3 Foolish Ways to Leave an Inheritance for Your Children

Estate planning offers many ways to leave your wealth to your children. However, the key is being aware of what not to do. Here are some all-too-common mistakes to avoid: Joint Tenancy:  In lieu of setting up a trust (or, conversely, passing assets under a will), some people avoid a formal document and instead name [...]

2017-09-06T10:03:46+00:00 September 6th, 2017|Inheritance|1 Comment

How to Make Your Inheritance a Long-Term One

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.  Even more alarming - nearly one-in-five of those lucky enough to inherit $100,000+ either spend, donate and/or simply lose it all within that same time frame.  [...]

2017-05-10T12:30:45+00:00 May 10th, 2017|Inheritance|0 Comments

Adopting an Heir

To make sure that someone they love receives a portion of their estate some people decide to adopt the loved one. That is unnecessary and can create other complications. When it comes to the law, having limited information can be dangerous. For example, what if you know there is a default rule that says your [...]

2016-11-04T10:36:00+00:00 November 4th, 2016|Inheritance|0 Comments

Is an Inheritance the Same Thing as Love?

Parents who are considering leaving their children unequal inheritances often struggle with the notion that those children will believe they are not loved equally as a result. Parents have many good reasons for wanting to leave one child a larger inheritance than another child. The most common reasons are that one child needs the money [...]

2016-11-01T11:52:00+00:00 November 1st, 2016|Inheritance|1 Comment

To Leave an Inheritance or Not

Many people struggle with the question whether it is better to leave their children an inheritance or not. It is not an easy question to answer. Recently, FOX Business reported on a survey that found some 23% of retired Americans would prefer to spend all of their money and not leave their children an inheritance [...]

2016-10-31T11:14:00+00:00 October 31st, 2016|Inheritance|0 Comments

Is a Lifetime Discretionary Trust a Good Option?

For many reasons it is often not a good idea to give an heir an outright inheritance. Instead, using a lifetime discretionary trust could be a better option. Sometimes, leaving someone an inheritance without any guidance or restrictions is not always a good idea. For example, if the person can be expected to quickly waste [...]

2016-06-25T12:30:00+00:00 June 25th, 2016|Inheritance|0 Comments

Protecting Heirs from Themselves

Not everyone is capable of competently handling a large inheritance. Some people will spend assets unwisely and others will lose them to creditors. There is a simple way to protect your heirs from these self-inflicted harms. Everyone knows someone who is terrible at handling money. These are the people who can be counted on to [...]

2016-06-08T15:33:41+00:00 June 8th, 2016|Inheritance|0 Comments

Heir Hunters Claim Possible Prince Child

As Prince's siblings and half-siblings have begun the court process to stake their claim to the singer's estate, the Heir Hunters of Court TV fame claim that they have been contacted by a previously unknown child of the musician's. It appears that the musician Prince passed away without getting an estate plan. Not even a [...]

2016-05-16T10:58:00+00:00 May 16th, 2016|Inheritance|0 Comments

When Your Mortgage Outlives You

When buying a home and getting a mortgage it is a good idea to think about what might happen if you pass away before the mortgage is completely paid. Doing so can spare headaches for your heirs. As the Wall Street Journal points out in "What Happens When a Homeowner Dies Before the Mortgage Is [...]

2016-04-28T11:13:00+00:00 April 28th, 2016|Inheritance|0 Comments