Tag: Estate Planning
More than half of the states in the U.S. have laws requiring adult children to provide care and support for elderly parents. Laws have been passed in 28 states that require adult children to provide financial support for their elderly parents, if the parents are unable to pay their own bills, according to the Wills, […]
Many elder Americans prefer to just live together, rather than deal with some issues. Today, rather than getting married, many elderly people are just moving in together and foregoing a marriage certificate, according to The New York Times in “More Older Couples Are ‘Shacking Up’.” Getting remarried later in life has created many issues for […]
The long-awaited tax plan of President Trump is released and, if approved, will have a huge impact. The White House has released the Trump administration’s tax plan and it does include the elimination of the estate tax, according to The New York Times in “White House Proposes Slashing Tax Rates, Significantly Aiding Wealthy.” The President’s […]
There are some basic estate planning mistakes. Some of them are revealed in a podcast. John B. made some basic estate planning mistakes in a podcast, according to a Wills, Trusts & Estates Prof Blog discussion in “Estate Planning Lessons from John B.” Millions of people tuned in to hear the story in Serial of […]
Estate planning remains important, even if the estate tax goes away. The elimination of the estate tax is included in the Trump administration’s tax plan proposal. However, the path forward is not simple, according to Financial Advisor in “Estate Planning: It’s Not Over.” Even though a big part of modern estate planning is planning around the […]
Cash for expenses should be included in an estate plan. Some advice on how to plan for your family to access cash while your estate is being settled comes from South Africa by way of Personal Finance in “Will your family avoid a cash-flow crisis on your death?“. The advice is equally applicable in the […]
You can create your own will. However, mistakes can turn out to be costly. There are hidden dangers in creating your own will, according to The New York Times in “Wills Can Avert Family Warfare, but Have Their Own Hidden Traps.” Most Americans do not have a will but a greater percentage of Americans have them […]
Look at another person’s estate plan from their point of view. If you feel slighted by an estate plan, it is sometimes helpful to look at the other person’s point of view, according to philly.com in “Wife upset by in-laws’ plans for their estate.” A woman wrote to an advice column to say that her […]
People cannot inherit assets from people they have killed, but there are exceptions. “Slayer Statutes” have their limitations, according to the Wills, Trusts & Estates Prof Blog in “Court Determines that Slayer Statute is Not Applicable in Self-Defense Case.” We have long had laws that are designed to prevent people from inheriting assets from people […]
Financial considerations are necessary if you plan to leave that summer home to the kids. While the children may have fond memories of the family vacation home, they may not be able to afford it or even want it after you pass, according to the Globe and Mail in “How to keep the cottage in […]
