Category: Inheritance
“Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.” Most people think a will is the most important tool in the estate planning toolbox, but in many instances, […]
“It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts.” A designated beneficiary is the person named on a retirement or investment account to inherit the asset if you die. That’s the simple part. What gets complicated is when people don’t think it’s such a big deal, says […]
Can Someone Inherit a House With a Mortgage? Understanding Your Inherited Property taxes “What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?” When a loved one dies, there are always questions about wills, inheritances and how to manage all of their legal and financial […]
“Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.” Is an inheritance a blessing, or a curse? That’s the question from the recent article “When One Spouse Gets an Inheritance It Can Be Hard on a Marriage” posed by The Wall Street Journal. The emotional […]
“For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.” Overcoming an emotional response to the necessary task becomes complicated when we want to leave uneven distributions of our property to loved ones, including children and spouses. There are many reasons for […]
“LOIs may also include whatever you think may help the people you leave behind or who would take over if you are not capable.” A letter of instruction, or LOI, is a good addition to the documents included in your estate plan. It is commonly used to express advice, wishes and practical information to help […]
“My aunt recently asked me to be the executor of her will when she dies. I’m flattered that she asked, but I’m not sure what exactly the job entails.” Being asked to serve as the executor of a loved one’s estate is flattering, but it is also a big responsibility and a lot of work. […]
“Some states are great to live in, but not so great to die in.” If you are among the many Americans making a move because of economics, a recent article from MarketWatch titled “Thinking about moving to a state with lower taxes? These are the mistake to avoid” has the information you need about the […]
“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is about stages in life, explains […]
“’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.” No one relishes the idea of planning for their own death, but the alternative of not planning and leaving your family members to sort out an expensive mess is a poor way to be remembered. According to a recent article […]
