Many thanks to Michael LaMagna, Esq. of Riker Danzig and Evan Gilder of Redlig Financial Services for their initial article that prompted this blog. Caring for elderly family members is as exciting as spending your bachelorette party watching C-SPAN reruns (elected officials excluded, of course), so why not pay another person to help your aging Grandma or Dad feed, bath and toilet themselves? And while you are at it, why not have that person “live-in” with Grandma 24 hours a day but only pay the for 13 hours of that work at minimum wage? These were the rules permitted in New York for live-in caregivers, provided they had an 8-hour sleeping period and 3 meal breaks equaling one hour each.
You never know how close you are to your family until you have to share an inheritance with them. I am wrapping-up a case where my client’s mother died, leaving a Will that equally-distributed her real estate between her two somewhat-acrimonious sons. Usually this apartment would be sold, proceeds disbursed, and everyone would go their separate way. However, my client’s brother insisted that he could make them more money if he improved the real estate. His brother (my client) was not so hip on this idea – none of them had any real estate investing experience – but through sheer force, perseverance and presumption his brother had his own son move in (which he did – with a few kewl
I believe you do not need to treat children equally in your estate plan, even if they are equally responsible, equally financially-empowered, and on good terms with you and one-another. Some parents follow differing distributive patterns under Sharia Law or other cultural edicts, others leave disparate amounts to children if one has several children of their own and the other child does not. In the end, the decision of how to bequeath one’s money is the client’s decision. I had one couple who decided to almost completely disinherit their daughter. She was an active opioid addict for several years, and they felt leaving her substantial money (even if utilizing a trust with a substance abuse provision that would limit her
At the risk of sounding disrespectful (as opposed to actually being disrespectful, which I can also be at times), please allow me to be honest: We have all been to festive and frightening weddings, jovial and pathetic birthdays, and good and bad funerals. But instead of me brooding over how I never received a meal at my sister’s wedding eight years ago, let’s focus on what really matters: The people who spoke up, and what they said. John McCain’s funeral hosted a well-groomed, thoroughly vetted procession of speakers, guests and attendees. His eulogy by his daughter was heartfelt and appropriate for an American hero. He was even clear about who should and should not attend his funeral (while President Trump’s
Sadly, last week the Queen of Soul passed away with almost no hints beforehand that her death was imminent. And then, in yet another sensational example of Rock Stars behaving badly, the media rushed to declare that Aretha Franklin died without a Will, how irresponsible this was, how much money she must have had, and how a bunch of attorneys will now make millions off her estate. To reiterate my past-stated believes: Today’s mainstream media (not to mention non-mainstream media) is at best a conveyor of a little fact with a lot of opinion, and at worse completely full of ****. But stories about irresponsible celebrities sell in newspapers, tabloids, TV, radio, even in professional journals. I don’t believe it,