Skip to content
Call Now to Schedule Your Consultation (818) 528-8720

The Law Office of Tawnya Gilreath

Business Law, Estate Planning & Asset Protection Attorney in North Hollywood, California

  • Home
  • Practice Areas
    • Business Law & Planning
    • Estate Planning
    • Asset Protection
  • Blog
  • Contact Us
    • About
October 28, 2018May 23, 2019 by Tawnya Gilreath
Bookmark

Estate Planning Considerations for Benefits Open Enrollment

The fall, generally late-October or early-November, is the time when employers send out summaries of employee benefits offered by the company and give employees the option to enroll in these benefits. These can generally include retirement plan options, health care, dental, vision, short and/or long-term disability, and life insurance coverage. Your employer may pay 100 percent of the premiums, split the costs with you, or you may have to pay all of the premiums yourself. Below are several considerations you should keep in mind once open enrollment begins.

Benefits Explained

When considering any retirement plan offered through your employers such as a 401(k), 403(b), or 457 plan, you will need to consider: what percentage of income you choose to contribute and whether the contribution must be made pre-tax, after-tax, or to a Roth plan (if available). How much you can contribute, and whether pre- or post-tax, depends on your specific financial circumstances. Remember to also consider any “matching” contributions your employer may make since these contributions can help improve your overall retirement savings.

Healthcare benefits may include the ability to enroll in a Health Savings Account (HSA), in addition to enrolling in the usual healthcare, vision, and/or dental coverage. HSAs allow plan participants to set funds aside, tax-free, for health care costs.

Employer-provided life and disability insurance coverage will provide your beneficiary with a stated amount of money if you die while employed by your employer or become disabled. The coverage generally expires when you no longer work for that employer.

Perhaps the most important thing to do during your employer’s open enrollment period is to review the employer-provided benefit package to determine what should remain and what should be changed. If you do not understand the options being provided to you, contact human resources right away for more information.

Beneficiary Designations

While you are reviewing your benefits package, you should consider your beneficiary elections or those who will inherit these assets upon your death or incapacity. A primary beneficiary is the first to inherit. Should he or she pass before you, or with you, assets would then go to any secondary beneficiary you have designated. These are often referred to as contingent beneficiaries.

Even if you have previously enrolled, you must review your beneficiary designations on your employer-provided benefits to ensure they are still how you want them. Benefits that may require a beneficiary designation are life insurance policies, retirement accounts, health savings accounts (HSA), as well as disability insurance.

If there are any new providers for your employer-sponsored benefits, this means that the insurance company has changed. Keep in mind that your previously chosen beneficiaries, and possibly coverage, may not have carried over. It is always better to review these documents, even if you are not planning any changes.

Estate Planning Concerns

If you are contemplating any changes to your beneficiaries, give us a call so we can ensure your beneficiary designations work as expected with your current estate plan or so we can properly prepare a plan that carries out your ultimate goals for you and your family. Once you have updated your beneficiaries, make sure to obtain written confirmation of this from your employer’s human resources department and share this information with us.  If you have any questions, please feel free to contact us. We’re here to help.

The information above is general in nature and is not legal advice specific to your situation. If you have questions about your business, estate plan, or protecting your business or personal assets, you should speak with an attorney in your area for legal advice. If you live or do business in California and would like to speak with The Law Office of Tawnya Gilreath regarding your situation, please opens in a new windowschedule an appointment.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Like this:

Like Loading...
asset protection, estate planning, retirement plan beneficiary designation, benefits open enrollment, contingent beneficiaries, disability insurance, health savings account, healthcare benefits, HSA, life insurance

Post navigation

← Do your parents have an estate plan?
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified →

Schedule Your Complimentary Consultation

Click to Schedule

Follow Us on Social Media

  • opens in a new windowFacebook
  • opens in a new windowTwitter
  • opens in a new windowLinkedIn

View Recent Blog Posts

  • Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences
  • Declare your Independence from Court Interference!
  • Four Easy to Avoid Mistakes People Make at Tax Time
  • What to Do with Your Beloved Collection
  • 4 Tips for Avoiding a Will or Trust Contest
  • Consider “Micro” Estate Planning in the New Year
  • Estate Planning…A must whether you have a little or a lot!
  • My Trust is Signed, No Probate for My Family, Right?

View Blog Archives

Categories

  • asset protection
  • assets
  • avoid probate
  • beneficiaries
  • business
  • business continuity
  • divorce
  • estate plan
  • estate planning
  • estate planning attorney
  • estate planning documents
  • executor
  • financial power of attorney
  • incapacity
  • incapacity plan
  • inheritance
  • insurance
  • joint ownership
  • legacy
  • liabilities
  • life insurance
  • living will
  • power of attorney
  • revocable living trusts
  • special needs
  • strategies
  • succession planning
  • trustee
  • trusts
  • wills

CONTACT INFO

The Law Office of Tawnya Gilreath

 78060 Calle Estado Ste 22
La Quinta, CA 92253

(818) 528-8720

By Appointment Only

CHECK MY CALENDAR

Click to Schedule

Navigate

  • Home
  • Practice Areas
    • Business Law & Planning
    • Estate Planning
    • Asset Protection
  • Blog
  • Contact Us
    • About

Follow Blog via Email

Enter your email address to follow this blog and receive notifications of new posts by email.

Secondary Menu

  • Copyright © 2017-2019 Tawnya Gilreath All Rights Reserved.
  • opens in a new windowDisclaimer
The information and materials on this website (i) are general in nature, (ii) are provided for general informational purposes only, (iii) are not intended to be legal advice, and (iv) may not apply to specific factual or legal circumstances. Nothing on this website is intended to substitute for the advice of an attorney. Viewing the information on this website does not create an attorney-client relationship and no attorney-client relationship should be implied. While we attempt to provide high-quality information, laws change frequently and vary from one jurisdiction to another. If you require legal advice, please consult with a competent attorney licensed to practice in your jurisdiction.
%d bloggers like this: