Bobby’s Blog

Will The Money You Leave Behind Ruin Your Children or Grandchildren?

It’s one of those fears many individuals (especially wealthy individuals) have, but rarely speak about. They aren’t worried about the “death tax” or other inheritance taxes. In fact, the concern isn’t heirs receiving too little money; it’s receiving too much. The concern is that inherited wealth can have adverse effects on the people inheriting the money. The beneficiaries could treat it as though they won the lottery and splurge on reckless, irresponsible purchases. Imagine, the money you worked so hard to accumulate ends up being blown on a fleet of fancy cars or, even worse, a drug habit or...

Continue reading

No Will Hunting – Robin Williams Used a Living Trust

Robin Williams made millions during his career and took steps to protect his wealth so it could be passed down to his three children. Did he just have a simple will based plan? No. Instead, reports indicate that Mr. Williams likely had a plan centered around a revocable living trust. Why would Williams, and other individuals, opt not to have a just a will based plan? First, the probate process can be very complicated and time consuming because it requires the estate be administered through the court system. Think about your experiences that involve the courts or the government...

Continue reading

Protecting Your Assets from Unintended Beneficiaries

It’s a common, and quite unfortunate, scenario – your child gets married and all seems well. The spouse becomes part of the family. Then, that seven-letter word starts to be bantered about – “divorce”. Suddenly, questions arise as to whether your now ex-son-or-daughter-in-law is entitled to any assets of your estate plan. A simple strategy to avoid this scenario is to set up a revocable living trust. One of the most attractive features of trusts is that they can be shaped to serve a variety of different circumstances and achieve different objectives. In fact, trusts are routinely utilized for gifting,...

Continue reading

Unmarried? No Excuse to Neglect Estate Planning

Just because you haven’t tied the proverbial knot doesn't mean you and your significant other should neglect properly planning your estate. Getting your estate organized is not exclusive to elderly folk or married couples. Everyone, including unmarried couples, should take the time to get a plan together. Here are some important tips for couples who have yet to say “I do.” First, if you and your significant other are living together, but aren't yet married, make sure your assets will pass to the other if you suddenly die. You can accomplish this by naming each other as beneficiaries on all...

Continue reading

How to Plan Your Estate When Married to a Noncitizen Spouse

If your spouse does not possess U.S. citizenship, estate planning becomes somewhat complicated. A unique set of rules applies for noncitizens to inherit property so you should really take the time to sit down with an experienced estate planning attorney to discuss your options. But take comfort in knowing that noncitizen spouses and loved one can inherit your property. So when you draft your will or name beneficiaries for your retirement accounts, you are free to name your noncitizen spouse as a beneficiary. Here’s the rub - for tax purposes, non-citizens who are permanent U.S. residents are categorized as “resident...

Continue reading