Tag Archives: inherit

Basics of Estate Planning Re: IRAs

IRAs are one the trickiest assets for estate planning attorneys to handle for many reasons. First, they often are overlooked in the estate planning process because they cannot be transferred during lifetime.  This asset, like some other assets, are controlled by beneficiary designation.  While the client might remember a large IRA, they often forget smaller IRAs.  As a result, beneficiary designations often are left unchanged even when circumstances have changed, making those designations no longer appropriate. Continue reading

Ten Reasons You Should Update Your Estate Plan

You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are accompanied by a HIPAA release. All of your records are safely in place and carefully organized.

So you now are finished with your estate planning. Or are you? Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan? Continue reading

How to Divvy Up Your Stuff

What’s the best, conflict-free way to divvy up my personal possessions amongst my kids after I’m gone? I have jewelry, art, family heirlooms, antique furniture and five grown kids that don’t always see eye-to-eye. Any suggestions would be appreciated. Divvying up personal possessions amongst adult children or other loved ones is a task that many parents dread. Deciding who should get what without showing favoritism, hurting someone’s feelings or causing a feud can be difficult even for close-knit families who enter the process with the best of intentions. Here are some tips to consider that can help you divide your possessions with minimal conflict. Continue reading

Separate & Joint Property

Published September 14, 2012
United Methodist Foundation for the Tennessee and Memphis Conferences

“My brother Pete and I own a ranch together,” said Joe to his advisor. “Our mother deeded the four sections of her ranch to us with right of survivorship. As a single person, I think that I will plan to leave 50% of my share to Pete and the other half to my favorite charity. Of course, if Pete dies, he is married and probably wants to leave his share to his spouse and children.”

Do Pete and Joe need to review their estate plans? Yes! These two rancher brothers held title as joint tenants with right of survivorship. If the single brother (Joe) were to pass away, Pete would inherit his brother’s half of the ranch. Even though Joe stated that half of his share should go to his favorite charity, nothing will be given to charity.

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