How Can Estate Planning Address the Troubled Child?
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 one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.
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.
In a massive turn of events, the Denver Broncos may finally get a resolution to the fiasco that is the team’s ownership situation; only it may not come in the way that it was originally planned.
In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
Changes in tax laws could be affecting—and outdating—your clients’ wills and bequeathing plans.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
Trusts are an essential part of most estate plans, even the plans of people with moderate wealth. You need to know the basics of trusts, especially the key terms and concepts of the most widely-used types of trusts.
Estate planning is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do.
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.
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