the United States, Etsy has become a substantial income source for numerous individuals. However, whether your Etsy store is your primary business or a supplementary venture, it’s vital to devise a contingency plan that accounts for worst-case scenarios such as incapacitation or demise. The question arises: What would become of your Etsy store if you were unable to manage it?

Beyond being an income source, an Etsy store is a part of your legacy and should occupy a prominent spot in your digital estate plan, alongside other digital assets like social media accounts, subscription services, and cryptocurrencies.


The Etsy Evolution

Emerging as GetCrafty.com in 2005, Etsy was conceived as an online community for craft enthusiasts, particularly women. The yearning for an e-commerce platform dedicated to buying and selling handmade goods prompted the birth of Etsy. As of 2022, Etsy proudly boasts 7.5 million active sellers, 95 million active buyers, over 100 million listed items, and an astounding $13.3 billion in gross merchandise sales.

While some sellers argue that Etsy has veered away from its do-it-yourself ethos since going public, it continues to serve as a launching pad for entrepreneurs who might not have ventured into business otherwise. This was particularly evident during the COVID-19 pandemic when Etsy’s business and stock price soared to unprecedented heights.


Insights from Etsy’s 2021 Seller Census highlight the evolving nature of work among sellers:

Collectively, Etsy stores contribute nearly $3.8 billion to U.S. household income and infuse $14.3 billion into the U.S. economy.


Addressing Incapacity in the Etsy Sphere

Etsy sellers relying on platform-generated income can encounter various disruptions. While vacation mode offers a temporary hold solution, a more comprehensive plan is necessary for extended periods of incapacity. Vacation mode temporarily halts sales, rendering the shop unable to generate income. To counter this, sellers should establish a robust estate plan encompassing online marketplace stores, allowing a trusted individual to undertake crucial actions such as activating vacation mode, paying fees, shipping items, managing refunds, and more.


Recognizing that sellers in their forties and fifties are more likely to experience incapacitation than death, the absence of employer-provided disability insurance for independent entrepreneurs underscores the need for proactive planning.


In crafting your estate plan, ensure that it enables a designated person to:

Bear in mind that Etsy does not support account transfers. Moreover, sharing credentials requires caution, as it provides access to sensitive personal and financial information. While Etsy strictly enforces its account transfer policy, sellers can contact Etsy directly for assistance.


Necessities for Closing or Selling an Etsy Store

In cases of prolonged or permanent incapacitation, the tough decision to close or sell your Etsy store might arise. Etsy provides guidance for closing a shop, and this step might be necessary in the event of a seller’s demise. It’s wise to include Etsy account credentials in your estate plan to address this scenario.

Transferring or selling a business tied to Etsy necessitates the establishment of a new account, which is important to consider when planning for succession. Also, be mindful that each Etsy shop can have only one owner, and exploring options such as partnerships requires careful consideration of Etsy’s policies.


Digital Estate Planning: A Contemporary Imperative

As our lives increasingly unfold online, a comprehensive plan for digital assets is indispensable. The evolving legal landscape around data and digital assets mandates distinct strategies for each account, depending on the platform’s policies.

Crafting a thorough digital estate plan is imperative, ensuring that your loved ones can access and manage your digital assets while adhering to data privacy regulations. During discussions with our estate planning attorneys, we can compile a list of your digital assets and design a strategy for granting heirs access. If you have specific queries about assets like your Etsy store, this is the time to address them.

Embark on your planning journey today by contacting our office. Your digital legacy deserves as much attention as your tangible assets.

For individuals with substantial wealth, the joy of sharing the rewards of hard work with loved ones can be tempered by concerns about potential gift and estate tax implications. High net worth clients can navigate this complex landscape through strategic estate planning. This involves utilizing specialized trusts that allow wealth sharing while minimizing tax burdens. Here, we delve into three trust types designed to assist high net worth individuals in transferring wealth efficiently.


Grantor Retained Annuity Trust (GRAT)

A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust tailored for making substantial financial gifts to loved ones, while simultaneously reducing potential gift tax obligations. By moving appreciating assets into the trust, individuals can diminish the estate value subject to future estate taxes. Although creating a GRAT triggers immediate gift tax liability, it can be a wise strategy for mitigating overall tax burdens. Here’s how it works:

The annuity payment you receive is determined using the Internal Revenue Service’s (IRS) § 7520 rate. The goal is for the trust’s assets to outperform this rate, allowing appreciation to be transferred to beneficiaries gift-tax free. This entails a careful balancing act, aiming for a “zeroed out GRAT” scenario. For instance, if a $1 million gift is made to a GRAT with a 4.2 percent § 7520 rate over five years:


Grantor Retained Unitrust (GRUT)

Similar to a GRAT, a Grantor Retained Unitrust (GRUT) is an irrevocable trust for transferring assets while receiving annuities. The key distinction lies in annuity calculation: a GRUT uses a fixed percentage of the trust’s value annually. Given potential fluctuations, the annuity amount varies, making this strategy suitable for individuals comfortable with some uncertainty. Gift tax liabilities are addressed using the same subtraction method as GRATs.


Qualified Personal Residence Trust (QPRT)

A Qualified Personal Residence Trust (QPRT) is designed to remove a residence from your estate. You transfer ownership to the trust while retaining the right to reside in the property for a specified period. After this term, the residence transfers to beneficiaries. While this curtails estate tax obligations, gift tax liability arises during property transfer to the trust. The effective value for gift tax calculation is the residence’s value minus the retained usage value.


With all three trusts, your survival throughout the trust term is essential for tax benefits to apply. Trust length should consider your age and life expectancy. Should you pass away prematurely, the tax advantages dissipate, and the full asset value factors into estate tax.


Consulting with estate planning attorney’s is vital due to tax complexities. Understanding gift tax, estate tax, and non-tax considerations empowers informed decisions. Our team is ready to guide you through these intricacies, helping you devise a strategy that aligns with your vision for preserving your wealth for generations to come. To embark on this journey, don’t hesitate to reach out.

Incorporating payable-on-death (POD) or transfer-on-death (TOD) designations into your financial accounts can offer a convenient way to pass on your assets to chosen beneficiaries after your passing. Much like trusts, POD and TOD accounts bypass probate, offering a swift and cost-effective transfer process. However, these designations come with certain limitations when compared to traditional trusts. Delving into the differences between these options, their advantages and drawbacks, and seeking guidance from an estate planning attorney is essential for aligning them with your estate planning goals.


Differentiating POD and TOD (vs. Trusts)

The concepts of payable on death and transfer on death might evoke thoughts of somber subjects, but in estate planning, they are crucial terms to comprehend. When aiming to avoid probate—a time-consuming and expensive legal process for settling an estate—assets can be placed in trusts, which facilitate seamless transfers outside of probate. POD and TOD accounts offer an alternative means of evading probate:

Furthermore, while both POD and TOD designations transfer assets to beneficiaries, POD designations transfer assets to beneficiaries, while TOD designations transfer ownership of the account to beneficiaries.

While financial institutions may refer to POD accounts as Totten trusts, it’s vital to distinguish that unlike a trust, POD and TOD accounts lack a trustee managing the assets. Instead, the assets directly transfer to beneficiaries. This means the transferred assets aren’t shielded from beneficiary creditors or their financial choices.


POD and TOD: Benefits and Considerations

In jointly held accounts, POD or TOD designations activate only after both account holders pass away. For instance, in the case of spouses jointly owning a POD account, the surviving spouse assumes sole ownership upon the first spouse’s death, with assets passing to named beneficiaries after the surviving spouse’s passing.


The merits of POD and TOD accounts encompass:


However, consider potential downsides:


Selecting the Right Path for Your Estate Plan Crafting an estate plan is a personalized endeavor influenced by your values and family dynamics. When weighing options like POD, TOD, trusts, wills, or powers of attorney, it’s imperative to consider each one’s pros and cons. While converting accounts to POD or TOD may seem straightforward, additional factors like taxes and the best interests of heirs should guide your decision. Collaborating with an estate planning attorney offers valuable insights into integrating POD and TOD accounts within your overarching estate plan. Reach out to us today to commence your planning journey.

Embarking on your retirement journey is a remarkable accomplishment, signifying the transition from years of labor to a phase of newfound freedom. Yet, before fully embracing this exciting period, it’s crucial to consider the multifaceted landscape of both retirement and estate planning. This holistic approach ensures a smooth transition into retirement while safeguarding your and your loved ones’ future.


Essential Aspects to Ponder at the Start of Retirement

Entering retirement introduces a range of estate planning considerations that necessitate thoughtful assessment.


