James opens a joint bank account with his second wife, Kathy. It is joint with rights of survivorship. Whoever is the last surviving joint owner inherits what is in the account. No need to go through probate. Almost $100,000 in the joint account came from the sale…
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Margo had three sons. Tom and Terry were twins from her first marriage and Stevie from her second. Stevie dropped out of school to play guitar. He never really got a job to support himself. Margo let Stevie live at home with her until she died. Her…
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Key 6: Protect Yourself Today Brian was 82 and trusted his neighbour’s son, Tim. Tim ran errands for Brian, including buying his groceries and medications. Brian would also get Tim to cash his cheques for him at the bank. One day the bank suggested that Brian add…
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Taxes are always confusing. Tax laws change daily. How are you going to stay on top of all this? You must rely on professionals to give you proper advice. Paying taxes can eat up your estate’s assets and destroy your dreams for your family. You can, however,…
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The answer may be no one has sold them one. It’s a difficult sales job. Perhaps estate advisors need to do a better job marketing and educating clients about wills? The starting point may be to give people more persuasive and easy-to-understand information. When it comes to…
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Wondering why you haven’t carried out your estate planning resolutions yet? According to one survey of 831 lawyers in the U.S., you may not be alone. WealthCounsel, a nationwide organization of estate planning attorneys, in its January 2011 (Trusts & Estates) magazine summarized the key finding that…
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Here they are. Don’t worry, I will give you the antidotes in future posts: 1. Thinking about death It may be frightening, but it’s inevitable. So why wait? 2. Taxes Income, estate, and probate taxes…need I say more? You do not have too pay too much. 3….
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