Guide to Elder Planning, A: Everything You Need to Know to Protect Yourself Legally & Financially

58 A GUIDE TO ELDER PLANNING

Interest Trust, will shelter from estate taxes funds left in the trust for the

benefit of a surviving spouse while preventing those assets from being

squandered by the surviving spouse.

It is also important to update the names of your beneficiaries on any

insurance policies or retirement accounts. In regard to a 401(k) retire-

ment plan, a surviving spouse has an automatic claim to the assets

regardless of who is listed as a beneficiary unless the spouse has waived

all rights to that account. So, if you want your 401(k) to go to your chil-

dren, for example, you should arrange for your spouse to execute the

appropriate waiv