It’s been a big year for 50th birthdays. From Jennifer Aniston and JLo to Matthew McConaughey and Sean Coombs, it seems like everyone is having a milestone birthday in 2019. However, this isn’t really a big surprise, when you consider that in the Generation X (1965-1980) cohort, 1969 was one of the largest birth years.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
When the first spouse dies, the surviving spouse may not remain as close with his or her stepchildren. Small irritations which were overlooked during the lifetime of the spouse who died, may become outright disputes.
Until now, the terms of service for each individual site have determined who has ownership and access after a death and whether the assets are deleted, frozen or can be transferred.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.
All gifts are potentially subject to gift taxes, which are generally paid by the donor, not the recipient.