Dear Raider, I want to talk about Estate Planning and inheritances with my family, as I believe that these are important topics. But before I do so, I want to get my family to communicate better in general. My husband brings his work home and works late, and my kids are doing their own things, […]
How Should You Discuss Trusts, Inheritances, and Stipulations with Children and Grandchildren?
Q. I will be leaving my eight grandchildren money in trusts and have certain stipulations and incentives I decided to include. I’d like to talk to them and their parents about it, but I am not sure how to broach the topic and have an effective conversation and keep family harmony. Do you have any […]
Say Goodbye to the Burdens of Timeshare Ownership
Q. I recently read in your article “Top Ten Things Your Children Want You to Leave Them and the Top Ten Things They Don’t Want” that the number one thing not to leave to a child or grandchild is a timeshare. You refer to a time-share as “the gift that keeps on taking.” I couldn’t […]
Top 10 Things Your Children Want You to Leave Them and the Top 10 Things They Don’t Want
When considering what to leave your children or grandchildren, many of you hope to pass on love, wisdom, financial abundance, and maybe a few precious family heirlooms. However, despite your best intentions, while there are some things your children would be happy to inherit, there are others that they hope not to be burdened with. […]
Are Large Inheritances Damaging to the Next Generation? Some Celebrities Think So
Some high net worth individuals, including some celebrities, are increasingly worried about how much of their fortunes, if any, to give to their kids. A couple years ago, CNN host Anderson Cooper announced that his son, Wyatt, would not receive an inheritance. According to Cooper, “I don’t believe in passing on huge amounts of money.” […]
Is a Family Caregiver Entitled to Compensation from an Estate for Their Caregiving Services?
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 live-in caregiver in their home in Virginia Beach. I was taken aback […]
A Not So Happy Mistake Leaves Bob Ross’s Son with Nothing
Star Trek fans will surely remember Lieutenant Uhura, the communications specialist aboard the Starship Enterprise. Her role was played by Nichelle Nichols, who is currently embroiled in a highly-publicized guardianship drama. In the incredible publicity over her situation, some of you may have missed another pop icon, artist Bob Ross, whose business partners got […]
When You Inherit Unexpectedly
Q. When my sister-in-law, Erin, got her 23 and Me results in the mail a couple years ago, she was surprised to find out that she is Scottish, Irish, German, and almost a quarter Native American. Since then, she has connected with relatives all over the world and locally, including a wealthy great uncle in […]
Should We Leave Our Money to Our Children Outright?
Dear Magic, My wife and I are planning to do our estate planning soon. We want to leave our money, property and valuables to our children. They are teenagers now. What’s the best way to do so? Should we leave our money to our children outright or is a trust a better option? Thanks for […]
Protecting Our Daughter’s Inheritance If She Gets Divorced
Dear Magic, Our daughter got married a couple years ago, but she doesn’t seem happy. Her husband goes out a lot, drinks too much, and gambles regularly. He also spends nearly every dollar he brings in. We have a sizable inheritance to leave to our daughter and we want to protect it from him and […]
How to Downsize the Right Way
Q. My husband and I became empty-nesters when our son and daughter moved out and started families of their own. We will be selling our home and moving to a condominium in a senior living community in a couple of months. I admit I’m somewhat of a pack rat, and have a lot of stuff, […]
I Don’t Want Your Vacation Home, Mom!
Dear Commander Bun Bun, My mother just did her estate planning and she told me she will be leaving us her vacation home. My father is deceased, and I am an only child. Despite her generosity, my family doesn’t want the home, and we told her that in the nicest way possible, but she still […]
How to Survive Adult Sibling Conflict Over Elder Care, Inheritances, and More
Q. Last week, my sister, my brother, and I traveled with our families to visit our 82-year old mother for Thanksgiving (I didn’t have to go too far, since she lives ten minutes away!). Although mom says she is “just fine,” we noticed several memory lapses and other signals of her waning health throughout our […]