Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child. These trusts have a specific name—they are called “spendthrift” trusts. Marla was visiting with her attorney Elizabeth shortly after her husband Harry passed away. She shared her concern for her youngest child, Joe. Marla: “Harry and I were very fortunate to have four great children. I love each one of them very much. However, when it comes time to making decisions about inheritance, I have a big problem. Our older children Sam and Linda are quite good with financial matters. The third child Lynn is average, but our youngest son Joe is very carefree. If Joe has money, it is gone in a flash. What can I do?” Elizabeth: “This is a fairly common situation. Many parents would like to treat their children equally, but some children are very good managers and one or two are not. In your case, we hope that Joe eventually learns to become more responsible. But for the present plan, it makes good sense to provide Joe with spendthrift trust provisions.” Continue reading
Can you recommend any tablets, smartphones or computers that are specifically designed for older adults? I would like to buy a device for my technology-challenged grandmother so she can get online and keep up with her grandkids better, but it needs to be simplified so she can use it.
There are several new tech products on the market today that are designed specifically for older boomers and seniors that are unfamiliar or uncomfortable with technology. These devices come equipped with simplified software, big, vivid features, less clutter and better customer support packages, which makes them more appealing and much easier to use than mainstream devices. Here are several top senior-friendly options. Continue reading
Published December 6, 2013 by The Foundation of the Tennessee and Memphis Conferences of the United Methodist Church
The living trust is becoming quite a popular estate planning strategy. It costs more than a will, but includes many features that are helpful during life and in your estate. Let’s review some of the basic principles of the living trust. Continue reading
Published October 24, 2014 by The United Methodist Foundation of the Tennessee and Memphis Conferences
Business Owner passed away on April 5, 1976, with an estate of $2.5 billion. Many people appeared claiming, “I am Business Owner’s heir” and submitted wills with themselves as beneficiaries. The court finally determined seven years later that none of the wills were valid and split the estate among 22 of the decedent’s cousins. The costs and fees to lawyers during administration of Business Owner’s estate were in the millions of dollars. Continue reading
Published August 17, 2012
United Methodist Foundation for the Tennessee and Memphis Conferences
Planning for retirement and senior care is a very important activity. The activities of daily living for a senior person include eating, dressing, bathing, and walking or moving. At some point you will likely need assistance in one or more areas.