Downs Law Firm, P.C.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
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.
By discussing finances with your children early and often you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth, and sign. The document is filed away to be used if needed, but you really never expect it to be used.
There have been several law changes that affect IRAs passed since December 2019.
As baby boomers reach their golden years, millions of homes will be sold as a growing number of homeowners across the country downsize or pass away.
Unfortunately, credit card debts do not disappear when you die. Your estate, which includes everything you own–your car, home, bank accounts, investments, to name a few–settles your debts using these assets.
The ex-husband of Amy Winehouse is making a $1.4 million legal claim on her estate —eight years after her death.
When a loved one dies leaving property, debts and a mortgage, and if he did not have a living trust, probate is required to sort everything out.
I have a sister, who I have not seen or heard from in 40 years, when she said she hated all of us and never wanted anything to do with us again. She even gave up her 5-year-old son for strangers to adopt and would not let my parents adopt him.
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