All Estate planning Articles

A: Dear Dr. Don, My dad passed away recently and I can't locate his life insurance policy. I am not even aware of the insurance company. What should I do? -- Felicia Finder Q: Dear Felicia, I'm sorry for your loss. This is a great reminder to readers to put their affairs in order so family members don't have to become amateur sleuths to try to piece together your financial affairs after Read more...

In this economy, smart consumers are tackling projects they used to turn to pros to handle in an effort to scrimp and save. Can you do that with estate planning? Experts generally agree that there are a few aspects of estate planning you can take on yourself. But trying to handle others on your own would be supremely unwise. What you can do Many experts agree that you can handle a few basic Read more...

When you're 40, chances are you're not the same person you were at 20, and your estate plan should reflect the changes you've experienced. Here's a rundown of the estate-planning tools you should have if you're just beginning your life's journey, midway through or approaching the final leg. Young, single and carefree "When you're a child, your parents can make financial and medical Read more...

Dear Dr. Don, My ex-husband put his oldest son on all of his "payable on death accounts," intending to make it easier for the son to receive and manage the funds after death. This was also done to save that part of my ex-husband's estate from probate. My ex and I have two minor children together. My stepson was to be executor of his father's estate, which would have provided Read more...

Today I answer two questions related to inheritance: Dear Dr. Don, My husband and his sister inherited money and other property after their father's death last year. What is their basis in the money they received from his retirement funds, IRAs, stocks, sale of his house, etc.? -- Flummoxed Flo Dear Flo, The assets are valued either at the date of his death, or six months later (if Read more...

Dear Tax Talk, My mother is buying a new home using money from an inheritance. She doesn't have to sell her current house, but feels that she needs to in order to take advantage of the $250,000 capital gains tax deduction. She is afraid that she will not be able to claim the deduction after a few years of living in her new home or that the tax laws will change to pre-1997 levels. I Read more...

Amy Rose Herrick, chartered financial consultant and local author offers the following consumer tip for surviving a shaky economy: Inheriting money isn't always as easy as it looks. When the money is in a retirement plan, tax considerations make the financial planning tricky. This is becoming more of an issue as the World War II generation dies, leaving their retirement plans to Read more...

Dear Dr. Don, I am ready to either make out a new will or create a trust. My wife owns six $10,000 Series EE bonds. The bonds are in her name and the name of her deceased father. They do not mature until 2018. I want to accomplish two things. First, I want to get my own name on the bonds as joint tenant with right of survivorship, so there is no hassle with probate or anyone else Read more...

If you've always hated your kids, your spouse and the rest of your family, it's surprisingly easy to make sure the acrimony and hurt feelings keep going long after your funeral ends. However, if you actually like your friends and family, avoid these mistakes in planning your estate. 1. Stay ignorant about the process. As with most things, but especially with estate planning, when you Read more...

Being "upside down" is usually a negative term when applied to financial matters, but multimillionaire Robert Shemin believes that sort of thinking is ... well ... upside down. Shemin, author of "How Come That Idiot's Rich and I'm Not?" feels there are two positions when it comes to wealth: right side up and broke, or upside down and rich. Shemin prefers upside down. Read more...

If you've been putting off making a will, because the thought of your own demise is too much to bear--stop, and think of your family first. Here are the ten most compelling reasons why it's important to your family that you take action and make a will, and remember to keep it current. If you die without a will... 1. The court will appoint an administrator, for a fee. The Read more...

Reading the fine print of a custodial agreement for an individual retirement account is about as exciting as the idea of having blood drawn. You're probably more focused on the IRA's investment options or rolling your 401(k) plan account into the IRA without running afoul of tax rules. Those are worthy issues, to be sure, but don't ignore that custodial agreement. One reason to Read more...

Only in special circumstances should a trust be the beneficiary of an Individual Retirement Account. An individual should be the designated beneficiary of an IRA unless there is an important and overriding reason to name a trust. Under the Internal Revenue Code, the beneficiary of an IRA can only be an individual, or a group of individuals, or a special kind of trust for which there Read more...

I've heard and read about setting up trusts that can eliminate death taxes; protect assets from creditors; shelter money for college expenses; protect assets from divorce; have Medicaid pay for a nursing home without being broke first; and so on. Now I'm hearing that even corporations are escaping taxes by moving overseas. It seems to me that with the right lawyer, anything's possible. Read more...

Establishing an estate plan involves much more than evaluating strategies to minimize taxes. The decisions you make on transferring your wealth will also reflect, consciously or unconsciously, your values. Should a trust distribute money to children or grandchildren while they are young, or only after they have reached a certain age or achieved a specified goal? Should all heirs be Read more...

Want to find out how much your family members really love each other? Just wait until a will is read. While family squabbles over wills and trusts are legendary, you can prevent them with careful estate planning. To stop estate squabbles in the first place, don't write a will guaranteed to cause tension, says Glenn Kautt, CFP and president of The Monitor Group, a financial and estate Read more...

Let's say you don't have dependents and not much in the way of assets. So do you really need a will? No one ever truly needs one: State laws outline procedures for the disposal of assets when people die without having made out a will. In fact, legal experts estimate that more than half of Americans don't have a will or other estate plan in place at the time of their Read more...

One of the important provisions of a will is naming an executor or personal representative of the estate. The executor is a person or a bank selected for a position of special faith, trust and reliance. When an individual is designated executor, it is important that she and the testator both understand the requirements of the job. During the administration of the estate, the Read more...

When should you consult a lawyer with your estate planning questions? In all of the following situations, the engagement of an attorney before the event is the most efficient way of minimizing both emotional and financial stress. These 10 scenarios are not exhaustive and completely ignore the need for legal counsel in any criminal situation. If the police or a regulatory agency are Read more...

Question: Should I hire advisors to help me establish an estate plan? Answer: Yes. And here's why: Estate planning documents are complex and laws can vary from state to state. Definitely hire an estate planning attorney to help you create an estate plan -- he or she may be the most necessary member of your team. They create estate planning documents and helps you title assets so they can be Read more...