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Beyond the Grave
- August 24th, 2018
Local Elder Law Attorneys in Ashburn, VA
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Gerald M. Condon and Jeffrey L. Condon. Beyond the Grave: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others). New York, N.Y. HarperBusiness. 2001. 450 pages.
Price: $12.21 from Amazon.com -- click on book to order.
Passing on money to the next generation is not as straightforward as it might seem. Without the proper protections, money your daughter inherits could end up going to your son-in-law's second wife. Or your son's inheritance could wind up in the pockets of his creditors rather than those of your grandchildren. The need for careful planning is no less great if you have remarried but wish to leave the bulk of your estate to the children of your first marriage.
In this helpful and highly readable book, a father-and-son legal team presents the spectrum of potential family conflicts that can arise surrounding inheritance and carefully lays out the options for resolving them.
Among the important topics discussed are:
- The pitfalls of leaving children an unequal inheritance.
- Ensuring that an inheritance will not go to in-laws.
- Planning for the succession of the family business.
- Passing on the family home in a way that is fair to all the children.
- Why it's usually better to make all your children your successor trustees.
- Gifting money to grandchildren fairly.
- Providing for a pet after death.
- How taking your name off the title to your child's house could avoid unnecessary taxes.
Readers shouldn't come to this book looking for Medicaid planning advice, however. Beyond the Grave is about making sure your wishes for passing on your assets are realized, not about protecting those assets while you are still alive.
Also, the authors have the annoying habit of referring to the estate tax as the "death tax," a disparaging term that has been coined by opponents of the estate tax to push for its permanent repeal. But, to their credit, the Condons do an excellent job of explaining the hidden cost of the estate tax repeal.
The many ways that the best-laid inheritance plans can go awry might surprise you. This book does a great job of presenting the potential pitfalls and suggesting strategies to ensure that an estate will pass to the intended beneficiaries with the minimum of family conflicts.
Last Modified: 08/24/2018