The widow of actor Alan Thicke has responded to a legal petition filed by her stepsons. She says her stepsons are trying to prevent her from receiving her rightful inheritance while they spend their father's trust money.
"Joint tenancy" and "tenancy in common" are property ownership arrangements used when a property has two or more owners. In cases of joint ownership of a property, it will be established whether the multiple owners will hold the property as tenants in common or as joint tenants. The biggest difference between these two forms of joint ownership comes into play when one of the owners passes away.
Stepparents and inheritance are a common concern among children. Imagine a situation in which a father remarries to a woman who has children from a previous marriage. The father passes away and the stepmother inherits all of the estate outright. Will the children of the father have the right to receive a portion of the estate after their stepmother passes away?
When you hear about a third-party special needs trust, the term "third-party" refers to the trust as a tertiary entity that will provide for the needs of the special needs person. The benefit of a federally-approved special needs trust is the fact that it will not disqualify the beneficiary from receiving government aid and other financial assistance.