Children almost always interpret unequal inheritances as an expression of unequal love, Witt told her clients, and giving one child more than another may make them feel slighted and angry. When planning to pa ss on your estate, you may feel like all will be fine as long as everyone gets a piece of the […]

Family businesses account for much of this country’s domestic product and are core to the American Dream. Whether it is a century-old international automobile manufacturer or a group of local dry-cleaners, family involvement in the business is a common goal. Like anything worth keeping, it takes work to preserve. A business is not merely a […]

At the recent annual Heckerling Institute (the leading conference for estate pros) Paul S. Lee, a Bernstein wealth manager, called for a new approach to planning he puckishly described as “freebasing”–because it frees survivors to get the most potent income tax savings from the step-up in basis of the deceased’s property. The estate tax is […]

They are relatively older, they are probably inheriting from financially conservative parents and they are dealing with deep emotional reactions. Leaving behind or receiving an inheritance includes several planning points to ponder, including tax questions and legal questions. In addition to all the details, one must not forget the emotional aspects as well. Indeed, the […]

As for the last conspiracy theory – elite families passing their wealth from generation to generation – evidence suggests that it is the exception rather than the rule. If you were able to create some wealth through the family business, how do you keep it going in future generations? It seems as though very few […]

Michael Pirron called John Hancock to ask about the care options covered by his parents’ insurance.“Their answer was, essentially, ‘What policy?’” he said. The policies had lapsed eight months earlier, and it was too late to send in the past due amount and get them reinstated. Long-term care planning is prudent for unforeseen care expenses […]

For years, it has been an article of faith that Medicare would not pay for services such as skilled nursing or physical therapy unless that care improved a patient’s health status. How did this misunderstanding go on for so long? Learning all the ins and outs of Medicare benefits can leave beneficiaries and patients more […]

A life estate is a deed that entitles you to remain in your home for the rest of your life and allows your designated heirs to inherit it without the hassle of probate-court proceedings when you die. How can you avoid probate when it comes to the transfer of your home after death? Maybe you […]

Could you be legally liable for paying for your parents’ care? Filial support laws exist in 29 states as well as Puerto Rico, and have quietly existed on the books for a long time. Now, however, these laws are a very real and present concern for the adult children of elderly loved ones. Fortunately, Forbes […]

New York’s governor, Andrew M. Cuomo, took a step toward bringing the state’s estate tax in line with the federal one. And he is not alone among governors of cold-weather states (along with the District of Columbia) that have realized affluent residents are moving to states without estate taxes (and in some cases, income taxes) […]