Dear Quentin, I live in Pennsylvania. Four years ago, my father-in-law died leaving a trust for my wife and her two sisters. Each received a vacation home in a trust under a will. My wife and I rent our house, and the proceeds are used to pay for our house and our current expenses. We increase in size after receiving the trust rent.
“‘Avoiding succession is a way of keeping your affairs private.’ ”
“Childless couples who can serve as alternate agents should consider appointing others with whom they have an established relationship, who are trustworthy, and have the experience and ability to handle the responsibilities of being an agent under a financial and / or medical power of attorney. directive, ”according to the McNamee Hosea law firm. “Additionally, as part of their estate plan, they should consider maximizing their legacies by minimizing the income tax implications of retirement benefits,” the company adds. “For example, to the extent that they have charitable intentions, they could designate a charity as the beneficiary of part or all of a retirement account and give other nontaxable assets to other beneficiaries.” As you can see, there are many other reasons why you should put your intentions in writing. If you have a complicated estate, probate can take months or even longer, especially if there are people who decide they are entitled to a slice of the pie. There is no explanation for the reassurance, and apparently a second conversation with his wife would help him achieve it. The Moneyist: ‘I cut his hair because he doesn’t pay for a haircut’: My billionaire husband is 90 years old. I have cared for him for 41 years, but it does not help my son. Hello MarketWatchers. Check out Moneyist’s private FB Facebook group, + 1.52%, where we seek answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, on all media and platforms, including third parties.