Downs Law Firm, P.C.
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.
Congratulations, you have finally signed your estate planning documents. Now, where do you keep them?
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.
Let’s face it: mortality is hard to think about, and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.
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.
Five years after John Thomas died, his family is still embroiled in a court fight over his estate.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure their children are on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
A trust can be a vital component in an estate plan.
Johnny Hallyday, known as the French Elvis, built his six-decade show business career on old-fashioned rock ’n’ roll, but he also kept up with the times technologically.
Your estate plan isn’t finished just because your attorney has drawn up a will. Proper asset titling is the next step.
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