Great information. I have an other question for you. How do you protect elderly parents from changing/cancelling insurance at the beginning of dementia when it's not so clear they are incompetent? Example: Dad 87 yo, mom 80 yo, Dad is starting to exhibit signs of dementia, but still seems mostly fine. He opens the bill for long-term care insurance, can't remember what it is, doesn't think it's necessary, so calls and cancels it. Three years later he's in need of specialized care. That's when everyone besides mom, finds out he cancelled it. They struggle to pay for in-home care, but keep struggling because they don't want to deplete their resources by putting him in a care home. It's a huge mess, dad was managing their finances for far too long and they end-up paying 9k/month for a year until his death. They thought they'd done everything right, have wills, insurance, even burial plots, but ended up in financial peril because an insurance company allows you to cancel a policy, even if you have dementia, with a simple phone call. I think it's clearly self-serving on the part of the insurance company. They took a lot of money over the years and never had to pay a dime. It's a difficult thing to prove when the whole transaction of cancelling happened over a phone call. Seems like there should be some kind of way to protect seniors from this kind of thing. I'd love to know how we all can protect ourselves from things like this. I appreciate how well you describe financial/legal situations, your stories are well thought out and very informative.
Great job 👏 👏 Love your videos, topic, and pace! Explaining scenarios, situations most of us, are familiar with stories, not with legal terminology. Thank you so much for the legal #financialeducation 🤝🏦💚
You're not alone happened to me as we finally put all the pieces of the puzzle together with events going back years...I was to naive to accept but her last words to me-" I've always been jealous of you"-blood doesn't always run the thickest!
@@breaposh1418 AND I thought that my sister was my best friend...we talked nightly and she would spend weeks with me in Idaho during the summers. She was a master at deceit.
I guess the content of a will going through probate is open to anyone to see. The child being cut out so to speak would know. But with a trust, would any beneficiary have a right to know who got what?
Say there is a son and a daughter but you also want to have a 3rd person who say took care of you but is not family to benefit from the IRA. Could you put son, daughter and your estate or trust as equal beneficiaries on the IRA and then in the Will or Trust have a directive that the monies coming in from the IRA be directed solely to that 3rd person. This way the son and daughter have the benefits of paying the tax over time but the 3rd person/non-relative still get their share?
Thanks for the video. Although I had heard this before (and considered such subjects), clearly the ideas cannot have enough repetition and making sure the relevant documents are up to date.
If one does not add beneficiaries of an IRA either by accident or on purpose, at death, does that IRA then fall into probate and falls under the stipulations of the will?
Non-retirement accounts typically have a Transfer on Death titling you can add either at account opening (confused me when I saw "TOD" for the first time) or later.
I like to compare the IRA beneficiary situation to life insurance, it works the same way. In my state of CT, you can also designate a beneficiary for your automobile, avoiding probate, which is very helpful.
When my husband and his siblings inherited when their mother died, they didn't have to show up in person to claim the money. Their lawyer handled it. Is it usual for heirs to have to go to the bank in person, all together, no less? That sounds hair raising, considering that they may not even all live in the same state, or region, or country, and not where the bank is.
No, they can all do it be mail but everything must be ferried and properly distributed in accordance with the original beneficiary info... He was just giving an example to teach us... Dont take everything so literally...
But, what if mom also gave the daughter her “Power of Attorney” and then developed dementia and daughter, prior to mom’s passing, makes the changes with the financial institutions?
I'm really pleased to see you posting more vlogs again. I really enjoy your material.
More to come!
Great information. I have an other question for you. How do you protect elderly parents from changing/cancelling insurance at the beginning of dementia when it's not so clear they are incompetent? Example: Dad 87 yo, mom 80 yo, Dad is starting to exhibit signs of dementia, but still seems mostly fine. He opens the bill for long-term care insurance, can't remember what it is, doesn't think it's necessary, so calls and cancels it. Three years later he's in need of specialized care. That's when everyone besides mom, finds out he cancelled it. They struggle to pay for in-home care, but keep struggling because they don't want to deplete their resources by putting him in a care home. It's a huge mess, dad was managing their finances for far too long and they end-up paying 9k/month for a year until his death. They thought they'd done everything right, have wills, insurance, even burial plots, but ended up in financial peril because an insurance company allows you to cancel a policy, even if you have dementia, with a simple phone call. I think it's clearly self-serving on the part of the insurance company. They took a lot of money over the years and never had to pay a dime. It's a difficult thing to prove when the whole transaction of cancelling happened over a phone call. Seems like there should be some kind of way to protect seniors from this kind of thing. I'd love to know how we all can protect ourselves from things like this. I appreciate how well you describe financial/legal situations, your stories are well thought out and very informative.
