Blog & Resources

From our “Ask a Question” mailbag: I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?

Yes, in your will, you can form a trust to hold almost anything. In the past, I have formed trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

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: My husband died many years ago and is buried in Florida. I moved back to New York and plan to die a New Yorker. It is important to me that at my death I am buried here in New York. The problem is that my only son is my executor and he wants to bury me with my husband in Florida. I feel that after I die he will not respect my wishes. How do I make sure my wishes are respected?

New York gives you the power to nominate a person in your will who controls all aspects of your funeral arrangements and internment. It is important in your case to utilize that power, otherwise at your death your son as executor and as the only child will have complete control.

From our “Ask a Question” mailbag: < strong>My estate is worth about $4,000,000, which includes a $1,000,000 life insurance policy. At my death, my estate passes to my two children. Now that the Federal Estate Tax Exemption is at $5,000,000.00, what good is an Irrevocable Life Insurance Trust for me?

In rough terms, as long as your estate stays under $5,000,000.00 (adjusted for inflation) at your death your estate will not owe any Federal Estate Tax, but you are a resident of Camden County, New Jersey, so you are forgetting about the New Jersey Inheritance Tax and the New Jersey Estate Tax. If your assets pass to your children, the New Jersey Inheritance Tax will be zero, but the New Jersey Estate Tax taxes all assets over $675,000.00.

From our “Ask a Question” mailbag: My son is getting married this fall and his fiancé refuses to sign a prenuptial agreement. I am worried that if I die, his share of my estate will end up going to her in a divorce. What can I do?

As part of your estate plan, we could incorporate in your will a trust to hold your son’s share of the estate. Simply put, if your money pours into a properly drafted trust rather than into your son’s hands, then your future daughter-in-law will have no claims to the assets in a divorce.

From our “Ask a Question” mailbag: I am married to my second wife and live in Chester County, Pennsylvania. We have been married for many years and everything we own is in joint names. I don’t have a will. If I die first, don’t my children from my first marriage get part of my estate?

If everything you own is held jointly with your wife and she survives you, then she has the right to take all of your assets. Your children will get nothing. Your second wife has no obligation to give your children anything, so she could disinherit them at her death.

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: My father, who lives in Atlantic County, New Jersey, is having serious health problems. He wants me to be able to use his general power of attorney, but it says I need a doctor’s note saying that he is incapacitated. Is that normal?

Your father has a “Leaping” Power of Attorney, which used to be the normal document that Atlantic County Estate Planning Lawyers would prepare. A Leaping Power of Attorney only gives the “Agent” the power to act if—and only if—the principal is incapacitated, and the principal’s doctor confirms the incapacity in a letter. Without the letter the power of attorney is useless.

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.

From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Camden County, New Jersey. She appointed my brother agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?

You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears.