What’s trending on NP Trusts & Estates

August 07, 2019

NP Trusts & Estates Blog

Author(s): Sarah M. Richards

The IRS announced an increase in the HSA contribution limits, traditional IRA beneficiary designations, implications and more. Here’s what’s trending in estate planning and wealth management.

Estate and Gift Planning

Incapacity: A good reason to fund your trust and name a power of attorney and health care proxy

With proper planning, you can avoid additional financial costs and stress on your loved ones if you become incapacitated.—Sarah M. Richards

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2020 Health Savings Account (HSA) contribution limits

The IRS recently announced an increase in the HSA contribution limits for 2020.—Darrell Kamholz

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Income Tax

Traditional IRA beneficiary designations and implications

There are advantages and disadvantages of naming certain beneficiaries on your Individual Retirement Account (“IRA”), with each option resulting in different tax implications. Knowing your options and consulting with your legal counsel can assist you in the process and can potentially save the beneficiary substantial amounts of money.—Lauren Whiting

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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