The family’s attorney and family office advisors should exercise caution in a marriage in which there are children from a prior marriage or other nonstandard family situations.
If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate.
This sunsetting creates a big imperative for business owners to take a closer look at tax planning, and not treat a grim fiscal inevitability like another unfortunate surprise.
The modern blended family has far more needs when it comes to estate planning than a traditional family. Here are some challenges, tips and solutions.
The time to start researching elder care facilities, experts recommend, is before you need one. There are numerous options for elder care, and you don’t want to be caught flat-footed in the event of an unexpected health crisis. Those sudden situations can force you to make a quick decision without the knowledge to make an informed choice.
If you die intestate, this means that you died without a valid will in place.
If you thought that doing your taxes got complicated when you acquired more assets, wait until you try to split them up among multiple children when planning their inheritance.
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
If you die without a will, you die “intestate” and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
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