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If you want to leave a gift or an inheritance to a child or grandchild with special needs, it’s important to consider that it may do more harm than good. This is because, to continue being eligible for Supplemental Security Income (SSI), a beneficiary generally must...
Many estates move smoothly through the probate courts. The family members of the deceased individual may have talked with them about their testamentary intentions before their passing, so there is minimal controversy. Other times, people expecting to inherit from the...
The estate administration process involves an array of legal and financial responsibilities. It is often overwhelming for first-timers who are suddenly in charge of someone else's property. If you were named as executor in a will or appointed by the court, you must...
A payable-on-death (POD) account, also referred to as a Totten trust, is essentially a financial account with a beneficiary designation. You may have a POD account at your bank with $10,000 in it, for example, and you have named one of your adult children as the...
Disputes over an estate plan can fracture family relationships and even lead to costly litigation. Many such disputes arise when beneficiaries are surprised by final decisions. One way to reduce the risk of conflict is by proactively demonstrating testamentary...
Estate administration imposes many responsibilities on personal representatives or executors. They have an obligation to address the financial obligations of the decedent while settling the estate. Identifying certain creditors may be relatively easy. Incoming billing...
The future can be very unpredictable. Right now, you may certainly be able to make all of your own financial, legal and medical decisions. But what happens if you are incapacitated due to Alzheimer’s, dementia, a heart attack, a stroke or another such health...
Most people choose a person to be their child’s legal guardian in the unlikely event that both parents pass away or are otherwise unable to care for their child. This is often done soon after a child is born, and it’s codified in their will. In fact, the birth of a...
You may worry whether your beneficiaries will use what you leave them in your estate wisely -- or whether they might squander it rapidly. As we discussed in a recent post, you can use conditional trusts to exercise some control over this. For example, you might make...
Handling the estate of a loved one can feel overwhelming. There are often many emotions involved, yet at the same time, you are responsible for important financial and legal tasks. Without good organization, the process can easily become a thorn in the flesh for you...