There are many nuances to wills that people are not knowledgeable about. Unfortunately, not being in the know can affect the owner(s) of a will’s objectives and their intended beneficiaries.
Jason Smith, Estate planning attorney and Elder planning attorney is available to talk about this story. (Bio)
Some key Points That Jason Smith Can Expand On in an Interview:
- You can legally disinherit almost anyone except your spouse.
- Your heirs (spouse and children) have a lot of rights for objecting to a will. No matter how airtight, they can get what is called a heckler’s veto. They can drag out litigation and make it so expensive for the estate that they end up “extorting” money to make it end.
- Handshake deals and promises made by many people don’t hold up after someone dies. Many people forget to update their Wills (for example, when an advance is made on inheritance.)
- “Problem Children” (Adult mental illness, trouble with money/the law, etc.): Money is given to the other adult children and the problem child continues to have a hard time. This is where a trust would help.
- Issues Reporting Gifts. Under the law, if someone gets more than 15K, that is considered a taxable gift and you have to file a federal gift tax form. You can get into real trouble for not filing.
- Foreign Grandparents who give money to U.S. Children: there are some serious serious penalties if the correct paperwork and returns are not filed—25%
PR Managing Editor
Success In Media, Inc.