What is a charitable remainder trust?

January 1, 2019
Q: What is a charitable remainder trust? -Curious Dear Curious: A charitable remainder trust (CRT) is a unique estate planning tool that allows you to avoid taxes when you sell highly appreciated assets like stock and real estate. Moreover, a CRT can create a valuable income stream for yourself or your family AND support your…
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My father wants to quitclaim deed his house to me. Is this a good idea?

December 1, 2018
Q: My father wants to quitclaim deed his house to me before he dies, rather than include it in his will. Is this a good idea? -Interested Inheritor A: Dear Interested: While transferring ownership of real estate through a quitclaim deed is simple, the tax burden you’ll likely face makes it a potentially terrible idea.…
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My uncle died, and I think he had a will, but I’m not sure. How can I find out?

November 1, 2018
Q: My uncle died, and I think he had a will, but I’m not sure. How can I find out? -Will Wondering A: Dear Wondering: When someone dies, it’s fairly easy to find out if he or she left a will. Upon death, most states require the person in possession of the deceased’s will to file…
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Should I purchase an accidental death and dismemberment policy?

October 1, 2018
Q: I’m looking to buy insurance to protect my family. Should I purchase an accidental death and dismemberment policy? -Looking for coverage A: Dear Looking: When it comes to protecting your family, you might think the more insurance you have the better. But accidental death and dismemberment (AD&D) insurance is rarely worth the investment. AD&D only…
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Can I be paid for my duties as Financial Power of Attorney for my Mother?

September 1, 2018
Q: I have financial power of attorney for my mother. Can I be paid for managing her finances? -Billing Mom A: Dear Billing: Serving as an agent under financial power of attorney (POA) can involve considerable work, so you’re typically permitted to be reimbursed for your expenses—and sometimes, even entitled to additional compensation. However, all such…
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Who should I name as executor of my will?

August 1, 2018
Q: Who should I name as executor of my will? -Pondering probate A: Dear Pondering: Selecting the right executor for your will is just as—if not more—important as deciding who gets your assets. Your executor will be legally required to take on a number of major responsibilities. They must ensure your will’s terms are carried…
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How can I best provide for my pet using estate planning?

July 1, 2018
Q: How can I best provide for my pet using estate planning? -Dog Lover A: Dear Lover: A beloved pet can be just like family, so it makes sense you’d worry about how they’ll be taken care of when you die or if you become incapacitated. Fortunately, with proper estate planning, you can rest easy…
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My mother died with credit card debt. Am I responsible for paying that debt?

June 1, 2018
Q: My mother recently died with lots of credit card debt. Am I responsible for paying that debt? -Worried Son A: Dear Worried: Unless you’re a co-signer on the credit card, you aren’t responsible for that debt. As with nearly all other creditors, credit card companies cannot force surviving adult children to pay for a…
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How does a living will work?

May 1, 2018
Q: How does a living will work? —Confused A: Dear Confused: Though it can be easy to confuse a “living will” with a “last will and testament” or a “living trust,” these estate planning documents are vastly different. A “last will and testament,” otherwise known as a “will,” directs who will receive your property upon…
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What is long-term care insurance?

April 1, 2018
Q: What is long-term care insurance? —Unsure A: Dear Unsure: Long-term care (LTC) insurance covers your basic daily needs over an extended period. While many think only the elderly need such care, LTC covers a wide demographic, including those of all ages with chronic illnesses, disabilities, or other conditions. LTC can pay for long stays…
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Clarifying Questions

Q&A: My Parents Shut Down When I Try to Talk About Estate Planning. How Can I Help Them Open Up?

QUESTION Q: My parents shut down when I try to talk about estate planning. How can I help them open up? –Concerned Son   ANSWER A: Concerned, It can be difficult for some people to talk about estate planning because…

Q&A: Can you explain how the administration of a will works?

QUESTION Q: Can you explain how the administration of a will works? –Taking Care of Mom   ANSWER A: Dear Taking Care: In order for assets in a will to be transferred to a beneficiary, the will must first pass…

Q&A Can I leave my 401(k) to my minor children when I die?

QUESTION Q: Can I leave my 401(k) to my minor children when I die? –Pondering Parent   ANSWER A: Dear Pondering: Though you can technically name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement…

Q&A Do I need to create a new will if I move to another state?

QUESTION Q: Do I need to create a new will if I move to another state? –Curious Mover   ANSWER A: Dear Curious: Most states will accept a will that was executed properly under another state’s laws. However, there could…

Q&A: How do I include cryptocurrency in my estate plan?

QUESTION Q: How do I include cryptocurrency in my estate plan? — Crypto Owner   ANSWER A: Dear  Crypto, If you own cryptocurrency, you must leave detailed instructions for accessing it, and ensure that one or more trustworthy people know…

Q&A: What is the federal estate tax?

QUESTION Q: What is the federal estate tax? — Tax Planner   ANSWER A: Dear  Planner, The federal estate tax is a tax on the value of a person’s assets at the time of their death. If the total value…

Q&A: What estate planning should my child have in place once they reach adulthood?

QUESTION Q: What estate planning should my child have in place once they reach adulthood? — Proactive Parent ANSWER A: Dear  Proactive, Once your kid becomes a legal adult—which is age 18 or 21, depending on your state—many areas of…

Q&A: What is a pour-over will?

QUESTION Q: What is a pour-over will? — Prudent Planner   ANSWER A: Dear Prudent, For a living trust to function properly, you must first transfer the legal title of any assets you want to be held by the trust…

Q&A: Can I tap into my retirement savings to pay for my child’s college education?

Q & A: QUESTION ______________________________________________________________________________ Q: Can I tap into my retirement savings to pay for my child’s college education? —Pondering Parent   ANSWER ______________________________________________________________________________ A: Dear Pondering: If your kids will need financial assistance, beyond student loans, to pay…

Q&A: What is the “contestability period” on a life insurance policy?

Q & A: QUESTION ______________________________________________________________________________ Q: What is the “contestability period” on a life insurance policy? —New Beneficiary   ANSWER ______________________________________________________________________________ A: Dear Beneficiary: Most life insurance policies contain a contestability period. Such periods are typically between one to two…

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