For Those with an Existing Estate Plan

Having a well-crafted estate plan in place is a crucial foundation for securing your and your loved ones’ well-being. However, estate planning isn’t a static endeavor; periodic reviews are essential, especially after pivotal life events such as retirement. As you evaluate your existing plan, reflect on these key inquiries:


For Those Yet to Develop an Estate Plan

Procrastination isn’t advisable. Crafting a deliberate, legally sound estate plan is the most effective means of safeguarding your interests and those of your loved ones. As you initiate this process, reflect on your retirement lifestyle and address pivotal questions:


Our Excitement for Your Retirement Journey

Celebrating this new chapter involves collaboration with your financial and estate planning team. This ensures a smooth continuation of your celebration for years to come. Whether fine-tuning your existing estate plan or formulating your first one, our team is eager to support your journey.


The synergy of estate and retirement planning paves the way for a secure and fulfilling retirement, ensuring your legacy continues to thrive. To explore your estate planning options or to begin the process, kindly reach out to us. Your retirement deserves a thoughtful and comprehensive strategy to usher in this remarkable phase of life.

Experiencing bankruptcy can be a challenging and stressful ordeal. As you begin to rebuild your financial life after the process, it is essential to take steps to safeguard your remaining assets and secure a stable future for yourself and your loved ones. One effective way to achieve this is through estate planning, which serves as your roadmap into the future.


Protecting Your Money and Property

Having gone through Chapter 7 or Chapter 13 bankruptcy, it’s crucial to safeguard the assets that were protected during the process. An estate plan can help you achieve this goal with the following elements:

  1. Beneficiary Designations: Properly complete beneficiary designations for accounts and policies you retained after bankruptcy. This ensures that the money and benefits go directly to your chosen beneficiaries, avoiding costly and time-consuming probate proceedings.
  2. Last Will and Testament: Create a comprehensive will that designates a personal representative or executor to manage your accounts and property, specifies beneficiaries, and appoints a guardian for minor children. A will ensures your assets are distributed according to your wishes, but note that it may involve probate for accounts and property without beneficiary designations.
  3. Revocable Living Trust: Establish a revocable living trust during your lifetime, designating yourself as the current trustee and a co-trustee or successor trustee to act if you become unable to manage your affairs. Transferring ownership of your accounts and property to the trust avoids probate court, providing efficient management of assets during your lifetime and after your passing.


Additional Protections an Estate Plan Can Provide

Beyond planning for the distribution of assets after death, estate planning also focuses on addressing incapacity concerns. Key questions to consider include:

  1. Financial Decisions: Who will make financial decisions for you if you become incapacitated?
  2. Medical Decisions: Who will make medical decisions for you if you are unable?
  3. End-of-Life Care: What are your wishes regarding end-of-life care?
  4. Terminal Illness: What medical treatments do you want if diagnosed with a terminal illness or in a persistent vegetative state?
  5. Minor Children: Who will care for your minor children in the event of your incapacity or passing?


By legally documenting your choices in an enforceable estate plan, you can ensure your preferences are followed, avoiding the need for a judge to make decisions on your behalf.

Embrace a Protected Future with Our Help

Having experienced bankruptcy, you’ve faced considerable challenges. Now, it’s time to focus on securing a protected future for yourself and your loved ones. Our estate planning experts are here to guide you through the process, customizing a plan that aligns with your unique objectives. With an effective estate plan in place, you can confidently embark on this new chapter in your life, knowing that your money, property, and loved ones are well protected. Contact us today to start planning for a more secure and prosperous future.

Receiving an inheritance can be both a bittersweet and life-changing event. While it signifies the passing of a loved one, it also presents potential challenges and opportunities related to the assets or property you are inheriting. As you face the decision of whether to accept the inheritance or not, there are several crucial factors to consider. Seeking advice from an experienced estate planning attorney can help you navigate through these considerations. Let’s explore some important aspects before making your decision:


Estate Planning and Unexpected Inheritances

Estate planning involves distributing a person’s assets according to their wishes after they pass away. While many families discuss inheritance arrangements beforehand, there are instances where unexpected inheritances may arise. Testators or trustmakers have the legal right to divide their assets as they see fit, which may lead to unequal inheritances or changes in estate plans due to shifting family dynamics. It’s essential to be aware of these possibilities when contemplating an inheritance.


