Inheritance Planning

Should you rely on “will power” to bequeath assets? The more complex your estate, the more ill-advised that choice becomes. Having only a will in place when you die may not be enough. As MarketWatch noted recently, research from the Williams Group (a major estate planning firm) indicates that estate fights reduce inherited wealth for…

If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we do need to know what to do financially if and…

CNN news-show host Anderson Cooper is the son of Gloria Vanderbilt — a successful fashion and interior designer and daughter to the Vanderbilt railroad and shipping empire who is believed to be worth $200 million. Is Anderson chomping at the bit for an inheritance? No. Here is what Anderson said this week in an interview…

Many are the stories of family wealth lost. In the late 19th century, industrial tycoon Cornelius Vanderbilt amassed the equivalent of $100 billion in today’s dollars – but when 120 of his descendants met at a family gathering in 1973, there were no millionaires among them. Barbara Woolworth Hutton – daughter of the founder of…

If you are coming into an inheritance, there are several issues you should be aware of. Here are some things you may want to keep in mind if it comes to pass: Take your time. If someone cared about you enough to leave you a sizable inheritance, then likely you will need time to grieve…

Think twice before creating a UTMA account. Custodial investment accounts permitted under the Uniform Transfers to Minors Act (UTMA) allow families to gift assets to a child without having to set up a trust. In addition to that convenience, a UTMA can offer a distinct tax advantage to parents. While such perks are nice in…

Should you make a minor child the primary beneficiary of your IRA? Are there any caveats to that choice? IRA owners frequently name young children as contingent beneficiaries of their accounts, but designating someone younger than 18 as the primary beneficiary of IRA assets invites a number of questions. Will you exploit the stretch IRA…

If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we do need to know what to do financially if and…