Shortcut Navigation:

Question for the Money Doctors

Question submitted on Feb 21, 2011.

Question

Dear Sir: My 94 year old mother has 3 sons(i am the oldest)and an accumulated wealth of about 1.1 Million. 6-700K is in the form of a Beach House. It is still in her name. My younger brother takes care of her at her home. Our goal is to keep the beach house in our family of three sons. One son is not married. Two of the three sons are financially stable into retirement. The son(single) who takes car of my mom is not as well off but lives frugally and has no debt. Could you recommend any strong dos and do nots as we approach this year and next. My mother has no debt.
Yes, she does have a will and I believe all the assets except her home will be divided equally.
Thanks for your input.

Answer

Your mother should meet with a competent estate planning attorney to review her estate plan in light of the recent changes in the estate tax law.

You mention a will, but a revocable liviing trust will be important to make sure her wishes are carried out.


For additional information visit http://www.360financialliteracy.org/