Great job 👏 👏 Love your videos, topic, and pace! Explaining scenarios, situations most of us, are familiar with stories, not with legal terminology. Thank you so much for the legal #financialeducation 🤝🏦💚
Thank you so much!
Jerry, THANK YOU for posting these videos. This is my EXACT story... very helpful. Amazing, how You 'get it.'
Yep, my sister's "antics" destroyed our family...and I have changed the beneficiaries of my accounts to reflect my "wishes".
You're not alone happened to me as we finally put all the pieces of the puzzle together with events going back years...I was to naive to accept but her last words to me-" I've always been jealous of you"-blood doesn't always run the thickest!
@@breaposh1418 Yep, "jealousy" was the issue with my sister too.
@@breaposh1418 AND I thought that my sister was my best friend...we talked nightly and she would spend weeks with me in Idaho during the summers. She was a master at deceit.
Love the title of this one!👌 No mystery on what it's about.😄👏
Have you been hitting the golf course? I think you better use a good sun block!
Love your channel.
I guess the content of a will going through probate is open to anyone to see. The child being cut out so to speak would know. But with a trust, would any beneficiary have a right to know who got what?
Say there is a son and a daughter but you also want to have a 3rd person who say took care of you but is not family to benefit from the IRA. Could you put son, daughter and your estate or trust as equal beneficiaries on the IRA and then in the Will or Trust have a directive that the monies coming in from the IRA be directed solely to that 3rd person. This way the son and daughter have the benefits of paying the tax over time but the 3rd person/non-relative still get their share?
Your information is so helpful
Egads. What a clusterfuss. This is why you hire competent attys.
MISS YOU 💪❤ Great to see you !
Most have nothing to leave but sorrow, and it's getting worse.
Very well explained. Thank you
You are welcome!
I hope the lawyer had sent a letter telling the decedent to change all beneficiaries !
Good information Paul! Great video.
Thanks! 👍
Thanks for the video. Although I had heard this before (and considered such subjects), clearly the ideas cannot have enough repetition and making sure the relevant documents are up to date.
Thank You Sir
If one does not add beneficiaries of an IRA either by accident or on purpose, at death, does that IRA then fall into probate and falls under the stipulations of the will?
Thanks! Goodinfo.
Thank you for this advice you are a wonderful lawyer well done this advice, you nailed it
Alternate POV title:
When relattives F*** around and find out❤
Does this also apply to regular investment accounts also?
Non-retirement accounts typically have a Transfer on Death titling you can add either at account opening (confused me when I saw "TOD" for the first time) or later.
🙋 *promosm*
Good info
I like to compare the IRA beneficiary situation to life insurance, it works the same way. In my state of CT, you can also designate a beneficiary for your automobile, avoiding probate, which is very helpful.
YES on the car thing, I also recently jus gleaned that.... Makes the car transition much easier too ❗
When my husband and his siblings inherited when their mother died, they didn't have to show up in person to claim the money. Their lawyer handled it. Is it usual for heirs to have to go to the bank in person, all together, no less? That sounds hair raising, considering that they may not even all live in the same state, or region, or country, and not where the bank is.
No, they can all do it be mail but everything must be ferried and properly distributed in accordance with the original beneficiary info... He was just giving an example to teach us... Dont take everything so literally...
But, what if mom also gave the daughter her “Power of Attorney” and then developed dementia and daughter, prior to mom’s passing, makes the changes with the financial institutions?
She cant do that and the probate judge would follow the beneficiary form so that tactic would NEVER work !
@@LJ-jq8og 👍
Thanks, this was helpful.
Thank you, just in time
You are awesome!