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2
votes
2answers
106 views

Is it inadvisable to leave a Roth IRA to charity upon death?

Short version: I have (for example) $50K of assets in pre-tax accounts, e.g. a traditional IRA, and $50K of assets in my Roth IRA. When I die, I want to leave $70K to charity and $30K to my siblings ...
1
vote
2answers
143 views

Can a father structure his estate's inheritance to his children & one son-in-law in set percentages?

In a will from father to 3 daughters (I don't have a son), I can make a will giving equal shares to my 3 daughters. But, one of my son-in-law is giving me 50% of the total cost of the flat to ...
6
votes
1answer
313 views

Estate liability for co-signer to Sallie Mae student loan?

My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die ...
14
votes
1answer
175 views

Elderly person selling mutual fund?

A friend is 98 years old and has 700K in a mutual growth fund (that is his entire savings). Cost basis was only 10K. He wants to withdraw it and put it in cd's. He does not touch the money (ever) but ...
9
votes
2answers
621 views

Employer wants a key man insurance policy on me, should I agree?

Friend is working for a small company as main person in charge of operations. The president is asking them to take out a key man life insurance policy on them. The benefit would pay out to the ...
6
votes
1answer
166 views

Am I required to have a lawyer create / oversee creation of my will?

While specific to my current state of residence (Kentucky), I'm wondering in the general case for the US. Am I required to have a lawyer create / oversee writing my and my wife's wills? What do I ...
9
votes
3answers
870 views

What happens to 401(k) money that isn't used by the time the account holder dies?

What happens to un-withdrawn 401(k) funds upon the death of the account holder? Can they be transferred to an heir? What are the tax implications (if any) of this?
3
votes
1answer
96 views

How should I go about creating an estate plan?

Is having an estate plan important? How should I go about creating an estate plan? Any information about estate planning would be useful.
4
votes
3answers
406 views

What are my options if I don't have a relative who can be the executor of my will?

My wife and I have a new child and we're meeting with an attorney this week to draft a will. After doing some initial research, there are a few issues that make our situation a bit complicated: We ...
4
votes
2answers
194 views

Executor of my will

I am drawing up my will. My lawyer wishes to know who I would like to name as executor (or personal representative, as they appear to be known in Canada). Can I name a person who already stands to ...
4
votes
5answers
206 views

Is there a benefit, long term, to life insurance for a youngish, debt, and dependent free person?

Something that has been nagging at me lately. Let's take a person: 30 years old, US, non smoker, no significant medical problems No debt (of any kind, mortgage, student, or credit card) No plans to ...
3
votes
3answers
286 views

Financial Advice for Newlyweds

My wife and I are newlyweds, and we are fortunate enough to have little debt and respectable incomes - since StackExchange is neither anonymous or private I won't disclose the real numbers, but I can ...
4
votes
2answers
606 views

Can a parent legally qualify for section 8 housing by transferring all assets to their child?

My mother wants move out of her large house and into an apartment. She wants to move to section 8 housing which has lower rents, but first must get rid of all her assets to qualify. Is it legal for ...
1
vote
1answer
20 views

What resources exist for helping my choose an estate planning attorney?

I'm looking to get some legal documents drawn up such as a will, power of attorney, living will, etc. I am going to start by picking up a copy of The Right Way to Hire Financial Help by Charles A. ...
5
votes
2answers
200 views

Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?

My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were ...
3
votes
1answer
933 views

Can one designate a beneficiary for a savings account in Canada?

For most registered accounts, you can designate a beneficiary in the event of your demise. Is it possible to do the same for a regular bank or high-interest savings account without creating a will? An ...
22
votes
1answer
599 views

Estate with negative net worth

If someone dies with a negative net worth, what happens to the bills and debts that they leave behind? If I am the next of kin, or if I am the estate administrator, am I responsible for the debts? ...
13
votes
4answers
2k views

Where should I put my will so that it can be easily found when the time comes?

This has been puzzling me for a while. What is the best place to keep a last will and testament so that it can easily be found and executed obviously without any help from me? I've seen a lot of ...
4
votes
1answer
116 views

Any reason not to use a trusted friend known to my family as a will/estate executor?

I am not married and have no children, which means the handling of my personal property and finances in the tragic event of my death is less cut and dry than if either of those existed. I am putting ...
8
votes
3answers
454 views

If the beneficiary of a Will is implicated or convicted of the deceased murder, does the Will still stand?

Honestly, I don't consider this to be a valid concern to my own financial planning, but having had the thought, I just wondered whether there are automatic provisions in law to nullify or remove ...
10
votes
3answers
460 views

Is it worth having a pension?

I know this could be a duplicate of other questions here, but I think I have a different take on it which may be of interest to others in a similar frame of mind. Some background I'm self-employed ...
26
votes
4answers
1k views

Will my children owe taxes on my life insurance proceeds?

I had always thought that life insurance proceeds were not treated as taxable income. From IRS publication 525: Life insurance proceeds paid to you because of the death of the insured person ...
7
votes
2answers
153 views

Who would need a Umbrella Coverage (insurance)?

An estate planning attorney passed me this article on New York Times. For people who know about this stuff, how do I know if I really need this coverage before I am talked into it by a salesperson? ...
4
votes
1answer
727 views

What happens if I co-sign a loan and the borrower or debtor dies?

What happens if I co-sign a loan and the borrower or debtor (the person that borrowed the money) dies? Does the co-signer then assume full liability over the loan, i.e. become the new and sole ...
6
votes
1answer
190 views

Can I write my own will, or do I need a lawyer to draw one up for me?

I've seen software packages at Office Depot and such, and am considering using one. What are some pros/cons?
7
votes
6answers
1k views

Are funeral plots a good investment?

At the risk of sounding morbid, is it worth looking into cemetery plots/mausoleum storage? Is it correct to assume that these costs will increase over time?
10
votes
4answers
4k views

Co-signing & dying: What if a loan co-signer dies? Is estate of co-signer liable?

A grim and tragic question perhaps, but I'm curious: What happens when a person that co-signed on a loan dies? Is the co-signer's estate potentially liable until the loan is paid off, the same as if ...
7
votes
3answers
1k views

Does life insurance cover one's funeral costs, or should I save for it separately? How much?

What is common practice? What does it usually cost? Should I be thinking about this?