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family inheritance Archives

Joint Accounts With Children Can Cause Big Family Problems

Sharing The Account With A Designated Child

When Mom or Dad is in failing health, the adult children may think it is a good idea to put one or more of them on the parent's account and make it a joint account. The idea is that the designated child can deposit the parent's income, pay their bills, and divide up the funds in the account between their siblings when Mom or Dad dies.

Joint Account To Pay For Moms Care

Daughter Is Put On Elderly Mom's Bank Account

Putting a sibling's name on Mom's bank account can be a very bad idea. The solution seemed simple, as Mom was in poor physical and mental health. Daughter Amy was put on as a joint owner on Mom's $300,000 account. Amy's three brothers thought it was a good plan so that Mom's bills could be paid and her medical needs could be taken care of.

Who Gets To Use The Family Lake Cabin?

Using The Family Cabin

Mom and Dad have passed away, leaving the behind the family cabin. Now that summer has finally arrived, the cabin on Round Lake is ready for fishing, waterskiing and canoeing. You and your children have been eagerly awaiting the opportunity to spend some quality time together "Up North".

Estate Planning To Avoid Lateral Transfer Of Wealth In Blended Families

What Happens After You Pass Away?

When you die and if your spouse remarries, will your spouse's new husband or wife and the stepchildren inherit your children's share of the family inheritance? This may be difficult for some people to think about, but it is something that married couples may want to consider. This is especially true in an era where some people are living much longer lives.

6 Ways To Avoid Identity Theft

A Damaging Crime

One of the most heartbreaking of property crimes is the current wave of thefts of identity. This crime is humiliating and emotionally devastating to the victim and his or her family. Besides that, it is also enormously costly to the victim's family and reputation.

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