Q. I am the trustee of my parents’ trust. They have now both passed away. My brother helped perform minimal long-distance caregiving for them over the last five years, and he spent about a year and a half toward the end as a … [Read more...]
Grandparents and Others can Contribute More to 529 Plans without Affecting College Financial Aid
Q. My son, Bryan, is entering middle school. His grandfather (my dad) is coming for a barbecue for Father’s Day this weekend, and we are also celebrating Bryan’s birthday. My dad has been contributing to a 529 plan to help pay for … [Read more...]
Problems with Beneficiary Designations Part 2
Q. Last week, you wrote about why inheritance sometimes goes unclaimed, and how it’s a lot less likely when you have a trust in place. I read something about the downsides of beneficiary designations naming individuals and how … [Read more...]
Benefits of Naming a Trust as an IRA Beneficiary
Dear Hayek, I am reconsidering who I should make the beneficiary for my IRA. I heard that there are some advantages to naming a trust instead of an individual. Is this true, and if so, why? Thanks for your help! Benny … [Read more...]
Problems with Beneficiary Designations Part 1 – $100 Billion of Unclaimed Property!
Q. I read somewhere that there is over $100 billion of unclaimed property. How is this possible? How is it that so much property goes unclaimed? Is there a way that I can check to see if any of that belongs to me? And how can I … [Read more...]
The Ins and Outs of Reverse Gifting
Q. My daughter started her own business and made some good investments with her money, and became very successful. She recently told me that she wanted to transfer assets to my name to assist me with my living expenses, but she … [Read more...]
What Your Loved Ones Want and Don’t Want May Surprise You!
Q. I visited my mother the other day, and we sat on the sofa in her living room with my children enjoying each other’s company. We reminisced about memories of me growing up and looked at old photo albums with the kids. In some of … [Read more...]
When Your Bank Thinks You Need a Guardian — Former Talk Show Host Wendy Williams v. Wells Fargo
When a loved one has mounting medical, financial, and mental health needs, a family may appoint a guardian or a conservator to assume legal guardianship over an adult. Guardianship cases have become more common in the public eye … [Read more...]
Divorce Rates for Couples 50 and Older Have Doubled Since 1990 — What This Means for Estate Planning and Medicaid Planning
Years ago, the vast majority of couples who weren't happy in their relationship chose to remain married out of convenience or routine, a sense of familiarity, or for their children. This has changed in recent years for many … [Read more...]
What are the Duties of a Health Care Agent?
Q. My sister, Tracy, told me recently that she is planning to get her incapacity planning documents in order and she asked me to be her health care agent. We aren’t super close but we are both the only family the other one has. … [Read more...]
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