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Estate Planning Essentials: April 2019
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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10 Reasons to Create an Estate Plan Now
Many people think that estate plans may be for someone else, but certainly not them. Here are ten compelling reasons to set up an estate plan, no matter what your age or net worth.
Be Aware of the Dangers of Joint Accounts
While joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly.
How to Make Your Funeral Wishes Known
How can you make sure your funeral and burial wishes will be carried out after you die? It is important to let your family know your desires and to put them in writing. Just don’t do it in your will.
So, You’ve Been Appointed Trustee of a Trust? Here Are 9 Do’s and 1 Don’t
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