Weighing the Pros and Cons

Before accepting an inheritance, it’s vital to assess its impact on your financial situation and personal circumstances. Consider the following factors:

Legal Formalities and Contingent Beneficiaries

Regardless of whether you choose to accept or reject an inheritance, you may need to file specific documents stating your intentions. If you decide to decline the inheritance, be aware that without a named backup beneficiary in the will, the assets may revert to the estate and pass to the next eligible beneficiary under state law. To ensure the assets go to a specific person, accepting the inheritance and then gifting it might be an option, but it comes with possible tax implications.


Planning for the Future

Regardless of whether you anticipate receiving an inheritance, proactive financial planning is essential. Collaborating with a trusted advisory team can help you manage your inheritance, preserve wealth, and develop your own estate plan. Experienced estate planning attorneys can guide you through the process, addressing potential tax considerations and ensuring your assets are protected and distributed according to your wishes.


When faced with an inheritance, take the time to carefully assess the implications and consult with an estate planning attorney to make an informed decision. Whether you decide to accept or reject the inheritance, planning for your financial future remains critical. Reach out to our office to schedule an appointment with our estate planning attorney and begin securing your financial legacy.

Estate planning is a vital process to ensure the smooth transfer of your assets to your loved ones after your passing. While it’s crucial to have comprehensive estate planning documents, there are certain pieces of information that should never be included. In this blog, we will highlight three important items to avoid including in your estate planning documents.


Social Security Numbers

It may seem logical to include Social Security numbers to accurately identify yourself, your family members, or loved ones in your estate planning documents. However, doing so can expose individuals to the risk of identity theft. Estate planning documents, such as wills, may become part of the public record, making sensitive information easily accessible to potential identity thieves. Instead, it’s advisable to use complete legal names, including middle names or initials, to sufficiently identify beneficiaries without compromising their security. Remember that Social Security numbers can be provided separately when designating beneficiaries for retirement or other accounts, as these forms typically remain confidential and are not part of the public record.


Account Numbers

Listing account numbers in your estate planning documents can pose a significant risk if they become part of the public record. Unauthorized individuals could potentially use these numbers to access and exploit your accounts. To maintain the security of your accounts, it is important to keep account numbers in a secure location rather than including them in your will. Exercise caution when sharing account numbers with family members unless they are legally designated to act on your behalf, such as under a power of attorney, guardian, trustee, or similar roles that require them to act in your best interest. When selecting individuals for these roles, consider their trustworthiness and integrity, as even family members may prove untrustworthy in certain situations.


Disparaging Remarks

In the context of estate planning, it’s crucial to refrain from including disparaging remarks or negative sentiments about individuals in your documents. While it may be tempting to use your will as a means of expressing frustrations or seeking revenge, such actions can have legal consequences. Some courts have held estates or executors liable for testamentary libel, which involves publishing false and damaging statements about someone in a will. Even historical cases, such as Harris v. Nashville Trust Co., have demonstrated that including derogatory comments can lead to legal disputes and tarnish a person’s reputation. It’s advisable to focus on using your will to bless and provide for your loved ones, fostering harmony rather than discord.


When creating your estate planning documents, it’s essential to exclude sensitive information such as Social Security numbers and account numbers to protect against identity theft and unauthorized access to your accounts. Additionally, it’s crucial to maintain a respectful tone and refrain from including disparaging remarks in your will or other estate planning documents. Working with experienced estate planning attorneys ensures that your documents are comprehensive, protecting both your estate and the well-being of your beneficiaries. Contact us today to schedule an appointment and gain the peace of mind that comes with a well-crafted estate plan.

Being self-employed comes with a unique set of challenges and responsibilities. As the owner and often the sole employee of your business, it’s crucial to address key concerns to protect your financial future, safeguard your business endeavors, and limit personal liability. By working with an experienced estate planning team, you can develop a comprehensive plan tailored to your specific needs. Here are three important concerns that self-employed individuals should address in their estate planning:


Protecting Your Financial Future

As a self-employed individual, it’s essential to take proactive steps to secure your financial future. This includes planning for retirement and obtaining the necessary insurance coverage. By working with a knowledgeable advisor team, you can explore retirement plan options and investment strategies that align with your goals and circumstances. Additionally, you can assess the types of insurance, such as disability, life, and business insurance, needed to protect your personal and professional life. An experienced advisor team will guide you in determining the appropriate coverage amounts to ensure comprehensive protection for yourself and your loved ones.


