LegalJourney Blog

Monday, August 25, 2014

In Estate Planning, Family Isn't Always First

Caitlin Kelly (NYTimes.com) has published an article entitled In Estate Planning, Family Isn't Always First” (May 02, 2014). Provided below is a summary of the article from NYTimes.com:

In Estate Planning, Family Isn't Always First

For older people without children, stepchildren or grandchildren, the decision can be even more complex.

"Our family didn't think of anything but leaving everything to us. The concept of estate planning didn't exist in my parents' lives," said Mr. Carter, who has 40 years' experience as a consultant in philanthropy and fund-raising.

Today, with smaller families and more women choosing not to have children, "The dynamic has changed pretty significantly for the generation of baby boomers. The option of doing something charitably significant with their estates is a change," he said.

Ms. Miranda, a former bank trust officer, now specializes in helping clients plan their wills, trusts and estates.

Mr. Carter said: "My wife and I are planning to give everything away. My kids are O.K." Too often, he says, anticipating inherited wealth creates fighting within the family or can kill or inhibit adult children's ambitions.

"I'm planning on leaving most of my estate to my nephew, who is currently 15," says Meredith Lesley, 58, a Lexington, Mass., resident who is divorced and has no children.

"I may leave a smallish portion to my longtime roommate, who is disabled and has nothing but his monthly disability check and no one else in his life. It's not a romantic relationship, but he's lived here for about 10 years. I also have to figure out what to do about my cat. And I have to think about my things: beads to a friend who is a crafter as well; books to my best friend; ceramics to him as well; electronics to my brother, my nephew's father."

To read the full article go to "In Estate Planning, Family Isn't Always First" By Fran Hawthorne (NYTimes.com).  

 


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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