Making an estate plan is an important step in taking control of your financial life, but you must have an accurate and complete picture of your overall net worth and potential for growth of your net worth in the future. [Read more...]
There are reasons to title a bank account jointly with a child that would convince someone that this would be a good idea. A main reason why a parent would do this is that the child would have access to the account immediately if the parent became incapacitated or died. There would not have to be conservator proceedings in the case of incapacity or probate proceedings in the case of death. The bank account would pass directly to the child. This can be a risky estate plan though. If a child owes money or has debt, then that child’s creditors could attach the debt to the jointly bank account while you are still alive to pay debts that a child may potentially owe. [Read more...]
Some families are blessed with a child that is extremely successful in terms of wealth. This condition can make planning an estate more challenging than it would normally be. Making an estate plan as a parent that has one child that is more successful than the other children can present some difficulties if you do not properly plan ahead. [Read more...]
Bleeding will generally stop after a short time and broken bones may take a few weeks to heal. Most internal organs can return to full function after trauma. Brain injuries, however, require special caution and care, because they easily can lead to permanent disability as a result of brain damage. Auto accidents and industrial mishaps frequently include blunt force trauma to the head. Even if your symptoms seem mild, seek immediate diagnosis and treatment from a doctor for even a small head wound.
During the first half of 2010, personal injury attorneys filed hundreds of automotive defects suits on behalf of consumers against Toyota, the world’s largest auto manufacturer. The complaints alleged that Toyota knowingly sold hundreds of thousands of cars with faulty accelerators. The attorneys claimed that the company’s negligence led to serious accidents in which their clients suffered serious property damage and injuries. In response to these auto defects lawsuits, Toyota paid millions of dollars in out-of-court settlements. The Japanese auto giant ultimately recalled hundreds of thousands of its most popular models, which resulted in the largest single recall in automotive history. [Read more...]
There are reasons to title a bank account held in joint title with a child that would convince someone that this would be a good idea. A main reason why a parent would do this is that the child would have access to the account immediately if the parent became incapacitated or died. There would not have to be conservator proceedings in the case of incapacity or probate proceedings in the case of death. The bank account would pass directly to the child. This can be a risky estate plan though. If a child owes money or has debt, then that child’s creditors could attach the debt to the jointly bank account while you are still alive to pay debts that a child may potentially owe.
The child could also empty the account themselves because their name is on the account jointly. The most common case is that a child will not empty the entire account, but rather “borrow” from it to pay bills or expenses. Borrowing from the account to pay everyday bills could be a convenient source of cash for the child, but may cause arguments and disagreements when the parent gets their bank statement or the child is not in a hurry to pay it back. A better way to title a bank account is to make a POD (payable on death) designation on the account. This POD designation only requires a simple form to filled out at your bank. This allows the same benefits of jointly titling the account in that it skips probate after death, but it protects the account from being targeted by a child’s creditors or from being withdrawn from by a child. A general durable power of attorney allows a child to access a bank account in the case of incapacity of a parent without having to jointly title the bank account.
Jointly titling an account with a child can be an easy and cheap estate plan, but risky. Although the easy way out would be to both have title in an account, the alternative is not that much more complicated or expensive. Consulting with an estate planning attorney to come up with an estate plan is much less costly than having to clean up a mess that titling in both names has the potential to create.
Evan Guthrie Law Firm is licensed to practice law throughout the state of South Carolina. The Evan Guthrie Law Firm practices in the areas of estate planning probate personal injury and divorce and family law. For further information visit his website at http://www.ekglaw.com. Evan Guthrie Law Firm 164 Market Street Suite 362 Charleston SC 29401 843-926-3813
Planning for your funeral is an important aspect of having a complete estate plan. One of the goals for any estate plan should be to make everything as easy as possible for your loved ones once you pass on. During the period immediately following your death can be a difficult time for those you leave behind. This period known as the grieving process for friends and family members is difficult enough without the added stress of planning a funeral and the burden of deciding what kind of funeral or memorial that you wanted or definitely did not want. [Read more...]
When you make a will one of the most important and difficult decisions you will make is who to name as personal representative or executor. This is the person who is in charge of your estate when you die and will have to tie up loose ends, pay debts, and distribute everything according to your will. This decision that you make of who to name as personal representative or executor can make a big difference in how your wishes are carried out and should be left in the hands of someone that is totally trustworthy. Who do you name if you have no friends or family members or none that you consider trustworthy? [Read more...]
A good portion of parents with children eventually want to pass on the property they own to their children. Some might think that it is a good idea to put their real estate, home, property, or land in the name of their children while they are still alive. This type of estate plan can be easy to set up and can most likely be done without a lawyer, but it is full of dangers and risks that can pop up and bite you if you are not careful. [Read more...]
People who suffer serious physical injuries and property damages in an auto accident or a workplace incident realize the reality soon after. It’s very difficult to reconstruct your life as you recover from both the accident and its many consequences. Any settlement or award from a lawsuit should include compensation that would attempt to put you back in the position you were in as if the accident never happened. There are several compelling reasons to hire a personal injury lawyer to handle your case instead of trying to manage and settle your case by yourself. [Read more...]