Safeguarding Your Business Endeavors

Given that your business activities likely support your financial needs, protecting your business is paramount. Collaboration with an experienced planning team can help address important considerations such as:


Limiting Personal Liability

As a self-employed individual, you face both business and personal liability risks. To minimize these risks, it’s important to work with an experienced attorney and tax preparer to ensure your business is properly structured to limit personal liability. Adequate insurance coverage for both business and personal matters is crucial as well. Additionally, specialized trusts can be utilized to protect your assets and inheritance, ensuring they benefit your loved ones while minimizing the potential for diversion in case of unforeseen circumstances.


Addressing these three important concerns is vital for self-employed individuals seeking to protect their financial future, secure their business endeavors, and limit personal liability. Collaborating with an experienced estate planning team, including estate attorneys and advisors, will ensure a comprehensive plan tailored to your unique circumstances. By taking proactive steps and developing a strategic estate plan, you can alleviate the burden of uncertainty and enjoy peace of mind for yourself, your business, and your loved ones. Contact us today to schedule a meeting and embark on the journey toward a protected future.

Incorporating a limited liability company (LLC) into your estate plan can be a strategic move to protect your assets, manage your business interests, and ensure a smooth transition for your beneficiaries. By incorporating an LLC into your estate plan, you can leverage the benefits of both business and estate planning. In this blog post, we will discuss important tips to help you effectively incorporate an LLC into your estate plan with the assistance of an experienced estate attorney.


Understand the Purpose of Your LLC

Before incorporating your LLC into your estate plan, it is crucial to have a clear understanding of the purpose and objectives of your LLC. Whether it is for business operations, investment properties, or holding assets, defining the purpose of your LLC will help guide your estate planning decisions.


Evaluate the Structure of Your LLC

Assessing the structure of your LLC is essential when incorporating it into your estate plan. Consider whether you have multiple owners or if it’s a single-member LLC. This evaluation will impact the strategies employed in your estate plan to ensure a seamless transfer of ownership and management in the event of disability, incapacity, or death.


Seek Professional Guidance from an Estate Attorney

To ensure a comprehensive and effective estate plan, it is highly recommended to consult with an experienced estate attorney who specializes in business succession and LLC planning. An estate attorney can provide valuable insights, analyze your unique situation, and tailor an estate plan that aligns with your LLC’s specific needs and your overall estate planning goals.


Determine the Appropriate Estate Planning Tools

Working with your estate attorney, identify the most suitable estate planning tools to integrate with your LLC. These may include a revocable living trust, wills, powers of attorney, and healthcare directives. Each tool serves a specific purpose in protecting your LLC and ensuring a smooth transition of assets according to your wishes.


Separate Personal and Business Assets

Maintaining a clear distinction between personal and business assets is crucial when incorporating an LLC into your estate plan. This separation safeguards your personal assets from potential liabilities of the LLC and helps maintain the integrity of your estate plan.


Plan for Business Succession

If you have partners or co-owners in your LLC, it is vital to establish a clear plan for business succession in your estate plan. This includes determining who will assume ownership, management, and decision-making authority in the event of your disability, retirement, or death. Your estate attorney can help create a comprehensive succession plan that ensures the continuity of your LLC and protects the interests of all involved parties.


Regularly Review and Update Your Estate Plan

As your LLC grows and evolves, it is essential to periodically review and update your estate plan. Changes in your business structure, ownership, or personal circumstances may require adjustments to your estate planning documents. Regular reviews with your estate attorney will help ensure that your LLC’s incorporation into your estate plan remains effective and up to date.


Incorporating an LLC into your estate plan is a prudent step for protecting your business interests and assets while securing the financial well-being of your loved ones. By working closely with an experienced estate attorney, you can navigate the complexities of estate planning and develop a customized strategy that addresses your unique needs. Take the initiative today and consult with an estate attorney to ensure a seamless incorporation of your LLC into your estate plan.

When it comes to estate planning, one of the crucial aspects to consider is what will happen to your retirement account. Many individuals opt to name their children as beneficiaries of these accounts, assuming it will simplify the transfer of their wealth in the event of their passing. However, there are several factors that make this type of transfer more complex, especially when the designated beneficiary is a minor.


Can a Minor Be Named as a Beneficiary?

Certainly, you can name your minor child as the beneficiary of your retirement account or as a contingent beneficiary who would receive the account if the primary beneficiary predeceases you. However, if your child is a minor at the time of your passing and inherits the retirement account, a court might need to appoint a guardian or conservator to manage the funds on behalf of the child. This process can be time-consuming, expensive, and may result in the court appointing someone other than your preferred choice. To avoid this, it is advisable to proactively name a conservator or guardian for your minor child in your will.

Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, most beneficiaries are required to receive the entire retirement account within ten years of the account owner’s death. However, minor children of the account owner fall into a special category called eligible designated beneficiaries (EDBs). Their mandatory ten-year payout period does not begin until they turn twenty-one, meaning they must receive the full inherited retirement account by age thirty-one. During this time, they are obligated to take required minimum distributions (RMDs), which will typically be held in a protected account managed by their guardian or conservator, until they reach the age of majority in their state of residence (usually between eighteen and twenty-one years old). RMDs for EDBs are calculated based on the child’s expected lifetime, and they must continue taking these distributions until the end of the calendar year in which they turn thirty-one, after which the retirement account must be fully distributed. It’s important to note that the child will be subject to income taxes on any distributed amounts. This approach is generally favorable because the RMDs, up until the year the child turns thirty-one, can be made in smaller amounts due to the child’s long life expectancy and lower tax bracket. However, the account must be emptied by the end of the calendar year in which the child turns thirty-one. Depending on the account size, this could mean the child receives a significant taxable income at a relatively young age. Additionally, one disadvantage of naming a minor child as the account beneficiary is that once they reach the age of majority, which could be as young as eighteen in some states, they will gain complete control over the funds and may choose to withdraw the entire balance immediately, regardless of their maturity level.


Should You Name a Trust as the Beneficiary Instead?

Another option to consider is creating a trust for your child and naming the trust as the beneficiary of your retirement account, with your child being the beneficiary of the trust. This approach can work for see-through trusts that meet specific criteria under the law, allowing the applicable trust beneficiaries to be treated as the beneficiary of your retirement account. There are two types of see-through trusts to consider: conduit trusts and accumulation trusts.


Conduit Trust:

A conduit trust requires that all RMDs from the retirement account be distributed to the child or used for their benefit as soon as the trust receives them. The trust will provide asset protection and tax deferral for the remaining funds in the retirement account. Moreover, the trust’s terms can ensure that once the child reaches the age of majority, they cannot immediately withdraw the entire remaining balance from the retirement account. The trustee may also have discretion to withdraw funds from the retirement account, in addition to the RMDs, which would then be distributed to or for the benefit of the child. However, these decisions regarding additional withdrawals would be made by the trustee, not the child. Although the remaining balance must still be fully distributed to the child by the end of the calendar year in which they turn thirty-one, a conduit trust offers asset protection, tax deferral, and additional time for the child to mature and learn responsible money management before receiving a potentially large sum.


Accumulation Trust:

In contrast to a conduit trust, an accumulation trust grants the trustee discretion to decide whether to distribute the RMDs from the retirement account to the child or retain the funds in the trust. Consequently, the funds distributed from the retirement account to the trust can remain in the trust, potentially protected from claims by external creditors. An accumulation trust enables you to ensure that the funds are not distributed to your child earlier than necessary or desired, and that your child does not gain access to the entire amount in the retirement account as early as eighteen. However, the funds must still be fully withdrawn from the retirement account by the end of the calendar year in which your child turns thirty-one. Any funds retained by the trust instead of being distributed to the child will be subject to the higher tax rates applicable to trusts, rather than the likely lower rate applicable to your child.


We Can Help

Each option has its own advantages and disadvantages, and the best choice for you and your child will depend on your specific circumstances and goals. The attorneys at Celaya Law can assist you in determining whether asset protection, tax minimization, or other objectives should be your priority. If you have already named your minor child as a beneficiary of your retirement account or established a trust as the beneficiary of your retirement plan for your children’s benefit, it’s crucial to review and update your beneficiary designations and trust as necessary. Recent changes in the rules governing these accounts can significantly impact the distribution timeline and may necessitate adjustments to your plan. Please contact us to schedule an appointment, and we will help you develop the best strategy for your retirement accounts and address any other estate planning concerns you may have.

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