Heirs, Beneficiaries, and Children
Found 27 Articles.
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Will Your Children Be Required to Pay for Your Long-Term Care?
Many Americans worry that long-term care expenses will cause them to run out of money. They also should wonder whether their children and estates might be required to pay for their long-term care after they are gone. That’s the trend in both federal and state law. A 1993 federal law compels state agencies to collect […]
Joint or Separate Revocable Living Trusts: Which is Better for Spouses?
After a married person decides the primary estate planning vehicle should be a revocable living trust, the next issue is whether the spouses should have one joint living trust or separate trusts. There are different factors to balance. Money and asset management can be easier through one joint trust when both spouses are alive. The […]
Heirs and Beneficiaries – Why Traditional Estate Plans Won’t Work for Modern Families
The make-up of the modern family has changed quite a bit over the years. Therefore, traditional estate plans won’t work well for many families these days. A traditional plan is for couples who are in their first and only marriage and have only kids from that marriage. Different plans, tools, and strategies might be needed […]
How To Involve Your Children in Your Estate Plan
Of course it’s a good idea for parents to talk with their children about money from an early age… But it’s never too late to start… if you didn’t start early. First, you need to be clear what the money means to you and what its purpose is. You also should know what’s important to […]
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Forget Estate Planning: Follow This “Inheritance Plan” Instead to Help your Heirs and Beneficiaries
Estate Planning isn’t “all about the money.” At least, it’s not if you want the plan to be successful. Likewise, I’ve said for years that estate planning isn’t all about taxes. Truth is, you need an estate plan even when the estate isn’t likely to be hit with federal estate taxes. You also need to […]
Can Your Children Answer These 8 Estate Planning Questions?
Many estate plans fail, and often not because of any flaws in the documents or the plans. Estate Planning failures frequently occur in the implementation and execution. Especially important are actions taken by others, often your children. They’re likely to be the ones putting key parts of the plan into action, not you. So to ensure […]
How to Plan for Family Conflicts, Difficult Beneficiaries and Disinherited Heirs
A difficult or irresponsible potential heir can wreak havoc on your estate if you don’t recognize the risks and plan for them. It doesn’t take much for a person to mount a will contest or other legal attack on your estate plan, upending the entire plan. Court records are filled with cases in which a […]
6 Key Issues about Gifts to Children and Grandchildren
One of the questions I receive most frequently from Retirement Watch subscribers is how to make estate planning gifts. Let’s take a look at the issues that recur among many readers. Gifts to family members are one of the staples of estate planning. But the tax law has changed, and that’s altered the role of […]
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