The choice to disinherit a child is never an easy one. Disinheriting or failing to provide for a child in your Will, sends a clear signal about your feelings towards that child. Perhaps they cannot hold a steady job, are addicted to drugs and alcohol or are prone to criminal acts or violence; perhaps they are of financial means great enough that they do not need an inheritance as much as your other children. Whatever the reason, you risk creating a strong rift in the family if all of your … [Read more...] about Disinheriting a Child
Blog
Joint Tenancy and Your Will
Many people don’t realize that their Wills can’t control what happens to some of their most important assets. Houses, retirement accounts, proceeds from life insurance policies, and brokerage and bank accounts can all pass to others, regardless of what your will might say. Your will also doesn’t affect certain property that you own with others. Some property for example, is titled so that the surviving owners automatically inherit the property when one owner dies. Known as “joint tenancy with … [Read more...] about Joint Tenancy and Your Will
What is an Incentive Trust?
An incentive trust is basically an irrevocable trust that provides a monetary incentive for an heir to behave according to standards set forth in the trust document. Typically, incentive trusts can be used for heirs that you wish to provide for, but who may be addicted to drugs or alcohol, display criminal behavior, have trouble holding a job, or engage in other undesirable behaviors. An incentive trust must state the behavior that must be adhered to before trust assets are dispersed. You may … [Read more...] about What is an Incentive Trust?
Avoiding Costly Retirement Mistakes
Even if you have been planning your retirement for years, you may not actually be ready. Not only are people living longer these days, but they are also far more active during their retirement years. And more activity often means more money. But if you take a few steps now to avoid some of the most common mistakes people make when planning for retirement, you could avoid financial disaster in your later years. Understand That It’s Never Too Late – No matter how old you are, it is never too … [Read more...] about Avoiding Costly Retirement Mistakes
What Are Advanced Directives?
We all know the importance of planning for a time when we’re no longer here, but about planning for a time when we’re unable to speak on our own behalf? It’s a scary notion to be sure, but about 60% of Americans will need some form of long-term care during their lifetime. For many, this will be due to mental disability or other forms of incapacitation. And if you’re not competent, you won’t be able to voice your wishes about medical treatments, end-of-life measures or even your personal … [Read more...] about What Are Advanced Directives?
