Law Offices of Frye & Vazquez, P.L. - estate planning
Se Habla Español
Coronavirus Update: We are equipped to address your estate, asset protection, and healthcare designation planning with proper precautions in our office or remotely through telephone and video conferencing. Social distancing does not have to stop you from attending to your planning needs. Learn more about our services during COVID-19 here or call us at 305-424-2529 for further details.

Contact Us


The 5 Biggest Estate Planning Blunders


Austin Frye featured on

101573052 182219577.530x298

Leaving your IRA to your estate
Do not-repeat, do not-name your estate as your individual retirement account beneficiary or it will be subject to claims and creditors during probate, the legal process for settling your estate.

When you die, your individual retirement account would be used to pay off any debts in your name. Whatever money remains, if any, gets distributed to your heirs-and not in a timely fashion. Probate is costly and can take years to complete.

“If the deceased had bad credit card debt or is upside down on a loan, the entire IRA could be used up,” said certified financial planner and estate lawyer Austin Frye, founder and president of Frye Financial Center.

However, naming a live person-or all of your children equally-instead as the IRA beneficiary allows those assets to pass outside of probate free and clear, away from hungry creditors, Frye said.

Read the full article



FindLaw Network