Estate Planning for People With No Heirs What to do with your estate when its inheritor isn’t obvious. One of the most important parts of estate planning is determining how to divide your assets. But what if you don’t have…
Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
Many investors took advantage of the pandemic-induced market decline this spring to do big Roth conversions and pay less tax on reduced asset values.
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.
Sometimes beneficiaries end up not receiving their assets. Beneficiaries often lose out because the estate planning wasn’t done properly, but sometimes another family member contests the decedent’s will.
When the Spanish painter Pablo Picasso died of a heart attack on April 8, 1973, he left behind not only a huge artistic oeuvre of 50,000 works, but enough family drama to cover several generations.