Busy, busy, busy. You too? And it’s going to get busier before the calm. We invite you to take a break and catch up with our past week’s posts. And have a great Saturday (busy or not, your choice).
(Monday, November 17, 2014) How to Safely Give More to One Child than Another
When creating their estate plans, the overwhelming majority of parents want to distribute their assets equally between all of their children. However, many parents have good reason not to do that. For those parents, leaving unequal inheritances in a way that does not cause siblings to fight is a major concern.
Reference: Financial Planning (October 27, 2014) "Family Drama: 'But She Got More!"
(Tuesday, November 18, 2014) Gift Tax Exemption to Increase
You can only give a limited amount of money to people during your lifetime without that money being subject to the gift tax. Beginning in 2015, that amount will increase.
Reference: Forbes (October 30, 2014) "IRS Raises Limit on Tax-Free Lifetime Gifts for 2015"
(Wednesday, November 19, 2014) Fight over Allegedly Misused Trust Funds
Trustees have a duty to use funds in the trust for the stated purposes of the trust. When they do not do that, they can be held personally liable. One of America's wealthiest families is currently fighting over this very issue.
Reference: Forbes (November 10, 2014) "Late Mellon Billionaire's Kids Say Dad Misused $210M Trust Fund"
(Thursday, November 20, 2014) Family Feuds over the Family Business
When the founder of a family-owned business passes away, the next generation often fights over how the business should be run and who should be in control. One such feud might finally be close to coming to an end after nearly 20 years.
Reference: WCPO (November 13, 2014) "Family Feud: Griffin Industries inheritance fight still going strong after 19 years; could end soon"
(Friday, November 21, 2014) When Changing a Will Causes Family Strife
It is normally a good idea to tell your family how you plan to distribute your assets in your estate plan. It is a good way to help prevent fighting later on. However, what happens when you later change your mind and your family already has plans about how to use their inheritances?
Reference: Washington Post (November 6, 2014) "Carolyn Hax: A late change to dad's will is causing resentment"
Our web site fully covers the non-disclosure statement which is applicable to all of our posts. Please visit us at: ball-stuart.com.