Despite everyone’s best efforts, sometimes there is a disagreement over the decedent’s estate and final wishes. Sometimes these arguments are over personal property and sometimes over sentimental items. Other times, the issue is one of control and decision making. Still other times it deals with undue influence over the decedent in the creation of the …
A trust is an entity (like a corporation) established to hold and manage property. It has its own separate existence apart from the grantor or creator of the trust. Trusts can be established during one’s lifetime (a “living” trust) or they can be established at death through a will (a “testamentary” trust). In the case …
Q: What is Probate? A: Probate, simply put, is the process of appointing a surrogate (a substitute) to act on behalf of another who cannot act for themselves. For example, when a person dies owning real estate, unless there is a joint owner, there is no one alive who can sign a deed to sell or …
Medical science can keep a person alive almost indefinitely, even when their quality of life has severely deteriorated. For reasons both personal and financial, most opt out of prolonging life under such conditions, particularly when there is little-to-no hope for recovery. It is also common to need someone with authority to make medical decisions when …
Advanced Health Care Directive: Preparing for End-of-Life Care Read More »
Aging adults sometimes transfer their property outright to children in order to avoid using their life’s earnings on long-term medical care. My advice? Don’t do it. There are a myriad of pitfalls to this practice, including: Having to turn to one’s children in times of need Increased capital gains taxes to the children when they …
Probate, simply put, is the process set up by the legislature and carried out by the court which provides for the transfer and management of the property of a deceased, incapacitated, or minor person. Unless appropriate planning is done in advance, the court will be required to appoint someone with legal capacity to act in …
A trust is an entity (like a corporation) established to hold and manage property. It has its own separate existence apart from the grantor or creator of the trust. Trusts can be established during one’s lifetime (a “living” trust) or they can be established at death through a will (a “testamentary” trust). In the case …
A will is simply a written directive to the probate court as to how property is to be distributed at death, who should be the personal representative (previously called an executor) to manage the estate, and who should be the guardian of minor children. Wills do not get rid of the need for probate. Rather, they …
Asset protection planning is like insurance. You can structure your affairs so that many of your assets are much more difficult to reach by potential creditors. Most asset protection planning involves the use of business structures as discussed under setting up a business above. Asset protection planning can range from the simple, such as determining …
Adoption is the process of changing the legal parent of a child. The process usually involves petitioning the court for approval of the adoption, obtaining consent from all necessary parties, conducting pre and post placement home studies, waiting the required time frame, and finalizing the adoption in open court. There are a number of different …
