Skyline View
Justia Lawyer Rating for Jules M. Haas
NYSBA - Badge
ABA - Badge
New York City Bar - Badge
Avvo - Badge

Beneficiary Clause

A Beneficiary Clause Can Help Save Money On Your Estate

Beneficiary ClauseDo you know that a beneficiary clause can help save money on your estate? Often clients need to lower their potential taxable estate and there are many ways to do so, and a beneficiary clause is a relatively easy way. One area in which there is a beneficiary clause is  in a life insurance policy. The beneficiary clause or designation provision permits the policy owner to name anyone as primary and secondary beneficiaries. The policy owner usually may change the beneficiaries at any time. A New York City beneficiary clause lawyer can help explain how this clause works.

Life Insurance can be an important part of a New York Estate Plan.  Insurance can be utilized to add tens of thousands of dollars to a persons overall estate value to be used to directly benefit a beneficiary or to pay expenses such as estate taxes.

Life insurance can be used to fund an Irrevocable Life Insurance Trust (ILIT) to take your life insurance out of your estate thereby potentially saving thousands in estate taxes.  Also, investments in retirement funds, such as annuities or IRA's typically have a beneficiary clause that can be used to name a primary or secondary beneficiary. This may avoid probate and thus save the estate additional costs.

Finally, you should periodically check your beneficiary clause in all your retirement accounts, life insurance and similar type of assets. Without doing this, you may find that your designated beneficiary is not who you think it should be. For example, if you have divorced, remarried or had children since your retirement plan account was established, you should update your beneficiary clause. A beneficiary clause lawyer in New York City can assist you with any updates. If a long time ago you named a relative as your beneficiary, the relative may be deceased. Updating your beneficiary clause will prevent confusion and disputes and provide the estate plan your desire.

Such disputes or confusion can arise when a person prepares a Last Will and leaves his estate to a certain person but names a different person as the beneficiary of an asset such as a life insurance policy.  In this situation, the person named in the Will may receive no benefits because the life insurance will be paid directly to the life insurance beneficiary.  There may be little or no assets that pass under the Will.

When an estate plan is being formulated, Estate Planning Attorneys typically review all of a person's beneficiary designations so that there is no conflict between such documents and the provisions of the person's Will.

Additionally, beneficiaries under a Will generally receive assets that are left in the decedent's name alone, with no outside beneficiary designation.   Testamentary beneficiary dispositions in a Will can take many forms.  There can be specific bequests of certain property or more general dispositions where a person receives a percentage of the estate.  Every individual has specific desires and intentions as to the manner in which to transfer assets to family members and friends.  Utilizing appropriate beneficiary clauses and designations is essential to a successfully planned estate.

As a New York City beneficiary clause attorney, I have many years of experience successfully working with and advising clients in creating and executing plans that effectively express their personal desires regarding the disposition and protection of assets. I do this while providing potential tax advantages and security for family and beneficiaries. Regardless of the size of an estate, most adults — young and old — and their families benefit greatly from having a well-prepared estate plan consisting of documents such as a: Last Will, Health Care Proxy, Power of Attorney and Living Will.

To contact me regarding any questions or concerns call (212) 355-2575 or e-mail for a free appointment with a beneficiary clause attorney in New York City.

Client Reviews
I am very grateful to Mr. Jules Martin Haas attorney of law in New York. I am from Buenos Aires Argentina. He managed with expertise a very difficult situation. of a complicate heritage from my aunt Anna Grodzka that lived and died a very long time ago in New York. I recommend him not only for his extraordinary knowledge but also for his kindness. Irma CW Peusner
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services. Diana Janer
I just completed an estate transaction where Jules Haas represented my client in an estate and he did a great job! He was very quick at responding to all matters throughout the sale process, he was detailed, he was knowledgeable and he was a pleasure to work with. I just recommended him to some new clients who are going through an estate matter and will continue to recommend him. Rodolfo Lucchese