Inheritance

November 18, 2013   Inheritance

When You Should Refuse an Inheritance

Although seemingly counterintuitive, there are many reasons why a person may wish to disclaim a bequest he or she is set to receive under the terms of a loved one’s estate plan. Some of these reasons, detailed below, are completely overlooked by heirs who stand to gain from disclaiming.   If Your Beneficiary is in Debt Inherited assets are generally not safe from a beneficiary’s creditors. Therefore, if a beneficiary is in debt, his or her inheritance may quickly vanish in order to satisfy his or her creditors. To avoid this fate, a beneficiary must step out of line, allowing the assets to pass to the contingent beneficiary.   As a Corrective Measure Too often, people pass on with an outdated estate plan that does not convey their most recent wishes for the distribut...
December 20, 2011   Inheritance

Will Your Kids Be Unintentionally Disinherited?

Taking ballroom dancing lessons helped Claire cope with the recent death of her husband of 40 years. Her instructor provided her with the companionship she was missing. Claire, with a new sense of self-esteem, soon fell head-over-heels in love. Her children were shocked when their mother announced she had married her instructor.But the real shock came a few months later when Claire died: the children learned their mother had placed all her assets in joint ownership with her new husband. Even though Claire's will left everything to her children, they were completely disinherited.How have you planned your estate? Have you followed the traditional approach of leaving everything to your spouse? Have you thought about what could happen if you die first? Even if your spouse doesn't remar...
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