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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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