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Estate Planning Considerations When Helping Your Child Buy a Home
As home prices continue to rise, many parents are helping their adult children purchase their first homes. Many parents do not realize that this type of financial assistance can have estate planning implications.
Question: My mother recently passed away. I am the nominated executor of her estate. Her Will directs that all of her personal property is to be shared equally among her children. Can you give me any suggestions about how to divide the personal property?
In general, we suggest clients review their estate plan every five years or after a major life event. Such events include marriages, divorces, births, deaths, retirement, sale of your home, etc.
If you happen to have a copy of your parent’s or grandparent’s Last will & Testament, it is likely that the estate plan was simple- everything to the spouse, then when the second spouse dies, everything to the children. We call these “sweetheart” or “I Love You” Wills.
My mother recently passed away. She had two children, myself and my sister. Prior to her death, she had named my sister as agent under her power of attorney. My mother’s will treats both of us equally. I found out that a month before her death my sister used the power of attorney to change the beneficiary on my mother’s bank account to just herself. Was she allowed to do this?
My sister wants me to sign a document that allows her to probate my mother’s will. The problem is that the will favors my sister, and I think the circumstances around the will are suspect. Is there a way I can get more information about the will signing?
Inheritance is the practice of passing property upon the death of a decedent. The rules of inheritance differ from state to state.
Question: My sister is the Executor of my mother’s estate. She had three children and we all share the estate equally. My sister sent me a Receipt and Release Agreement proposing a distribution to me of $50,000.00. I want the money, but I don’t feel comfortable signing the Receipt and Release. What should I do?
Question: Two years ago my sister used a Power of Attorney given to her by my mother to withdraw $100,000 from my mother’s bank account.
Question: I was chatting with friends over coffee this evening and someone mentioned the “right of sepulcher”. What exactly is that right?
My spouse and I live in our home in New York in the summer and we spend the winter at our condo in Florida. We are looking to do estate planning and also prepare for if either of us need long term care in the future. Should I see an attorney in New York or Florida?
Our Blog
Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.
