Category: Inheritance
The legal and estate planning industries don’t like to discuss the fact that millions of wills, trusts and other end-of-life documents go missing each year resulting in months—and sometimes years—of unnecessary stress when a family member passes away. Yes, unfortunately if you haven’t properly planned ahead of time, your estate could end up in the […]
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 […]
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 […]
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 […]
The first thing you need to have is a will. Without one, your assets will be divvied up according to the laws in your state. “It isn’t necessarily what you think or want,” warns California-based financial adviser Ted George. Do you really need a will? One word: Yes! If you don’t have a will, then […]
“It used to be when someone passed away, there were all these clues — a paper trail around the house about what the deceased person owned and owed,” says Karin C. Prangley, an estate attorney at Krasnow Saunders Kaplan & Beninati in Chicago. “Now there is no more paper trail. All of that is digital. […]
Several experts said that the ways that families handle these situations depends on multiple factors, such as what caused the disparity, how strong the sibling relationships are, whether the parents have money and more. When planning for your estate, you often look at the financial stability of your children. Who is better off financially? Do […]
Keep an eye on the Obama Administration budget proposals as there are several provisions which may affect estate planning. For example, there is a provision which would reduce the $5 Million federal estate tax exemption to $3.5 Million – the 2009 level. Stay tuned! http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2015.pdf
While dynasty trusts may at first glance seem complex, they are an excellent mechanism to create structure around the family legacy and fortune and potentially avoid the familiar proverb of a wealthy family going from “shirtsleeves to shirtsleeves in three generations.” Ready for a history lesson on using trusts to pass on wealth? Long ago […]
