Inheritance

California homes passed down from parents to their children carry potential property tax savings worth thousands of dollars a year. Thanks to a state proposition that took effect in 1986, known as the "parent-child reassessment exclusion," a child can inherit a parent's principal residence, whether modest or worth millions, without triggering a reassessment for property taxes.

After the coffee. Before remembering to record NBC's "Hannibal. " The Skinny: For some reason my DVR didn't record "Modern Family" last night but it did capture some good discounts on QVC. You don't need me to tell you that today's headlines include a ton of coverage of Jay Leno and Jimmy Fallon. Also, LucasArts is going away and new episodes of "Arrested Development" will be here for Memorial Day weekend! Daily Dose: Now the British can start living their best life too. Discovery Communications and Oprah Winfrey are taking the OWN Network to Britain and putting its shows on the TLC channel there.

What's in a name? Ask Bettina Goering, Katrin Himmler and Rainer Hoess. For decades, Germany has grappled with its collective guilt over the Third Reich, but for the progeny of the regime's chief architects, the matter hits far closer to home. Chanoch Ze'evi, the Israeli director of the thoughtful and affecting documentary "Hitler's Children," conducted interviews with five descendants of key Nazi figures. Though Ze'evi's creative choices don't always serve the material - he unwisely attempts to pump up the emotional volume with an intrusive music score - his compassion for his subjects is clear, and their straightforward testimony is provocative.

VATICAN CITY - As he begins work, Pope Francis will find a pile of files in his in-tray on sex abuse and squabbling cardinals. But he will also come across a thick dossier on the Vatican's secretive bank, which his predecessor, Pope Benedict XVI, tried to drag into the daylight after years of suspicion that it was a haven for money launderers. After struggling to get the Vatican onto a coveted European "white list" for clean banks, Benedict suffered a setback last year when his top manager, Ettore Gotti Tedeschi, was fired by the bank's board, officially for incompetence.

Retirement planning, elder care and wills are touchy subjects for most people, but they're especially rife with anxiety, miscommunication and disagreements for parents and their adult children, according to a new report. The majority of both groups -- aging parents and their children -- say they feel more comfortable talking about future financial decisions with third-party financial professionals than with each other, according to a survey by Fidelity Investments. On the topic of whether the children will care for the parents if they fall ill, 97% of nearly 1,000 people surveyed had opinions that conflicted with those of the other generation.

With business investments and a family inheritance, Rep. Paul D. Ryan of Wisconsin and his wife have accumulated millions of dollars in assets and generated income last year well above his congressional salary, according to his most recent financial disclosure statement. Mitt Romney's newly announced running mate reported assets in the range of $2 million to $7.7 million. The largest was the interest that his wife, Janna, holds in a trust resulting from the 2010 death of her mother, Prudence Little.

In 2006, Lisa and Clovis Blackwell began receiving an inheritance that amounted to about $160,000 from the estate of Clovis' father. The couple used nearly half the money to make a down payment on a condominium in Pasadena, and much of the rest went toward living expenses, which increased after they had a baby. The money went fast. Nearly all of it is gone, and the condo it allowed them to buy is underwater. But the Blackwells are getting a second chance at handling inheritance money.

Re: "Optimism on Boomers' Inheritance Misplaced" (Nov. 13): I suggest you look into the fact that not only is our inheritance an illusion, but our savings for retirement and for our children's education is at risk. Let me use myself as an illustration: Though I barely make ends meet, I have for the past 20 years faithfully tucked away savings for retirement. Now, however, I may soon become responsible for custodial care of my 81-year-old father. Even as it stands now, Medicare does not cover custodial care.

Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits. Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes. "My goal is when they carry me away in that box that my bank account is going to say zero," Willison said.

Children of rich baby boomers probably shouldn't count on a lush inheritance. Many parents nearing retirement would rather spend their money themselves, a study indicates. Only 49% of wealthy parents say it's important to leave money to their children when they die, according to a survey by U.S. Trust, a unit of Bank of America Corp. Instead, many of those parents plan to use their savings for travel and to focus on personal relationships. One possible reason: Barely one-third of those surveyed expressed confidence that their children would be able to "handle" an inheritance.

