One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child’s attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually disinherit a child?
For most people, it is perfectly natural to think about estate planning only in terms of planning for death. While planning for your death is very important, if that is all you plan for, your planning can quickly become woefully inadequate.
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution.
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates.
Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims against your beneficiaries.
When an insured party sells a life insurance policy to a third party investor, the transaction is called a life settlement.
With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship.
Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a major impact on your planning.
it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death.
If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential.