Blog & Resources

From our “Ask a Question” mailbag: I live in Delaware County, and my will names my parents as co-executors. I thought this was a natural thing to do, but my parents are going through a divorce. What are my options?

Naming your parents as co-executors when they do not get along is a bad idea. Co-executors have to work well together and cooperate. Parents who are having a dispute can make a small argument into a family feud that lasts decades.

You should investigate changing your will to name another family member or, if you have none that you trust, to name your Delaware County estate planning attorney. Your lawyer will charge a fee, but that fee will be small when compared to the potential costs of litigation and family turmoil. When named executor, I normally ask that the document state that I receive my hourly fee rather than a percentage of the estate, which many lawyers take. I find the hourly fee is fairer for everyone involved.

From our “Ask a Question” mailbag: My son has very little ambition and lives in my basement. My other children are successful and have their own houses. At my death, I want my house sold and the money divided equally between my three children, but I am sure that my son will refuse to leave the house. What can I do to make sure the house is sold?

Children who will not leave the house are a common problem, and a source of family conflict. By recognizing the potential problem, you can help defuse the potential conflict.

I suggest that we amend your will to state clearly that the house must be sold immediately following your death.

From our “Ask a Question” mailbag: I am the executor under my Uncle’s will (he is alive and living in Gloucester County). I would like to make a minor change to his will. My uncle agrees to the change. Do I need a lawyer to change the will?

Each competent person over the age of 18 can have a will, but only that person can change or modify the will. Your uncle is free to change the Will if he is still competent. The Executor is the person who carries out the terms of the Will after death, so right now you have no power to do anything, especially make changes.

From our “Ask a Question” mailbag: I had a Revocable Trust formed years ago, which I thought replaced my will. Now I hear I also need a “pour over will.” What is a pour over will?

A Pour Over Will is a will that simply states that if you have any asset in your name at death, it should “pour over” into the Revocable Trust and names the executor who will have this power. If you have moved all assets into your Revocable Living Trust or have your assets pour into the trust at your death, then there is likely no need for a Will…but there is still a chance you will need a will filed.

From our “Ask a Question” mailbag: Has the Angel of Death Tax Loophole been closed?

No, the Angel of Death Tax Loophole continues to exist, even though presidents from JFK to Obama have asked for it to be closed. In short, the Angel of Death Tax Loophole refers to all capital gains in an estate being forgiven at a person’s death.

From our “Ask a Question” mailbag: Who inherits my father’s pacemaker? My father was cremated, but the attendants first removed his pacemaker for safety purposes. My sister says she wants it so her son can take it apart, as he likes gadgets. After doing some snooping around, I think that she wants it to sell on the black market. Who has a right to the pacemaker? I don’t want my sister to sell my dad’s pacemaker on the black market.

I have to admit, this is a new one to me. Some research has shown me that there are no pacemakers approved by the FDA for multiple use in the USA. So, without more information about the specific pacemaker, I cannot tell you if a sale is even possible (legally). Let’s address your question about who owns the pacemaker.

From our “Ask a Question” mailbag: Who will get my Phillies baseball tickets at my death? I have season tickets and I go to most games. So, if I died during the season, I would have all the remaining tickets for that season. But, who would be able to buy the seats the following year? My will does not specifically say who gets the tickets. All my assets are divided between my two children, but they do not get along and they both would like the tickets. (But only one can really afford to pay for them each year.)

If your will says that all assets are divided equally between your children, then your remaining Phillies seasons Tickets would be part of that calculation. Your kids could split them equally, or one child could take them and the other some other asset of equal value.

From our “Ask a Question” mailbag: I live in Chester County, PA and currently my will names my two brothers as co-executors. I thought this was a smart thing to do, but my brothers have not been getting along recently. What are my options?

Naming your brothers as co-executors when they do not get along is a bad idea. Co-executors have to work well together and cooperate, or else the estate will stall. Brothers who are having a dispute can make what is a small family dispute into a family feud that lasts generations.

From our “Ask a Question” mailbag: I am a resident of Gloucester County, New Jersey and want to modify my will. My two children are older and I want to name them as co-executors. Is naming my children as co-executors a good idea?

Naming your children as co-executors (or “personal representatives”) of your will can be a fine idea, or a terrible idea, depending on your children. You need to be honest with yourself about how well your children’s personalities work (or do not work) together.

Like all insurance, if you end up needing long term care insurance, it can be a great deal. But, if you don’t use it, then you could argue that you wasted your premium payments. In reality, you buy insurance to cover the “what if” situations in life.

I have had plenty of clients that paid for long term health care Insurance that died without using their policy benefits. However, I have also had several clients who fell ill and were able to stay in their homes with in-house care only because of the funds paid out from a long term health care policy.