Message Font: Serif | Sans-Serif
No. of Recommendations: 2
He does not want to pay someone for estate planning. It does not prevent you from consulting someone who is familar with all of your local issues. It will not be possible to implement anything fancy but would make certain that you are aware of major issues and options.

JTWROS is a very dangerous method of estate planning. The sons are part owners of the account. The assets are at risk if any of the sons are sued, divorced or declare bankruptcy. If any of the sons die before him, the assets might be included in their estate.

The only suggestion I can offer is suggesting that you approach it as protecting his assets, minimizing taxes, and the fees paid to lawyers. All should appeal to person who is frugal.

Do you and your bother have current wills? Are you affairs in order in case something happened to either of you? If not then maybe he could be encouraged to do the same as you are setting up your paperwork.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.