There’s a new gig in town for some members of the Baby Boomer generation: waiting. No, not waiting tables. That’s not new. This kind of waiting has a much more macabre air about it since it describes people who are waiting for their inheritance in order to get wealthy. That’s right; they’re waiting for someone to die – usually their parent(s) – so that they can inherit the golden nest egg. The unfortunate fact for these “waiters” is that the family landscape has changed. People are living … [Read more...] about The New Profession: Waiting for Wealth
Estate Planning
Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Believe it or not, your former spouse may still receive your life insurance benefits, instead of your current spouse, when you die. Although the idea that someone you divorced years ago might receive your life insurance benefits, instead of the person to whom you are currently married, seems rather nonsensical, the law does not always adhere to common sense. Why does this occur? When a couple gets divorced there are a great many thoughts and turbulent emotions swirling around in one’s head, as … [Read more...] about Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Incorporating a Safe Deposit Box into Your Estate Plan
Safe-deposit boxes, sometimes referred to as safety deposit boxes, are available at banks and credit unions, and allow you to safely and securely store personal property. While these boxes are often a good choice for keeping valuable property secure, they can pose potential problems during the estate settlement process. Here are two issues you'll want to think about if you have a safe deposit box and are making an estate plan. Probate Safe deposit boxes allow you to store your property, … [Read more...] about Incorporating a Safe Deposit Box into Your Estate Plan
Courts Allowing More Flexible Trust Amendments
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In a litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a … [Read more...] about Courts Allowing More Flexible Trust Amendments
5 Reasons it Doesn’t Pay to Wait to Make an Estate Plan Even if You’re Young
Estate planning isn't something many young people think about doing. Often, those in the prime of their lives feel like they have plenty of time to worry about taking care of making these plans later on once they're closer to the age when most people get sick or pass away. However, waiting can have some dire consequences if life doesn't go according to plan. Taking a chance of facing those consequences simply isn't worth it when it's easy to make an estate plan now and update it later if need … [Read more...] about 5 Reasons it Doesn’t Pay to Wait to Make an Estate Plan Even if You’re Young
Estate Planning and Your Children’s Divorce (Now or Later)
If you are creating an estate plan and want to leave that inheritance to your grown children, there are a number of ways you can do it. However, an inheritance plan can be thrown off by a child who gets divorced after receiving the inheritance. Many parents do not want to see the inheritances they passed to their children become diluted by being divided between a child and the child’s former spouse. In California, divorcing couples will divide community property equally between them unless … [Read more...] about Estate Planning and Your Children’s Divorce (Now or Later)
Divorces Continue Into Retirement Age
While the likelihood that a marriage would end in divorce has decreased slightly over the last several years, the number of Americans age 50 and older who are getting divorced is now at its highest level ever. A recent study from researchers at the National Center for Family and Marriage Research shows that senior divorces have increased by 50% over the last several decades In 1970, about 13% of people between the ages of 46 and 64 were divorced. By 2010, that number had reached almost 33%. … [Read more...] about Divorces Continue Into Retirement Age
The Purple Onion…an ode to Tangible Personal Property
More than one estate has boiled down to a fight over tangible personal property. Sometimes even if it lacks monetary value, it holds tremendous emotional significance for the beneficiaries. Maybe they remember Mom wearing a string of fake pearls or the no-name watch that Dad wore with pride. Things become more heated; however, when tangible personal property has value. Passing it on to beneficiaries requires a plan both during life and after death. My friend and colleague, Tereina Stidd, an … [Read more...] about The Purple Onion…an ode to Tangible Personal Property
The “Juice” and an Executor’s Duties
Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.” … [Read more...] about The “Juice” and an Executor’s Duties
Estate Planning Considerations Upon Remarriage
If you’ve been divorced and are considering remarriage, you’ll want to take some time to carefully consider the implications remarriage will have on your estate plan. Whether you have yet to develop an estate plan or have already created one, there are several issues you will need to think about. Blended Inheritances Getting remarried means that both you and your new spouse may automatically have the right to inherit from one another if the other should die. This inheritance can have a … [Read more...] about Estate Planning Considerations Upon Remarriage
