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    Identify role, responsibility of persons in estate planning

    Why it’s important to ensure those named in designations are consistent with overall strategy



    Finally, when an account jointly is titled with someone, such as a son or daughter, the son or daughter owns that asset at your death. That outcome may be a mistake.

    If your intent was that the son or daughter would divide the value of that asset among siblings, that may or may not happen. Even if it does, it could have gift tax consequences for that child.

    Or perhaps, you become incapacitated and the other owner wants or needs to move the account. The financial institution may require the signatures of both owners.

    Discuss these implications with your attorney before deciding whether joint tenancy is the best way to achieve your goals.


    This article was written by Wells Fargo Advisors and provided courtesy of John S., Traudy F., and John J. Grande, CFPs, editors of the Money Matters column. They are owners and principals of Grande Financial Services Inc., Oakhurst, NJ, (www.grandefs.com) and registered principals of Wells Fargo and Co., member of SIPC. The Grandes advise physicians across the country on a diverse range of investment and financial matters. Readers may submit their financial questions to them at [email protected] or call 800/722-1258.
    The views expressed in the Money Matters column are the views of Grande Financial Services, and should not be considered as investment advice. Grande Financial Services does not provide tax or legal advice. All information is believed to be from reliable sources; however, Grande Financial Services make no representation as to its completeness or accuracy. Past performance does not guarantee future results. Investing involves risk including the potential loss of principal.
    Wells Fargo Advisors and its Financial Advisors provide non-fiduciary services only. They do not provide investment advice [as defined under the Employee Retirement Income Security Act of 1974 as amended (“ERISA”)], have any discretionary authority with respect to the plan, make any investment or other decisions on behalf of the plan, or otherwise take any action that would make them fiduciaries to the plan under ERISA.
    Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences.
    Wells Fargo Advisors Financial Network, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.
    Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Grande Financial Services, Inc. is a separate entity from WFAFN.
    ©2017 Wells Fargo Advisors, LLC.  All rights reserved. 1015-05666 [86913-v6] 1115 e6830


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