Harvey, Waddell & Layton

Beneficiary designations on Life Insurance, Investment Accounts and Bank Accounts can have unintended consequences
on your Estate. Be sure to discuss any beneficiary designations when review your Estate Plan.

My mother-in-law left her $1 million life-insurance policy to my brother-in-law, but her will says she wants him to share it with my husband. What can we do? ‘My brother-in-law says we inherited the house, even though we paid full price for it and took care of her, without his help.’

Estate Planning for Second Marriages. Cant we all just get along?

Estate Planning can get a lot more complicated when you get married for a second time.
Do your children receive an equal share with your new spouses’ children?
Can my new spouse, or his or her children take my children's inheritance away from them?

What are most important questions to ask for estate planning in a second marriage:
What assets will be left to each of your children?
Do you plan to have additional children together ?
Which assets will you each continue to hold individually?
Are there any assets that will be retitled in both of your names, such as a first home, vacation home or bank accounts?
Do each of you have a will in place that needs to be updated?
Besides a will, what other estate planning tools may be necessary?

Reasons Why You May Need A Trust

Avoiding probate. Probate can be a long and expensive process that can be avoided with a Trust.

Planning for incapacity. Who will help you when you need it?

Protecting beneficiaries from themselves. If your children are not 18, or are simply not able to handle a large inheritance, you need to appoint someone to manage their inheritance responsibly.

Making lifetime gifts to children. If you are going to help a family member with a first home purchase, or make a gift or loan during your lifetime, this should be spelled out in your Estate Planning Documents.

Second Marriages. If you are one of the many people in a second marriage you may need a trust to make sure your spouse is taken care of when you die, but also ensure your children still receive an inheritance from your assets. A trust can help avoid family fights after you pass.

Not everyone needs a Trust but if any of the above situations applies to you then speak to an Estate Planning professional.

Harvey, Waddell & Layton updated their phone number.

Adding someone to the title of your home can have serious consequences including loss of control of the property, property tax and capital gains tax increases and the possibility of opening up your home to liens. Always consult an attorney before signing any type of deed to your home.

I have three children. I quitclaimed my house to my most responsible son. Now he has blocked my calls ‘There was no dispute, no angry feelings or hostility. On the outside he seems OK --- he's a mid-level engineer at a major corporation. What should I do?'

Harvey, Waddell & Layton updated their address.

Harvey, Waddell & Layton now takes appointments on their Page.

You are not responsible for a deceased spouse's debts. Some credit collection companies will try to make you feel responsible but don't fall for it.

My husband has $75K on his credit card and plans to spend $8K on sporting events. What can I do? Am I on the hook if he dies? ‘My credit is excellent, so we bought our home on my credit. His credit is poor — he has high utilization and late payments.’

Families can be complicated these days, and everyone may have different assumptions on how assets will be split when a family member passes away. A comprehensive Estate Plan can help keep the peace and make sure your wishes are honored.

My second husband, 86, and I have 12 kids between us. He wants me to leave him everything — and says he will pass on the inheritance to my 5 children ‘He wants to leave the house to his children, but says if I outlive him I can live in it or rent somewhere if I wish to move.’

https://www.kiplinger.com/article/retirement/t021-c032-s014-no-children-why-you-still-need-an-estate-plan.html

It is always a good idea to have at least a simple Estate Plan.

No Children? Why You Still Need an Estate Plan | Kiplinger Someone has to inherit your assets, and if you don't decide, state laws will do it for you. That means your awful Great Uncle Ed may inherit, while your beloved cousin Mary may get nothing. That's only one reason to get busy.

Family situations are unique and often complicated. Proper estate planning can help keep the peace, and keep siblings out of court fighting over an inheritance.

My sister’s home is in foreclosure, so she’s moving in with our parents. She posted on Facebook that she deserves their home. What should I do? ‘She is the power of attorney for my parents and will be executor of their will. She is getting a payment from Veterans Affairs to take care of them.’

Borrowing money from family or friends can get complicated. It is best to have the agreement in writing and secured by a mortgage if it is related to real estate.
You don't want to ruin the relationship over a misunderstanding of the terms.

My boyfriend’s brother gave me $6,000 to buy a house 12 years ago. It rose 128% in value. How much should I give him back? ‘I bought the house for $125,000 and it is now worth approximately $285,000, with a total owed of $185,000.’

https://www.nolo.com/legal-encyclopedia/5-reasons-make-will-if-you-have-children.html

5 Reasons to Make a Will If You Have Children If you have kids, you need a will.

With Real Estate prices skyrocketing investors who are worried about capitol gains taxes should consider a 1031 exchange .

1031 Exchange Rules: What You Need to Know A 1031 exchange allows real estate investors to swap one investment property for another and defer capital gains taxes, but only if IRS rules are met.

Joint ownership on bank accounts or real estate can have unintended consequences. You should be sure to discuss all jointly owned assets with your Estate Planning Attorney.

My mom added me to her bank accounts before she died. Am I legally or morally obliged to disclose these accounts to my siblings? ‘My mom trusted me to take care of all her finances as well as all aspects of her life/care, and any house repairs/problems.’

Estate Planning Isn't One Size Fits All. Have documents prepared the fit your unique family situation.

Is Writing Your Own Will a Good Idea? Writing your own last will and testament might seem like a good, cost-saving idea but there are many pitfalls.

"Estate Planning Isn't One Size Fits All "

Is Writing Your Own Will a Good Idea? Writing your own last will and testament might seem like a good, cost-saving idea but there are many pitfalls.

Everyone's Family, and therefore Estate Plan, is unique. Call to schedule a free Estate Plan Consultation were we can discuss your specific needs.

Do You Need a Revocable Living Trust or Only a Will? How do you determine if you need a revocable living trust instead of just a will? Learn some important factors to consider when making your choice.