Dividing money is easy. But who gets Mom’s tea set? When we hear about heirs fighting over an inheritance, most of us think about money as being the main issue. But money isn't everything! How you split up priceless family artifacts and other physical goods can start or end fights…
A spouse who inherits an IRA has a choice. The surviving spouse can move the account into an inherited IRA to keep the tax shelter. Or she can choose to roll the account into her own IRA. There are some unique rules that go into effect when an IRA is…
Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers. Although a reverse mortgage has some advantages, such as offering a means of cash…
Perhaps the more important detail of this story is that the home was sold in an estate sale by heirs who appear to have let the property go for considerably less than market value. Inherited property brings with it certain important responsibilities, and that goes double and triple for executors…
Time, it seems, has healed past wounds enough to leave us remembering Grandpa Oscar with a smile. Very belatedly the violin has served its purpose. We can hold on to the memories and let go of the object. Family heirlooms seem to have special powers over the family. Memories and…
One of the most common themes among my affluent clients is a desire to see their children make it on their own. Over 90% of these clients are first-generation wealth builders, meaning they didn’t inherit their money but accumulated it from saving, investing or building a business. They value hard work…
For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss, anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries and resentments. Much of estate planning focuses on the technical aspects of leaving behind or receiving an inheritance. Commonly, these include the tax…
Advisors say it doesn’t happen often, but parents who divide their assets unevenly are playing with fire. That said, there are things they can do to try to keep the fire under control, so it doesn’t become a conflagration that blows the family up. Sometimes it is easy to split…
The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful. Many would agree that selling a home…
"You cannot predict what may happen between now and receiving an inheritance," said Ireland. "The earlier you start preparing, the more financially secure your own retirement is likely to be." Planning for an inheritance can be a tricky endeavor, for both givers and receivers. On one side, the giver has…