Downs Law Firm, P.C.
However, not having the difficult talk sets the table for big family problems later. When financial decisions and medical caretaking are stumbled upon, many unexpressed expectations will likely collide.
Good estate planning must consider more than what you want to happen to your property and for your beneficiaries. It also must consider what you intentionally want to avoid happening.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.
All you have to do is type ‘maximize Social Security’ into Google or any other search engine and you will get hundreds, if not thousands, of hits.
Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.
The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
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