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Creating an Estate Plan That ’ s

Practical , Ethical , and Kind

Awill is a will is a will — not much to it , right ? Sometimes that ’ s true . Sometimes , though , your estate plan gives you the opportunity to benefit your heirs in unexpected ways . See what you think about the following scenarios .

Paul and Mary have three children , two of whom are doing well and are self-supporting . Their third child still lives with them , hasn ’ t worked enough to qualify down the road for Social Security and Medicare , and has a history of drug abuse . What would be a practical approach ? And would that be kind ?

• Leave their house to the son so he has a place to live ( thus angering the other two , who don ’ t think that would be fair ). How long would it

be before he failed to pay the taxes and lost the house ?

• Simply give the son his one-third share and then he ’ s on his own .

• Direct their executor to invest the son ’ s share in a lifetime annuity so he will at least have some income for the rest of his life .

Dolores is a widow who retired from nursing . She has assets , including an IRA , of $ 2 million . She has two children , and grown grandchildren . Both her children are quite well- off and have provided well for their children . Might there be ethical considerations in how she leaves her estate ?

• Leave her children everything —$ 1 million each . Would that enhance their lives , or would it upend their lives , like winning the lottery ?

• Discuss with her children the idea of leaving them some amount and giving the rest to her ( or their ) favorite charities .

Peter and Virginia have three children . One of them , Kevin , is not expected to live much longer . If Kevin dies first , who should get his share of Peter and Virginia ’ s estate ?

• Leave it for his children ’ s education .

• Leave it to their daughter-in-law .

• Give it to their two surviving children .

Would your answer be different if you know your child doesn ’ t have life insurance and it ’ s not clear how the family will get along financially ? What would be the kind solution ? What would be the practical solution ? Sometimes the answers aren ’ t obvious .

A frank conversation with your attorney may help you think about your estate in new , thought-provoking ways , with an outcome that gives your heirs solace and new appreciation for your wisdom .

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Olds Russ Marquette & Peace

Frank is single , with many nieces and nephews . Some visit him , some ignore him . He wants to remember the ones who help him , and leave nothing to the others . How should he write his will ?

• “ I am leaving each of the following nieces and nephews $ 20,000 in recognition of their kindness to me . The others are thoughtless ,

inconsiderate bums who don ’ t deserve a dime from me .”

• “ When you leave this world , you have an opportunity to recognize the ones who have been kind to you , and that ’ s what I would like to

do here . I give the following individuals $ 20,000 each in recognition of their thoughtfulness and efforts to help me .”

Attorney Carolyn Russ practices in the areas of estate planning , estate administration , and elder law . She speaks frequently to church and community groups on topics like Getting Excited About Estate Planning , On the Road to Glory : Practical Aspects of Dying and Death , A Lawyer ’ s Role in Advising , Protecting , and Easing the Minds of Older Clients , and No , the Nursing Home Won ’ t Take Your Home . A graduate of the George Washington University Law School , she has practiced law since 1982 .

Carolyn Spicer Russ

Nora Curley Peace

• Wills , POAs & Trusts

• Estates & Probate

Jeanne Marie Marquette

Rebecca Olds

• Real Estate & Business Law

• Elder Law & Guardianships

1007 Mt . Royal Blvd . ( Shaler ), Pittsburgh , PA 15223 412.492.8975 carolyn @ oldsrusslaw . com www . oldsruss . com

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