Estate Planning in chaotic times

jkom51December 1, 2008

Although this article at Forbes.com starts off with a multi-million $$ example, do keep reading all the way through! Whether you have a taxable estate or not, there are some very thoughtful questions raised that folks might need to ask themselves when it comes to deciding 'what goes to whom' in estate planning.

I can think of several elderly friends we know that need to think more deeply on some of these issues, even though their estate is too small to ever be taxable.

Here is a link that might be useful: Article - Estate Repair

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qdognj

finally got around to reading this article,thanks for the link

    Bookmark   December 12, 2008 at 2:17PM
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duluthinbloomz4

"But a bank employee persuaded her to buy 45 CDs from his bank, naming a different family member.

Interesting article, and although much in the article struck a chord, the above really resonated with me having dealt with an elderly aunt who granted me her financial POA and trusted me to do the right thing. Although she wasn't about to be persuaded into anything by a bank official, she did have what she thought was a "plan" for the CD portion of her considerable assets - somehow it would all end up being equitable and in compliance with her will. Needless to say the best laid plans...

I spent 18 months, as all these instruments came due, running from bank to bank (eleven of them here in MN and across the bridge in WISC!) getting the PODs removed and getting them back solely in my aunt's name so upon death everything would go into an estate account for eventual disbursement.

Mercifully, my parents had Revocable Living Trusts. Practical, hands on experience with estate planning - both the bad and the good - has been invaluable for me in my own situation.

    Bookmark   December 12, 2008 at 3:18PM
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