Six Things to Consider Before Making Gifts to Grandchildren

Posted by Dan Steven on Sep 15, 2014

Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Assistance with summer camp fees, college tuition, wedding costs or the downpayment on a first home, can relieve pressure on the next...

Three Reasons Why Joint Accounts May Be a Poor Estate Plan

Posted by Dan Steven on Aug 6, 2014

Many people, especially seniors, see joint ownership of investment and bank accounts as a cheap and easy way to avoid probate since joint property passes automatically to the joint owner at death. Joint ownership can also be an easy way to plan for incapacity since the joint owner of accounts can pay bills and manage investments if the primary owner falls ill or suffers from dementia. These are...

How to Protect an IRA From Heirs’ Creditors

Posted by Dan Steven on Aug 6, 2014

When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?  Resolving a conflict between lower courts, the U.S. Supreme Court recently (and unanimously) ruled that funds held in an inherited IRA are not exempt from creditors in a bankruptcy proceeding because they are not...

5 Questions To Ask Before Making Gifts for Tax Planning or Medicaid

Posted by Dan Steven on Jul 15, 2014

Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of love and caring. But some gifts can cause problems, for both the...

How To Make Your Funeral Wishes Known

Posted by Dan Steven on Jun 16, 2014

How can you make sure your funeral and burial wishes will be carried out after you die? It is important to let your family know your desires and to put them in writing.  Just don’t do it in your will. To help your family or close friends follow your wishes after you are gone, you can write out detailed funeral preferences as well as the requested disposition of your remains. In addition to...

Dangers of Creating A Will Without Legal Assistance

Posted by Dan Steven on May 15, 2014

People sometimes try to save money by not consulting with a qualified attorney when executing their will, instead using a pre-printed form or online program.  A recent court case offers yet another example of the hazards of doing this. Deciding the long-running case, the Florida Supreme Court has ruled that money acquired by a woman after she used a form to execute a will should be distributed...