Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.
One storyline trope in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child’s attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually disinherit a child? The answer, in most circumstances, is yes. You can disinherit a child under most states’ laws, but you must understand the limitations and additional factors if you are considering this option.
Despite the prevailing view, children born to unmarried parents are commonplace. If you are a nonmarital child or have a nonmarital child, it is essential to understand how rights to inherit are formed and defined. Failure to adequately provide estate planning for a nonmarital child could be problematic for children and families attempting to assert their rights following the nonmarital father’s death.
The death of a loved one is never easy. Regardless of your relationship with the deceased (blood relative, life partner, or close friend), you need space and time to process ...
A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like ...
How your accounts are owned makes a big difference in estate planning. The main objective is usually to ensure that no accounts and property are in only your name when ...
If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential. The estate planning process and associated documents are critical to making ...
When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or ...
Estate planning is not just about what happens when you die. Proper estate planning takes into consideration all aspects of your life and how to protect your accounts and property ...
As the world becomes more of a global community, it is no longer uncommon for married couples to maintain different citizenships. While a difference in citizenship alone can present complexities ...