When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
The distribution of wealth among beneficiaries through your final will and testament is often a complex and sensitive issue, one that can potentially spark conflicts and legal challenges among family members.
Parents with resources could purchase the property for the child, but that often does not drive the right incentive. How then, do you get the funds to the child in the most responsible and tax-efficient way?
We have a situation where both of my in-laws passed away in the last several years. My wife was the daughter and she and her brother are the executors to the last of my in-laws to pass away.
Wills and trusts, instead of designating a specific person to inherit, often name a group or class of people such as your ‘children,’ ‘issue’ or your ‘descendants.’
