In past articles we have covered the pros and cons of avoiding probate. As a brief refresher, probate is not always a terrible process but in some cases, it can be long, complicated, and expensive. If you want to avoid probate, you need to title your property in a way that it will be transferred […]
Probate avoidance is one reason why people seek advice from an estate planning attorney. The attorney can recommend, and put into place, various plans to ensure that assets pass outside of the probate process. An even stronger reason to make non-probate transfers is to avoid a probate in another state.
A large piece of estate planning involves deciding how to transfer assets to children and descendants. We ask (1) At what age will your children be responsible; (2) Do you want them to inherit large sums of money at age 21; and (3) Will they be mature enough at age 30? Often times, the answers […]
Okay, I admit. I spend my free weekday evenings parsing through my Google Reader with the TV on in the background. This week, two shows that I have never seen before caught my attention; not because of the witty and meaningful dialogue, but because words like “Probate,” “Lawyer,” and “Will” came up in a prime […]
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
In the Minneapolis-St.Paul Star Tribune today, Jeremy Olson reports on a woman’s battle to maintain control over her husband’s medical decisions. With diagnoses of dementia, kidney failure, and mental incapacity, Al Barnes needs someone to make his health care decisions for him. Up until recently, Al’s wife Lana was that person. Lana Barnes was designated […]
The duty of independence requires that the trustee remain independent from and impartial to the various beneficiaries. Bogert’s Trusts and Trustees explains, “A trustee who holds for successive beneficiaries owes a duty to them to administer the trust with impartial consideration for the interests of all the beneficiaries. He [or she] should not unnecessarily show […]
The duty to follow the written trust instrument is fundamental to a successful trusteeship. This duty requires a trustee to, “carry out the directions of the testator or the settlor as expressed in the terms of the trust.”[1] If a trustee’s actions are questioned, a court will look to the trust instrument when assessing whether a trustee […]
“Basis” is not something that is simple to explain these days. Up until last week, the basis rules that apply to decedents in 2010 were in limbo. This article WILL NOT cover the advanced estate planning issue of basis allocations in 2010 and how they relate to the federal estate tax. Instead, this is an […]
Trustees are given certain responsibilities and duties when administering a trust. These responsibilities can vary depending upon the trust instrument or document, but there are a few duties that apply broadly to all trustees. This article will cover the two main duties, those of Loyalty and Care, that all trustees must understand before accepting the […]
Assisting an elderly parent with the Medicaid application process can be quite complicated. The New Old Age blog recently published an article by an experienced Elder Law attorney. In the article, Craig Reaves provides basic information on how Medicaid benefits may affect an applicant’s ownership of his or her primary residence. Mr. Reaves notes that […]