Leaving money to a grandchild can be more complicated than it appears at first glance. Here are some of the frequent questions that come up during my consultations, along with factors to consider. Q: Can I just name my grandchild as a beneficiary on my life insurance policy? A: You could, however this could make things more complicated when you pass away. For example, if the grandchild is … [Read more...] about Leaving an Inheritance to Grandchildren
"What Should You Expect as a Trust Beneficiary?" by Attorney Colleen Sinclair Prosser If you have been named as the beneficiary of a trust, the implications of this will vary depending upon the kind of trust created and any conditions that were placed upon the transfer of trust assets in the trust document. In many cases, a settlor will create a living trust for the primary purpose of … [Read more...] about What Should You Expect as a Trust Beneficiary?
"How to Leave Your Indivisible Wealth to Your Heirs" by Attorney Victor A. Lembo (Audio) Most of us own a beautiful heirloom or precious pieces of our family’s history, but what should we do with it? Some of the greatest treasures passed down through generations are pieces of vintage family jewelry. It may be the antique engagement ring with which Grandpa proposed to Grandma or the family … [Read more...] about How to Leave Your Indivisible Wealth to Your Heirs
"Options for Leaving Money to Irresponsible Heirs" by Attorney Nicole Livingston Estate planning attorneys provide assistance to people who have complicated situations with family members or loved ones who they want to leave assets to. Trusts can do many different things, but one of the key things that a trust can do is make it possible to leave an inheritance to an heir who has special needs … [Read more...] about Options for Leaving Money to Irresponsible Heirs
Were you recently notified that you will be receiving an inheritance? If so, an inheritance can come hand-in-hand with conflicting emotions. An inheritance follows the death of a loved one, and especially in the event of a sudden or unexpected loss, may cause you to experience the grief that comes with it. On the other hand, an inheritance can often mean financial freedom for the recipient. A … [Read more...] about What Should I Do With My Inheritance?
"What Should I Do With My Inheritance?" written by The American Academy of Estate Planning Attorneys, shared by Attorney Colleen Sinclair Prosser … [Read more...] about What Should I Do With My Inheritance? (Audio)
One reason that is often given for not leaving inheritances in trust is that the parent wants the child or other beneficiary to be able to use the inheritance to buy a house, start a business, or invest for retirement. This is a common misunderstanding. Just because an inheritance is left in trust for a beneficiary does not prevent the inheritance from being used for these purposes. Your … [Read more...] about A Common Misunderstanding About Trust Distributions
We all have seen courtroom drama play out on our favorite television show about how close family members are disinherited from receiving the family fortune. But then we wonder if that is really legal and will it be upheld? Estate planning attorneys often receive such inquiries during consultations and examine how to accomplish the client’s goals. In Maryland, if someone should pass without … [Read more...] about Can I Be Disinherited From An Estate?
"Can I Be Disinherited From An Estate?" bu Attorney Victor A. Lembo … [Read more...] about Can I Be Disinherited From An Estate? (Audio)
Distributions from trusts to beneficiaries can be structured in a variety of ways. One option is to allow the beneficiary to demand distributions at any time he or she desires. While this option offers the greatest flexibility and freedom to the beneficiary, it offers the least amount of asset protection. It is probably effective for sheltering the inheritance from a divorcing spouse, but is … [Read more...] about Examples of how distributions from trusts to beneficiaries can be structured