As a general rule, children do not inherit their parents' debts. If a parent passes away and still has remaining credit card debt, for instance, the estate executor uses funds from the estate to pay down this debt. Children may inherit a smaller amount of financial...
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inheritances
Can you leave your home to multiple beneficiaries?
As you create your estate plan, you may allocate specific assets to certain beneficiaries. For example, if you have three adult children, you might leave your investment portfolio to one, your vehicles to another and the contents of your bank accounts to the third....
Should your life insurance be divided by your will?
Many of the assets you own can be divided in your will when passing them to the next generation. Say that you are splitting all of your assets between three direct heirs, who are your children. You can use the will to specify division percentages for financial...
Why use a disinheritance clause?
When you’re creating an estate plan, you want to think carefully about every single clause that you use and how it can change that plan. One example of this is using a disinheritance clause. This allows you to essentially remove someone as a beneficiary – such as a...
Would an incentive trust be an option?
Some Tennessee residents want to provide for their loved ones, but also want to see them succeed in life on their own. One way to do this could be through an incentive trust. Using this option could help a particular loved one in more ways than one. It would be easy...
A special needs trust could be an invaluable tool
Whether an injury occurred at birth or later in life, some Tennessee residents will need assistance the rest of their lives. Fortunately, a variety of federal, state and local programs provide invaluable assistance and benefits to those with qualifying disabilities....
Should you leave behind an inheritance for your children?
You've been wrestling with a question for a little while. Should you leave your children an inheritance? You have the money to do it, but you want them to be successful in their own right. While you're happy to leave them something extra to help them on their way, you...
Prepare your inheritance and limit expenses with good legal help
An inheritance is something that many people think that they may want to receive, but what's interesting is that people often don't know that they'll be receiving one. It's not typical to talk about inheritances in the United States, and many people don't discuss...
Adding a no-contest clause can help enforce your decisions
An inheritance can be an exciting idea for your children, which is why you've never taken the time to sit down with them and talk about it. Before you do that, you want to have everything in order, so there is no confusion and can be no complaints. One of the things...
Yes, you should talk to your heirs about inheritances
You want to leave your children an inheritance to support them after you pass, but you also want to make sure that they won't squander it. You think it would be best not to let them know about it because they won't fight and won't worry about what they want to do with...