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July 2013 Archives

Inheriting an IRA can raise questions for beneficiaries

When it comes to inheritance, it often happens that there are mixed feelings. On the one hand, there is the excitement of getting stuff, but on the other hand there is also the burden of figuring out how to handle the assets properly and manage them wisely.  Occasionally, inheritance can occasionally be a burden. But it need not be so.

Amanda Bynes' parents seek conservatorship

Those who follow celebrity gossip have heard about the recent events in the life of Amanda Bynes, including her arrests and increasingly strange behavior. Most recently, Bynes was reported to have poured gasoline on her pet Pomeranian and set her pants on fire in an elderly woman's driveway. Afterward, authorities committed Bynes temporarily to a psychiatric hospital.

Updating trusts another example of how estate planning is a process

One of the benefits of a living trust for estate planning is that you can revoke it—meaning, of course, you can change the terms of the trust. For those who are not experienced or otherwise knowledgeable, though, the question might arise: how does one do this?

Soprano's actor missed estate planning opportunities

Celebrity estate planning is an interesting thing to look at. Some stars are well-prepared for their death, and in their case years of planning pays off. In other cases, stars seem to have little understanding or concern about what happens to their wealth when they die. There are a variety of reasons why a star would not be financially prepared for his or her death, but the larger-than-life nature of these situations usually provides an opportunity for the rest of us to think about our own estate planning.

Parents increasingly making children wait longer for inheritance

According to estate planning attorneys across the country, more and more parents are opting to make their heirs wait until they are older before they are able to collect their inheritances. Whereas it used to be common practice to make children wait for the liquidation and distribution of trust assets until they were 18, 21, or perhaps 25, it is becoming more common to make them wait 10 or more additional years, until age 30 or 35.

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