end of life plan
Hello Terry I just watched your video on Wills vs RLTs and found it very informative. thank you for doing it! I’m a rather disorganized senior that is not married and has no children. My beneficiaries are my elder sisters and my significant other. My question to you is this
My SO has no assets at all. I want to financially care for him after my death and wonder if it would be better to have a life insurance policy with him as bene, OR have a trust account that can pay him a monthly stipend for expenses as well as paying property taxes and utilities? My home should be paid off soon, and i’d like for him to live here after I’m gone but don’t know the best way to have that happen with the least amount of trouble for him. Please suggest a plan for this situation.
Terry Says
OK, you really need a good estate planning attorney to set up your assets in a revocable living trust, and designate a “life estate” in your property, with a trustee to distribute cash (assuming there would be “enough”) to allow your SO to live in the home. Remember, depending on his/her health, that may not be the best ultimate solution.
That’s why this requires some careful planning. And at your age, life insurance would be prohibitive — and just giving your SO a hunk of money is also likely not the best solution.
Depending on where you live, you’ll need to contact an estate planning attorney. In the Chicago area, I always recommend Kerry Peck of PeckRitchie at (312) 201-0900
If you don’t live in Illinois, you should ask your local bank trust department for a recommendation of an estate planning attorney in your area.
