AVOIDING FAMILY SQUABBLES OVER YOUR ESTATE Jaguar

LEGACY OF LOVE
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AVOIDING FAMILY SQUABBLES OVER YOUR ESTATE
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What steps may help assets transfer without a fight?
Provided by Michael L Bush, of JW Cole
Financial, Inc. Member FINRA/SIPC
author of a will is elderly, a spouse, ex-spouse or children could try
to assert that the author had insufficient mental capacity at the time
of authorship or wrote the will under undue influence.
Should you rely on “will power” to bequeath
assets? The more complex your estate, the more
ill-advised that choice becomes. Having only a
will in place when you die may not be enough. As
Michael L. Bush
MarketWatch noted recently, research from the
Williams Group (a major estate planning firm) indicates that estate
fights reduce inherited wealth for as many of 70 percent of families.
Wills are made public; they are probated. While there are many
non-probate assets that pass directly to a designated beneficiary or a
joint tenant (jointly held bank accounts with right of survivorship,
jointly titled real property, POD accounts, most types of IRAs and
workplace retirement accounts), other assets do not. The length of
the probate process varies by state. It takes weeks in some states,
months in others.
Inheritance is no simple matter. In a simpler world, an individual
with a $3 million estate could pass away and simply leave $1
million each to his or her children – enough said, over and done.
But life isn’t so simple: one heir may deserve more money as a
result of a disability or fate dealing out hardships, while another
may truthfully deserve less due to his or her behavior, or his or her
financial success.
Probate requires money as well as time: even if you have named
the most capable executor around, the court costs and lawyer and
appraiser fees involved may still eat up as much as 5 percent of your
estate (if you’re a millionaire, that’s $50,000). Mostly, those fees go
for basic clerical work.
Assets within a revocable trust can avoid probate (assuming they
have been properly transferred into the trust, of course). Upon
the death of the grantor who established
the trust, the grantor’s appointed trustee
distributes the assets within the trust per the
grantor’s wishes, no probate involved. The
chance of a family fight over inherited assets
lessens.
If you feel one heir should receive more of your estate than
another, that wish needs to be articulated in
your estate planning. Stating these wishes
before you pass away (the why, the how, the
how much) and letting your heirs know how
you feel isn’t cruel – candor now is preferable
to confusion and in-fighting later.
Beyond money, what about possessions and
real property? Homes, businesses, raw land,
antiques, artwork, collectibles, heirlooms,
and pets: your children and grandchildren
may have different perceptions of their future value, and disagree on
their destiny. Being clear about who is going to get what today (and
why specific decisions are being made) may help defray potential
legal challenges tomorrow.
Living wills? Those can prove quite
valuable. You may not die suddenly, and
you could be incapacitated for a period just
prior to your death. Should that be the case,
a living will (also called an advance directive) can articulate how you
want to be treated. Additionally, a health care proxy document can
appoint someone (known legally as a health care agent) to authorize
doctors and nurses to carry out those directions. A health care proxy
is also crucial in instances when a younger individual becomes
severely disabled.
Consider leaving some things up to the kids. You could call in
appraisers to set values for your real and personal property, make
a list of those assets and their values, and subsequently allow your
heirs to take turns choosing the possessions or properties they want
to inherit. If a squabble breaks out between heirs over this or that
item, you can settle it with a family auction – that item goes to the
highest bidder when you pass away.
Opt for more control. When you pass away, your money will have
only three possible destinations. Percentages of it will go either to
your heirs, to charity, or to the government. If your estate planning
goes no further than a will, you could be inviting a dispute and
things may not turn out quite the way you want. While creating a
revocable trust can cost ten times as much as creating a simple will,
it may be worth every penny in the end.
Also, consider a revocable trust. More people should, as wills have
basic shortcomings. If they have any imprecise language or lack in
terrorem clauses (which threaten heirs that challenge them with
disinheritance), they can invite lawsuits and other battles. If the
Michael Bush may be reached at 352-378-7456 or [email protected].
Jaguar Winner
A longtime supporter of the Key Training Center, Dr. Bradley
Ruben said, “I’ve never won anything.”
But he had no problem fitting into the driver’s seat of his 1999
Jaguar XJ8 which he won during the 2015 Run for the Money
fundraising campaign. His winning donation was selected at the
Reach for the Stars Dinner Auction. It was among more than 1,100
donations which raised over $22,000, a Key record.
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RUN FOR THE MONEY BAR-B-QUE
JULY $5 donation for barbecue sandwich,
18 baked beans, cole slaw & beverage
NOON CELEBRATIONS! Welcome home runners!
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