Category: Estate Planning
“No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.” If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be expectations that the parent’s estate […]
“An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.” The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a recent article from Morningstar.com titled […]
“A last will and testament is the foundation of an estate plan, which lets you plan for your estate after you’re gone. However, there are certain things that you might not want to put in your will.” A last will and testament is a straightforward estate planning tool used to determine the beneficiaries of your […]
“When something is tailored to one’s needs, everything can go smoother.” Just as a custom-tailored suit fits better than one off the rack, a custom-tailored estate plan works better for families. Making sure assets pass to the right person is more likely to occur when documents are created just for you, advises the article “Tailoring […]
“Even those with thorough estate plans might have neglected to discuss details with potential heirs.” Congratulations if you have finished your estate plan. You and your estate planning attorney created a plan that is suited for your family, you have checked on beneficiary designations, signed all of the necessary documents and named an executor to […]
“Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.” Covid-19 has made travelling more difficult, so holiday visits this year may not be the same triggering event they were in the […]
“Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.” Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn’t pretty. Concerns may range […]
“The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.” Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich And Famous: Why Estate Planning […]
“My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.” The friend and the girlfriend agreed when they split that she would quitclaim her interest in the house to the friend, in exchange for the amount she contributed to […]
“If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.” Former Zappos CEO Tony Hsieh, who built the giant online retailer Zappos based on “delivering happiness,” died at age 46 from complications of smoke inhalation from a house fire. […]