A friend recounted this to me and I didn't know what sort of advice to provide, particularly with NY specific issues. Any help much appreciated.
The friend has an in-law leaving a significant sum to her two young adult children. One child is pretty much incapable of dealing with life on their own and still lives at home.
By a significant sum, I mean three or four dozen FDIC insured bank accounts, each with $250K, probably in CDs (the in-law is terrified of spending / loosing money and will not invest). The amount is certainly well above the $5M Federal Estate tax limit.
Now, the problem is - there is no will other than a DIY form from some internet site. All accounts are somehow flagged as joint or transfer on death and instructions on how to access them have been provided.
The rich idiot involved in this apparently feels that they will be dead and won't care what happens, the kids can just deal with it. Because of the uncertainty of this, my friend is reserving a significant chunk of their retirement to be used by a trust to care for the kids.
Should my friend push the issue and even pay for some sort of estate planning for the in-law? This will be very hard to do, since the in-law feels it is not their problem and does not want any money wasted on lawyers.
The friend has an in-law leaving a significant sum to her two young adult children. One child is pretty much incapable of dealing with life on their own and still lives at home.
By a significant sum, I mean three or four dozen FDIC insured bank accounts, each with $250K, probably in CDs (the in-law is terrified of spending / loosing money and will not invest). The amount is certainly well above the $5M Federal Estate tax limit.
Now, the problem is - there is no will other than a DIY form from some internet site. All accounts are somehow flagged as joint or transfer on death and instructions on how to access them have been provided.
The rich idiot involved in this apparently feels that they will be dead and won't care what happens, the kids can just deal with it. Because of the uncertainty of this, my friend is reserving a significant chunk of their retirement to be used by a trust to care for the kids.
Should my friend push the issue and even pay for some sort of estate planning for the in-law? This will be very hard to do, since the in-law feels it is not their problem and does not want any money wasted on lawyers.