Greg Turza 9-7-16

Greg spoke about early mistakes that can be made in estate administration if not using a professional. First involved an executor taking a lump sum inheritance and then distributing to heirs but being stuck with the taxes on the entire amount himself. Could have partially “disclaimed” the inheritance and it would have automatically gone to the other heirs avoiding the tax implications himself. Also could work if one heir needs to file bankruptcy to keep money from creditors.

Also thinks joint tenancies are a bad idea when leaving a house to multiple heirs since they would have to share time at the property. When personal property is left to heirs, it is very important to immediately secure it so that nothing is stolen until the estate is settled.

Greg always tries to take into account future tax laws and account balances when planning an estate.

Give Greg a call if you know someone trying to plan for the disposal of their assets after they die.

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