“There are several reasons why a beneficiary might disclaim a bequest,” Theodore Hughes and David Klein explain in The Executor’s Handbook. Those reasons include: Another survivor has a great need. (If Robert Smith’s brother leaves him $100,000, and Robert doesn’t...
“Once you place property in one of the following forms of ownership, listing that property in your will has no effect,” Denis Clifford explains in Plan Your Estate. Clifford is referring to: Living trust Joint tenancy property Pay-on-death bank accounts Life insurance...
“Irrevocable trusts, by their very nature, do not change – at least that’s what we tend to think,” Trevor Chuna, CPF®, observes in the Journal of Financial Planning. But since a trust is a vehicle used to transfer and manage assets to meet the objectives of the...
Cinderella’s real parents were not bad people;they simply failed to properly plan, explains California attorney Ahmed Shakh. And proper planning for stepchildren has to involve estate planning attorneys,Shakh points out. After all, state legislatures and the Federal...
“King Lear’s tragedy can teach us about estate planning,” observes California attorney Ralph Hughes. The estate planning lesson Hughes suggests we need to keep in mind is simply this: You won’t always be master of your kingdom. But these are your assets. Shouldn’t you...
It’s been almost twenty years since attorney Larry Inlow was killed by a helicopter blade, but the disputes about his estate went on for fourteen years, all the way to the Indiana Supreme Court. Anyone who’s put off creating a will needs to hear the Inlow story again....
“Dividing a home among siblings takes planning and cooperation,” cautions Caroline E. Mayer, writing in the AARP Bulletin. Mayer recounts the 17-year family rift created among Olivia Boyce-Abel and her three siblings when their mother died, leaving an old family...
Social Security benefits are typically seen as a source of retirement money for workers, but children, grandchildren, spouses caring for children, and parents of deceased workers may also qualify for Social Security aid, explains Paul Norr, writing in Financial...
Most people tend to delay taxes as long as possible, but this can backfire when it comes to IRAs, Eileen Ambrose, writing in the AARP Bulletin, points out. For retirees in their 60s, Required Minimum Distributions haven’t yet kicked in, plus the disbursements are...
“Estate sale companies simplify what can be a tough time for many, whether it’s downsizing, disability, or death in the family,” Fox 59 reports. When someone has died, the administration of an estate requires that debts and expenses be paid first, with the...
