When you think about how you want your property to be distributed after your death, most of the time it is easy to identify that property—your home, your cars, your jewelry, etc. But what about the genetic material used in assisted reproductive technology, such as frozen sperm, eggs, and embryos? Is genetic...
Category: Inheritance
Don’t Have a Lot of Money? Here Are Seven Ways You Can Still Leave Your Family a Great Legacy
Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these seven things, whether or not your bank account is overflowing.
Make a PlanOften, people who do not have a lot...Can I Refuse an Inheritance?
Why would anyone want to refuse an inheritance? Although it is surprising to many, there are several circumstances when declining an inheritance can be beneficial. The law does permit you to refuse an inheritance if you comply with certain strict requirements. The legal term for a refusal of an inheritance is a “disclaimer,” which...
Is a delayed inheritance really an enhanced inheritance?
Whether you have accumulated a little or a lot of wealth over your lifetime, it is likely that you have some particular thoughts on how you would like those assets to be used by loved ones after your death. Maybe you would like the assets to be used...
Three Keys to Protecting Yourself from a Rogue Executor
Unfortunately, sometimes a death in the family can bring out the worst in people. Indeed, family resentments sometimes simmer during a time of grieving - particularly when money and assets from the deceased’s estate are involved. If you are a beneficiary under a loved one’s estate plan, you may be...
How to Successfully Make a “Large” Gift to Your Children or Grandchildren
What constitutes a “large” gift can be relative. That being said, if you are considering giving cash or property to someone, a little bit of planning can really help avoid negative consequences. This is particularly true if the gifted amounts are over $15,000.00, will be gifted in property, will be gifted...
Want to give your kids an early inheritance? 4 things to consider
If you’re thinking about giving your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund...
How to Make Your Inheritance Last
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all. If you are about to...
Preventing a Will Contest & Preserving Peace in the Family
The purpose of writing a Last Will and Testament is to make sure that you – and not an anonymous probate court judge – have control over the distribution of your property after your death. If one or more family members disputes the instructions in your will, however, then it is possible that a...
Continue reading…
Problems with Using Joint Accounts as a Vehicle for Inheritance
When deciding who will inherit your assets after you die, it is important to consider that you might outlive the beneficiary you choose. If you have added someone to your financial accounts to ensure that he or she receives this asset after you die, you might be concerned about what will happen...