Chambliss Estate Planning Essentials brings you legal developments and other trends of vital interest in the world of estate planning. This post is brought to you by Jennifer Exum and other members of the Estate Planning Practice Group of Chambliss Law Firm.
Chambliss Law Firm Monthly Editorial
Estate Planning IRL ("In Real Life")
by Jennifer Kent Exum, Attorney
Sarah is the sole caregiver for her disabled adult daughter, Jane. Jane has a history of mental health issues and severe diabetes, which have prevented her from living the "normal" life of a 40-year old. She does not work and lives at home. She has been almost completely dependent on her mother for financial support and housing throughout her adult life.
Thankfully, Sarah is well-educated and employed in a professional career. She has a healthy income and a robust retirement. Through the years, Sarah has tapped into her savings – including her retirement account – to pay for her daughter's bad loans, run-ins with law enforcement, necessary medical treatment, and other unexpected (and challenging) emergencies.
Sarah is aware of Jane's dependence on her. To make things as easy as possible for her daughter, she has made sure that Jane is named as the beneficiary on her retirement accounts and as the Pay-On-Death (POD) beneficiary on all bank accounts. Sarah has a standard will, leaving everything to Jane. [Click to read the full article.]
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