by Christine | Jun 18, 2013 | Estate Planning, Inheritance, Trusts |
Many wealthy people worry about the potentially corrosive effect of making their children superrich. Not Larry Ellison. The Oracle founder and CEO, the third richest man in the United States — worth $43 billion, according to FORBES’ latest estimates — has never...
by Christine | May 23, 2013 | Estate Law, Individual Retirement Accounts (IRA), Inheritance, IRA Rollover |
John and Sue were both 75 years old last year. They both took their RMDs for the year. John died early in December. Sue was his beneficiary. She rolled his IRA into her own IRA in January. The question was – “What is Sue’s RMD for this year?" The different ways...
by Christine | May 1, 2013 | Estate Planning, Family, Heirs, Inheritance |
For many parents, it is easier to talk to their children about sex than money. And there are few touchier subjects for wealthy families than the topic of inheritance. Don’t we all dread certain “talks” we’re supposed to have with our children? But even though we’d...
by Christine | Apr 8, 2013 | Estate Planning, Inheritance |
The ugly truth is money can’t buy love. But it can be used to try to hurt the people you say you love. When planning your estate, you may want to assess the “fairness” of the inheritance you plan to leave behind and any potential hurt feelings along the way. You see,...
by Christine | Mar 29, 2013 | Estate Planning, Individual Retirement Accounts (IRA), Inheritance, Inherited IRAs |
Let's say that someone who is not your spouse recently died and named you as their IRA beneficiary. You now have what the IRS calls an “inherited IRA.” When you inherit money, once you receive it you can usually decide where it goes from there, such as a simple...
by Christine | Mar 20, 2013 | Decanting, Inheritance, Irrevocable Trust, Trusts |
"It's like decanting a bottle of wine; you pour the wine into a new bottle to air it out," says Mark Haranzo, a partner at law firm Withers Bergman. In trust terms, you pour the assets of an old trust into a brand-new trust that essentially allows a...
