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June 2014 Archives

Rich families disinherit children; give to charity, new business

A new study surveyed over 4,500 individuals and interviewed 16 "very wealthy families" from North America, Asia and Europe. Researchers with the study were attempting to determine what the most powerful people in the world plan to do with their fortunes. Surprisingly, a large number claim they will not be leaving their fortunes to their children. The article noted that this was particularly true of second generations of wealth considering the future of their children, the third generation. The mindset was that the first generation built the wealth; the second generation preserved it while the third generation was likely to lose it.

Protecting children's inheritance from divorce

With roughly one in two marriages ending in divorce in the United States, it may be wise to account for this contingency in an estate plan. The following tips can help if you have children that you want to ensure receive an inheritance and do not end up giving the inheritance to an ex spouse.

Without an inventory of online accounts, heirs may be confused

When it comes to monthly bill paying, chances are that many Americans utilize online bill payment services. Many banks offer an online banking option, allowing customers to pay bills and transfer funds between accounts -- without every leaving a paper trail. In addition, many brokerage and life insurance companies also offer online statements. Even the federal government and many state governments allow tax returns to be e-filed.

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Larmore Scarlett LLP

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