This is a sad reminder that families who don’t agree on end-of-life measures can cause friction and additional grief, at a time when unity should be a primary concern.
When Luke Perry, whose full name was Coy Luther Perry III, died on March 4, 2019, he was surrounded by family and loved ones. Tragically, the actor—who rose to fame playing a teenage heart-throb on Beverly Hills 90210—died from a condition that almost everyone thinks of as one that only strikes "old" people. Fortunately, Perry's foresight to do the proper estate planning, meant that the tragedy was not made worse for his family.
The perception is that trusts are for the very wealthy and that they cost a ton of money to set up. The reality is a trust can be a fantastic tool for the average person or couple, because it simplifies things in the event of your death.
Trusts are one of the most versatile items of the financial planning toolkit. However, they are not just for rich people. With the new higher estate tax exemptions, avoiding or reducing estate tax is not a concern for most of us.
After a period of divorce or widowhood, you, your newly beloved and your respective children are about to become a ‘blended family.’ You and you partner will be creating a new family dynamic, which will hopefully be rewarding, but can be fraught with challenges, if little attention is paid to the consequences of the relationships.
Make a mistake when inheriting an IRA and you might face tax consequences. Make a mistake when inheriting a gun collection, and there's a chance you could face felony charges. Therefore, anyone who owns a gun, may want to consider adding a gun trust to their estate plan.
Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.