We’re all getting older, and for those of us with parents still with us – they are too.
Are we prepared for what happens down the road?
Sometimes it can be a difficult and awkward conversation to have, but it’s necessary. What if something happens to mom & dad? What if something happens to you? If you (or they) don’t have a will – it's time to get one. Call a local lawyer and have them put one together for you.
Issues with estates are more common than you might think.
How many times have you heard of this happening? Mom and Dad pass, leaving the family cottage to the kids. Mom and Dad purchased the cottage in 1962 for $20,000. Today it is worth $200,000. The cottage passes to the kids, but the kids put it up for sale because they cannot afford the inheritance tax.
We’ve seen this with family farms and family businesses as well. Mom and Dad have built a legacy with every intention of the kids continuing in their footsteps, only to have the farm or business sold because they did not plan for what effect taxation would have. This leaves the “kids”, who worked their entire lives on that farm or in that business; with no option but to walk away and leave the only life and job they’ve ever known.
Losing family is hard enough without these extra burdens.
Work with your accountant, work with your lawyer and have plans in place well in advance of needing them. Discussing these things might not be easy, but planning these arrangements ahead of time can make things much easier for loved ones when the time comes.