Being the king of late-night TV isn't as valuable as it once was. If Jimmy Fallon takes over for Jay Leno as host of NBC's "The Tonight Show" (when it comes to Leno and succession, it's always better to use "if" and not "when"), he will be taking over real estate that has seen its value drop tremendously over the last several years. Advertising for NBC's "The Tonight Show with Jay Leno" has fallen by more than 40% since 2007, according to Kanter Media, an industry consulting firm.

What's in a name? Ask Bettina Goering, Katrin Himmler and Rainer Hoess. For decades, Germany has grappled with its collective guilt over the Third Reich, but for the progeny of the regime's chief architects, the matter hits far closer to home. Chanoch Ze'evi, the Israeli director of the thoughtful and affecting documentary "Hitler's Children," conducted interviews with five descendants of key Nazi figures. Though Ze'evi's creative choices don't always serve the material - he unwisely attempts to pump up the emotional volume with an intrusive music score - his compassion for his subjects is clear, and their straightforward testimony is provocative.

Timing is everything. A month after Manny Pacquiao smacked his face on the MGM Grand boxing ring canvas, the sport's next big thing is preparing for his breakthrough performance. Unbeaten Gennady Golovkin, 30, of Kazakhstan is a polite assassin, a heavy-handed world middleweight champion who is seeking his 22nd knockout in his 25th pro fight Jan. 19, when he defends his World Boxing Assn. belt against Gabriel Rosado (21-5, 13 KOs) at New York's Madison Square Garden Theatre. The night's main event is world featherweight champion Orlando Salido's World Boxing Organization defense versus top-ranked, unbeaten challenger Mikey Garcia (30-0, 26 KOs)

Dear Liz: I'm in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen. I have $250,000 saved for retirement. When I'm 58 1/2 years old, I would like to pull that money out and pay some or all of these debts. Or use home equity. I've recently been downsized in employment, but I am looking to increase my income so I can help with their debt.

MEXICO CITY - When Enrique Peña Nieto assumes the Mexican presidency on Saturday, returning to power a once-autocratic party that ruled for seven decades, he will immediately confront a sluggish economy and a bloody war against drug gangs. How he will handle those two problems is the biggest question surrounding the incoming government. Peña Nieto, 46, and his Institutional Revolutionary Party want to shift the focus away from the battle against drug cartels that consumed and ultimately haunted outgoing President Felipe Calderon.

Retirement planning, elder care and wills are touchy subjects for most people, but they're especially rife with anxiety, miscommunication and disagreements for parents and their adult children, according to a new report. The majority of both groups -- aging parents and their children -- say they feel more comfortable talking about future financial decisions with third-party financial professionals than with each other, according to a survey by Fidelity Investments. On the topic of whether the children will care for the parents if they fall ill, 97% of nearly 1,000 people surveyed had opinions that conflicted with those of the other generation.

A probate judge has ruled that the stepdaughter of Orange County developer Henry T. Segerstrom may inherit a trust established by her late mother, but that she is not entitled to collect her mother's artwork, antiques and furniture. Mikette Von Issenberg, 53, the daughter of local arts patron Renee Mary Segerstrom, will receive the proceeds of three real estate properties. Issenberg had battled Segerstrom for almost two years, saying that her stepfather was holding her inheritance hostage.

Dan Duncan is reportedly the first billionaire to die during the one year since 1916 in which there is no estate tax in place. His heirs have hit the tax-free jackpot. Duncan is the poster child for opponents of the estate tax. Described by the New York Times as a "soft-spoken farm boy who started with $10,000 and two propane trucks," he grew his business until he became the 74th wealthiest person in the world. With an estimated net worth of $9 billion, Duncan embodies the rags-to-riches story that Americans love.

With business investments and a family inheritance, Rep. Paul D. Ryan of Wisconsin and his wife have accumulated millions of dollars in assets and generated income last year well above his congressional salary, according to his most recent financial disclosure statement. Mitt Romney's newly announced running mate reported assets in the range of $2 million to $7.7 million. The largest was the interest that his wife, Janna, holds in a trust resulting from the 2010 death of her mother, Prudence Little.

Dear Liz: My sister and I are in the middle of distributing our parents' estate. The beneficiary of the estate is a trust. Part of the estate consists of a traditional IRA, which will be split between my sister and me. The problem is that because the IRA will be distributed from the trust and is considered a non-spouse distribution, I'm told that we'll have to pay taxes on the entire distribution. It's a good chunk of change. I'm almost 60. Is there any way that I can roll the IRA into my own and take minimum distributions?