As each new year rolls around, you might have traditions and tasks that you take care of to make the upcoming year easier and more productive for your family. Estate planning for your accounts and properties and their ownership should be included in these yearly plans, especially after the death of a loved one. How […]
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Mark and Jennifer own a four-bedroom home in a suburb of Chicago. They have three young children and have been married for ten years. Mark is a stay-at-home father who has a small online freelance business. Jennifer is the VP of a major insurance company. They own the property under joint tenancy with rights of […]
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Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous. Sadly, children – both minor and adult – are often disinherited. While there are several forms of joint ownership, the one most people use (and the one considered in this discussion) is called “Joint Ownership with Right of Survivorship.” When […]
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Imagine for a moment. Your Aunt Joanne is a multimillionaire businesswoman who lived in New York and ran two large corporations. She had several long-term relationships but never married. She never had children, though there is a rumor she adopted two young girls when she was in her thirties. Joanne has recently died. Joanne’s attorney […]
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Megan and Dan are interested in purchasing a timeshare in a condominium complex on their favorite beach. They have the opportunity to buy a two-week block of time that is fixed and a one-week block of floating time. This schedule works for them as they take a vacation at the same time each year. They […]
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Almost all would agree that 2020 was a year like no other. The lockdowns and the relentless barrage of news about COVID-19, the death rate, and problems with health care made even the most optimistic pause to consider their own mortality. Estate planners reported that an escalating number of new clients and clients they had […]
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Marta and Don have been married for almost thirty years. Marta was born in Canada and immigrated to the U.S. with her family when she was a teenager. She has maintained dual citizenship and owns property in both Canada and the U.S. Any U.S. citizen who has dual citizenship should be aware of the complex […]
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When you hear the term estate planning, what comes to mind? Mega-millionaires protecting their vast wealth for future generations? How about young couples planning for the future? Estate planning is the process of making decisions about what happens to you, your hard-earned assets, money, and property when you can no longer decide for yourself. Estate […]
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Meet the Smith family. Mark is the co-owner of a small business with his wife, Margo. The couple has two adult children, Jessica and Larry. Mark also has a sister, Jan, whom he has been financially supporting for several decades. Mark and Margo each have their own retirement accounts. They have contributed to them since […]
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Mary’s widowed father, John, is a world traveler. He has circled the globe many times as V.P. of marketing for a major technology firm. Now retired, John travels a minimum of eight months of the year. John has heart disease and wants to see and do everything he can while still physically able. Mary worries […]
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