Parents love their children and want their children to inherit. However, many parents are concerned about their children’s spouses. Fifty percent of all marriages end in divorce. What happens if a parent dies, leaves everything to his daughter, who commingles the funds with her husband and subsequently his daughter is divorced by the son-in-law? Through […]
Category: Estate Planning
Estate Planning with Different Treatment for Different Children
Different children have different needs and different personalities. In those situations the children can be treated equally but not necessarily the same. Let’s suppose a parent has two children, one who is responsible with money and one who is a spendthrift. The distribution to the responsible child can be made outright while the distribution to […]
Estate Planning for Problem Heirs
Children often have problems that must be addressed in estate planning. These problems include drug and alcohol addiction, criminal activity, and an inability to manage money. It is not necessary for a parent to disinherit these children. Trusts may the answer. In the case of a child who is a substance abuser, language can be […]
Estate Planning for Non-Citizen Spouse
Transfers The estate and gift tax marital deduction is not allowed for transfers to a surviving spouse unless the surviving spouse is a U.S.citizen. The concern is that the noncitizen spouse may leave the country and avoid federal estate tax. If the surviving spouse was a U.S. resident at all times following the decedent’s […]
Using Durable Financial Power of Attorney
A Durable Financial Power of Attorney (DFPOA) is an estate planning document under which you name one or more persons to help you handle your financial affairs while you are alive but incapacitated. In it you the principal name someone whom you trust to act as your agent in making your financial and property decisions in […]
Estate Planning for Blended Families
Did you know that 65% of Americans are now members of a blended family?1 Download the Estate Planning for Blended Families Article Need some estate planning solutions and techniques for blended families? Please fill out the following form to download Estate Planning for Blended Families from Thomas D. Begley Jr.: Blended Families Blended families are […]
Disclaimer Trust vs Credit Shelter Trust
Disclaimer Trust vs. Credit Shelter Trust Married couples seeking estate planning advice are generally concerned with providing for their surviving spouse and heirs while eliminating or reducing the payment of estate tax on their assets. The marital deduction and estate tax exemption provide, to a certain extent, the ability to avoid or defer estate tax […]
Credit Shelter Trusts: QTIP Trust vs Marital Gift Trust
Understanding Credit Shelter Trusts: QTIP Trust vs Marital Gift Trust Estate planning offers individuals with significant assets the opportunity to reduce or eliminate the taxable value of their estate, while at the same time providing financially for their family, friends and important charities. Credit shelter trusts are becoming increasingly popular as an estate planning tool. […]
Estate Planning for a Child with Disabilities
Clients must plan for their own disability as well as for the disability of family members. Planning for the client’s own disability often means purchasing disability insurance during the client’s working years. It also means establishing durable powers of attorney; living wills and/or health care proxies; revocable living trusts when appropriate; and shareholder, partnership and […]
Estate Planning for Blended Families
What are blended families? Blended families take several forms: Married couples in which one or both spouses have children from a previous marriage. Families with children who are in second or subsequent marriages and who have children from previous marriages. Families with children whose spouses have children from previous marriages. Blended families can face complex […]
