Rick Howard Attorney & Counselor at Law

06/14/2024

https://www.schwab.com/learn/story/aging-parents-5-money-topics-to-discuss

Talking through these five money topics as your parents age could help bring peace of mind and relief to both you and your parents.

04/08/2024

Don’t let your family legacy be damaged by a lack of communication with the next generation….excerpt from a good article on this topic from the WSJ.

Q: How do most families handle the wealth transfer talk?
About half of Americans plan to leave an inheritance, but most families still don't talk about it. WSJ personal finance reporter Ashlea Ebeling wrote about why so many families put off these conversations—and what the consequences have been for them.

A: Death and money aren’t fun subjects to bring up over dinner. Yet families who make time for that awkward chat now can spare deep regrets and potentially millions in lost dollars.

More than $84 trillion in wealth has been, or is set to be, transferred by estates big and small between 2021 and 2045, according to Cerulli Associates. That wave of inheritance has brought a rise in lawsuits and other conflicts over family assets.

Sometimes the arguments are between one child who took care of Mom and another who didn’t. There are also the children from a first marriage who end up disinherited after the second. Resentment is common, no matter how assets are split among children from different marriages.

Overall, about one-third of Americans say they don’t plan to have the inheritance talk with their family, according to a new study done by financial services company Edward Jones with consulting firm NEXT360 Partners and research firm Morning Consult.

04/03/2024

“I have two biological brothers. My stepfather had four children of his own from a previous marriage that helped him with this scheme.”

01/14/2024

https://www.yahoo.com/finance/news/cousin-left-estate-6-relatives-090900122.html

“I can’t help but feel that the deceased cousin would not have wanted the bulk of their estate to be awarded to this extremely wealthy cousin.”

05/01/2022

Excellent reminder to plan for hard times and events when times are good for your family and health.

Creating a will is just one step.