Disinheritance is a profound element of an estate plan. It can be triggered by a single, specific event, or result from the lifelong flaws of a relationship. For example, a parent may decide to remove one child as a residuary beneficiary under his or her will because of a heated dispute and subsequent estrangement. Making […]

Should you be happy or suspicious of dad’s new girlfriend Goldie? If Goldie is in similar circumstances—divorced or widowed, with her own assets—you might be thrilled. But if she’s much younger and your family and friends have never heard of her before, it could be hard to tell if you’re dealing with a paramour or […]

When you blog about personal finance for people over 50, every so often you need to write a scold post. This is one of those times. Please stop taking an ostrich approach to estate planning. A recent survey from Rocket Lawyer shows that 51% of Americans age 55 to 64 don’t have a will. And the […]

A better alternative for the secret paramour or child is the Totten trust. Millions of bank accounts are actually Totten trusts, which are simply a form of pay-on-death account. Traditional trusts are a great tool for transferring assets to one’s heirs. But for those who find themselves in precarious situations regarding paramours or secret children, […]

A federal rule requires insurance providers to cover children signed up within 30 days of birth retroactively to day one. Some plans may provide more flexibility. Expecting a baby? At most, you have nine months to do your homework. Don’t forget to review the chapter on insurance! The Wall Street Journal urges couples to take […]

We get it: Nobody wants to contemplate his or her own mortality. Estate planning is going to hurt, at least a little bit—right? The notion of planning for one’s death is not exactly a walk in the park. But CNN says that is doesn’t have to hurt. In a recent online CNN Money article, “10 […]

Advocates of prepaid tuition plans call them “peace of mind programs” and say they still offer that comfort … But some programs have run into trouble after investments lost money in the market downturn in 2008-09 and tuition rose faster than expected. Spring graduations are right around the corner! For all of the 2014 grads, […]

“Beneficiary designations that are inconsistent with your will can wreak havoc on a well-structured estate plan,” said Helen Modly, a wealth manager and Executive Vice President at Focus Wealth Management in Middleburg, Va. What is the top estate planning mistake you can make? Keeping things up-to-date, especially those beneficiaries! An article titled “Don’t make the […]

While my mother never ran a retirement calculator or created a formal retirement plan, she incorporated her individual longevity expectations into her retirement thinking. She enjoyed working past 65 and was also aiming to fortify her finances for what she logically expected would be a long retirement, given her good health and matrilineage. A recent study in […]

Estate Planning, Wills, Probate, Inheritance, Power of AttorneyAccording to a report from BMO Wealth Institute, Canadians list conflict (54%), unpleasant surprises (37%) and financial or taxation issues (33%) as the pitfalls to avoiding the legacy conversation. Although you won’t be around to witness the drama, here are five ways to avoid a Dynasty-worthy brawl over […]