Ed Shaw Law - Brainerd Attorney
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Coronavirus Impact and Assurance: Yes! We are still open for business!

As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

Because we are a paperless office, our entire staff is prepared to work from home if necessary. No matter what happens, we will continue to provide our clients with the highest quality legal services. For any clients who are not comfortable leaving their homes, we can handle any appointments remotely via phone, FaceTime, Skype, Zoom , and can transfer any documents to you electronically or by mail, if that is your preference.

Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

Please see our blog for more info on pandemic response.

Do not neglect to name a beneficiary on an IRA

| May 15, 2019 | Estate Planning

In Brainerd, Minnesota, people who invest in IRAs often neglect to name primary beneficiaries when they open their accounts. People think they will name their beneficiaries at a later date but then forget to update the information. It is always a good idea to name beneficiaries on a retirement account to prevent holdings from going into an estate. Failing to update an IRA is another mistake. For instance, a person may have named a beneficiary several years ago but neglect to update the information after the beneficiary passes away.

People who value the amount of time they spent working to earn their investment monies should name their beneficiaries on the appropriate IRA documents. A single person with no heirs may want to name a charitable organization as their beneficiary. Whether leaving money to a nephew or a charity, the main thing to bear in mind is that naming a beneficiary is a simple task that only takes a few minutes.

Most people name their spouses as primary beneficiaries. Sometimes, a person may not want to name a spouse as a beneficiary, especially if the spouse is a high-net-worth individual. In this situation, a person may want to name a child as a primary beneficiary instead of their spouse. A spouse named as a primary beneficiary has the right to make the deceased spouse’s IRA their own without having to transfer funds. Other beneficiaries need to either transfer the shares or monies to their own IRAs or take taxable distributions.

A person who wants to know more about estate planning may want to contact a lawyer for more information. An estate planning attorney answers probate questions and helps a client prepare and file essential legal documents. It is easy to set up an initial appointment via a simple phone call.