I was reading the January/February 2011 issue of Money Magazine when I came across the “Readers to the Rescue Section.” This particular issue’s question was “Is it okay to stipulate in a will how inherited funds may be spend?” First, thing is first, someone’s will is based on the eventual decedent’s testamentary intent, and if…
The office I work at has a prominent Special Needs Planning department, and when meeting with one of the planners on a separate case he to me a horrible about parents making financial decisions without fully understanding the ramifications to their child with special needs. The situation is probably more common than you would expect…
As part of my day job I review a lot, and I mean a lot of Wills. Most Last Wills and Testaments are structured the same way; all assets are left to the surviving spouse and upon the second death to the children, outright. This type of structure is usually referred to as a Simple…
Way back in August of 2008 I wrote a Post about Simple Wills. As you may recall (or just read when you clicked the link) a simple will is usually built as follows: The problem with Simple Wills (again, as I indicated in 2008) is that don’t usually take care of certain items. Specifically, I…
Was reading a trade publication today called Trusts and Estates Magazine, I LOVE this magazine – it is a wealth of information written by tax professionals for tax professionals. Most of the info in there is not approprioate for a personal finance blog…not because it is not interesting, but rather, it is written for those…
As the baby boomers get older, and we continue to hear the oft repeated saying, We are about to experience the greatest transfer of wealth in history One of my planners recently asked my opinion about a situation – his client, a concerned parent, is about to retire and has approximately $2,500,000 in qualified money…
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