
Estate Planning and 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.

Even those with thorough estate plans might have neglected to discuss details with potential heirs.

When people talk about “aging gracefully,” they’re usually referring to physical appearance. However, you can also have a gracefully aging mind.”

My colleague’s father recently got infected with the coronavirus and had to be rushed to the hospital. The move was abrupt and hectic, and left no time for any deep conversation with his wife and family as he was being taken out to the ambulance.

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.

Taking a few simple steps now can potentially help save your beneficiaries thousands in legal fees and taxes.

Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?

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.

Gifting sounds pretty simple, but there are many ways to do it. There are also several tax ramifications to be aware of.

Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?