Here’s an idea that sounds better than it is: Put childrens’ names on the parent’s bank account. That way, children can sign checks if parents can’t pay bills when they become ill. When the parents pass, the money goes directly to the children with no court involved. Simple.
Simple does not mean good, however. Joint bank accounts are owned equally by all who are named on the account. All can...Read More
For families with minor children, parent’s have some interesting decisions when they draft their estate plan. It is common for a parent’s will to leave specific directions to the executor of the will as it relates to their children. For example, if there is no surviving parent and the child has not reached a certain age, the will may direct the executor to create a trust for the...Read More
The Tax Cut and Jobs Act of 2017 has doubled the Federal Estate and Gift Tax exemption amount from $5.6 million to $11.2 million (2018 numbers). This means that if you are married, under portability rules, you and your spouse have a $22.4 million federal estate tax exemption (at least through 2026).
Many people may not have paid too much attention to these new numbers. They believe their...Read More
An estate plan asks the client to name individuals for a variety of responsibilities – responsibilities that differ from one another and may lead the client to determine that more than one person is best suited to fill each of these roles.
For the client
The executor of a will is responsible for following the directions set forth in the will – in other words,...Read More