When we last met Jenna and Mark Livingston, they were hunkered down in St. Thomas, U.S Virgin Islands, waiting for Hurricane Astrid to pass. As they huddled in the town assembly hall, Jenna, an attorney, and Mark, a pediatrician, bemoaned their failure to adequately plan for the care of their children in the event of their death. Both age 30,…
Jenna and Mark Livingston were living the life of Reilly. At age 30, they had thriving careers—Jenna as an attorney, Mark as a pediatrician—and three children, aged five months, two, and four. Together, they lived in a four-bedroom home in an exclusive neighborhood with their dog, Pepper. Five months after the birth of their third child, Mark decided Jenna required…
Mary and Thomas Charleton had five adult children. Unfortunately, not all of them had the means to purchase their own homes. So after each child married, the Charletons offered them a low interest loan to cover the down payment, up to a certain dollar amount. All of the children took advantage of the offer.
By the time Mary died—at age 62–three of the loans had been repaid in full. However, the couple’s daughter, Dory, made a partial repayment. When she got divorced after five years of marriage and was forced to sell that home, Dory decided she should no longer be required to repay the loan. A son, Robert, figured the amount of the loan would just be taken out of his share of his parent’s estate. He was fine with that. He made no effort to repay the loan.
Robert Manning thought long and hard about the appointment of the executor of his will. He could appoint his wife, but there was a chance he might outlive her. And his wife tended to get a bit scattered when under pressure. Robert wasn’t sure if she could withstand the constant harping of relatives he was sure would show up expecting a handout.
Upon the death of their respective husbands, Sara and her daughter, Mary, decided to move in together. Since Sara’s home bore no mortgage, Mary sold her home, and placed the proceeds into a retirement account. They agreed to share living expenses, as well as the cost of maintenance and property taxes on the home. They also agreed that when Sara died, Mary would inherit the home.
When Miranda Jones married Scott Ludlum, with their six children in total, they anticipated a Brady Bunch existence. For many years, they co-existed peacefully, then Scott became seriously ill. It seems upon marriage to Miranda, Scott had failed to update his Living Will, Financial and Healthcare Powers of Attorney, and HIPAA Release. In all of those documents, Scott had appointed his former wife, Lenore, to make healthcare and financial decisions should Scott be rendered incapacitated.
It began on a sunny Saturday morning, when 70-year-old Sandra Johnson’s phone rang.
“Sandra, Sandra Johnson?” the caller asked.
“Yes, that’s me,” she responded.
“I’m pleased to inform you that you have won the Clearinghouse Sweepstakes, a grand prize of $1 million! Unfortunately, when we went to your address to deliver the check, no one was home. Before we go further, could you verify your address for me?”
Anna Mercer’s family was quite excited when she met and married Klaus Jergen. After their joyous nuptials, the couple moved to Vienna, Austria, where Klaus was employed at a local school as a history teacher. Anna, a pastry chef, soon found employment at a local bäckerei or bakery, where she perfected the art of the Sachertorte and the Linzer torte.…
Preplanning avoids disputes over gifts and loans
After Marilyn Walker’s untimely death, her family solemnly gathered for the reading of her will. According to her attorney, Marilyn divided her estate equally among her four children. Everything seemed cut and dried, until Marilyn’s eldest daughter, Kate, spoke up.
Is Your Safe Deposit Box Accessible Upon Your Death?
Harry Williamson planned well for his death. After consulting with his attorney, he prepared and executed a comprehensive estate plan, including a Last Will and Testament, a Living Trust, an Advance Healthcare Directive, a HIPAA release, and powers of attorney for healthcare and finances.