Philip Seymour Hoffman’s will was filed in court yesterday, and has already gotten a lot of press. He did some unusual things – most poignantly, he did not create trust funds for his children. But he also did not update his will after his younger two kids were born, nor did he make provisions for the possibility that he might have more kids. So they are in a bit of legal limbo, as this article shows. How can you avoid … read more »
Pete Seeger’s Legacy – And Pete Seeger’s Will
I just read an article in the NY Daily News about Pete Seeger’s will. While I am dismayed that they talk about the dollar value of his estate, I love that his instruments have names, and that the kids each got an instrument But Pete’s impact is not in his will. It is in his legacy. How he taught millions of people that they can feel community by singing together. How music brings us together, rich and poor, young and … read more »
Suddenly wealthy?
Once I lived the life of a millionaire, spending my money, I didn’t care I carried my friends out for a good time, buying bootleg liquor, champagne and wine … by Ida Cox & B Feldman, sung by Bessie Smith According to the NY Times, thanks to the thriftiness of depression-era parents, baby boomers are more likely to inherit great sums of money than previous generations. Some know to expect it, others do not. What would you do if you … read more »
Remember to update your documents!
Many people prepare financial statements in the process of getting divorced. This is a good time to look at all of your accounts, and to update your beneficiaries. After all, you might not want your ex to receive an unexpected gain in several years because you never got around to it. Common accounts that have beneficiary designations include: Life Insurance Retirement and IRA accounts Some brokerage or savings accounts It is also a good time to update your estate planning … read more »
Elder Mediation hits the Press !
The Wall Street Journal published a terrific article yesterday, Family Value: A Referee for Family Disputes, about the value of elder mediation, and its value to families facing tough decisions around care-giving and inheritance. This is just the latest in several major newspapers to cover it. It’s exciting to be one of the forerunners of this new and growing field! I recommend a few: Eldercare Mediators help resolve Feuds, Washington Post, Dec 14, 2010 When the Family Needs an … read more »
Do Children have a Right to Inherit?
I recently got an inquiry from someone who wanted to write a will leaving everything to one of her children, but not the other. They were both under 18. Was this legal? she asked. Her younger child was being raised by his father and step-mother, and they were well off. She hadn’t seen him in years, and had no relationship with him, although she was paying child support, which was taken out of her check bi-weekly. She greatly resented having … read more »
Who will get your property when you die?
Who will inherit from you if you die without a will? It might not be the people you feel most connected to. Here is the order in New York State. If you don’t have a relative in one category, see the next category down. (for instance, if you don’t have a spouse, your money will go to your kids). If you have a spouse and kids, your spouse gets the first $50,000 + half of the remaining estate. Your kids … read more »