If you are primarily responsible for a child or grandchild, one of the most important things that you can do is to plan for what will happen if you should suddenly pass away. You should make plans for the long term care and financial well-being of any minors that you care for. You should also make sure that the minors have quick and easy access to funds after you are gone. Many estate planning instruments require time to access. If you leave something to a minor in a Will, for example, then the … [Read more...]
Amending Your Parents’ Estate Plans
Many wealthy people wish they could amend their parents' estate plans after their parents pass away. Few know that they can. What often happens is that a wealthy person's parents will leave a large estate to someone who does not need it. The estate will be subject to the estate tax. The wealthy person who inherited the estate will then just keep the assets and leave them to his or her own children eventually. The same assets will be subject to the estate tax again. The way around this double … [Read more...]
