Harvey, Waddell & Layton

03/08/2022

Beneficiary designations on Life Insurance, Investment Accounts and Bank Accounts can have unintended consequences
on your Estate. Be sure to discuss any beneficiary designations when review your Estate Plan.

‘My brother-in-law says we inherited the house, even though we paid full price for it and took care of her, without his help.’

10/27/2021

Estate Planning for Second Marriages. Cant we all just get along?

Estate Planning can get a lot more complicated when you get married for a second time.
Do your children receive an equal share with your new spouses’ children?
Can my new spouse, or his or her children take my children's inheritance away from them?

What are most important questions to ask for estate planning in a second marriage:
What assets will be left to each of your children?
Do you plan to have additional children together ?
Which assets will you each continue to hold individually?
Are there any assets that will be retitled in both of your names, such as a first home, vacation home or bank accounts?
Do each of you have a will in place that needs to be updated?
Besides a will, what other estate planning tools may be necessary?

10/06/2021

Reasons Why You May Need A Trust

Avoiding probate. Probate can be a long and expensive process that can be avoided with a Trust.

Planning for incapacity. Who will help you when you need it?

Protecting beneficiaries from themselves. If your children are not 18, or are simply not able to handle a large inheritance, you need to appoint someone to manage their inheritance responsibly.

Making lifetime gifts to children. If you are going to help a family member with a first home purchase, or make a gift or loan during your lifetime, this should be spelled out in your Estate Planning Documents.

Second Marriages. If you are one of the many people in a second marriage you may need a trust to make sure your spouse is taken care of when you die, but also ensure your children still receive an inheritance from your assets. A trust can help avoid family fights after you pass.

Not everyone needs a Trust but if any of the above situations applies to you then speak to an Estate Planning professional.

09/08/2021

Adding someone to the title of your home can have serious consequences including loss of control of the property, property tax and capital gains tax increases and the possibility of opening up your home to liens. Always consult an attorney before signing any type of deed to your home.

‘There was no dispute, no angry feelings or hostility. On the outside he seems OK --- he's a mid-level engineer at a major corporation. What should I do?'

07/14/2021

You are not responsible for a deceased spouse's debts. Some credit collection companies will try to make you feel responsible but don't fall for it.

‘My credit is excellent, so we bought our home on my credit. His credit is poor — he has high utilization and late payments.’

06/11/2021

Families can be complicated these days, and everyone may have different assumptions on how assets will be split when a family member passes away. A comprehensive Estate Plan can help keep the peace and make sure your wishes are honored.

‘He wants to leave the house to his children, but says if I outlive him I can live in it or rent somewhere if I wish to move.’

05/25/2021

https://www.kiplinger.com/article/retirement/t021-c032-s014-no-children-why-you-still-need-an-estate-plan.html

It is always a good idea to have at least a simple Estate Plan.

Someone has to inherit your assets, and if you don't decide, state laws will do it for you. That means your awful Great Uncle Ed may inherit, while your beloved cousin Mary may get nothing. That's only one reason to get busy.

05/15/2021

Family situations are unique and often complicated. Proper estate planning can help keep the peace, and keep siblings out of court fighting over an inheritance.

‘She is the power of attorney for my parents and will be executor of their will. She is getting a payment from Veterans Affairs to take care of them.’