Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan.…
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news. Medicaid has strict income and resource limits, so an inheritance can make a Medicaid recipient…
Siblings do not always receive equal shares of a parent’s estate. Sometimes the inequality is intentional and sometimes it is accidental. Regardless of how it happens, it can cause arguments among the children. However, there are some steps parents can…
Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Consider these six issues before writing those checks.
When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt.
Many people, especially seniors, see joint ownership of investment and bank accounts as a cheap and easy way to avoid probate since joint property passes automatically to the joint owner at death. Consider these three potential drawbacks before signing on the dotted line.
Reverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs. Heirs who don’t know their rights may be faced with large bills or threats of losing the house. Fortunately, there are some protections for heirs.
Here is an interesting point of view that most estate planning attorneys would agree with. We know it is easy to run to an office supply store or even grab forms from the internet that guide you on how to write your own will, but it really isn’t ever as “simple” as you imagine it to be. There are several issues that need to be thought of and addressed when preparing documents such as a will, powers of attorney, and a trust and you don’t want loop holes to cause trouble for the family that ends up in probate. The unexpected can be planned for and consider issues typically not thought of.
The irony is that using a boilerplate will form not only frustrated Ms. Aldrich’s testamentary intent, but ultimately cost her estate far, far more than a simple consultation with an estate planning or elder law attorney would have.
Most of us spend a lot of time planning how to pay for a college education for our children, weddings, that car we always wanted and retirement. We all spend a significant amount of time planning for the long awaited vacation that will last only a few days of our lives. Some even have given thought to long term care planning. So, while planning for the BIG things and keeping our house in order, have you stopped to think about the steps to ensure that your legacy will be carried out?