This summer, the Federal Trade Commission (FTC) issued a policy statement making clear the responsibilities of debt collectors when collecting the debts of a decedent. The FTC (along with private plaintiff attorneys) is tasked with enforcement of the Fair Debt Collection Practices Act (FDCPA) regulating third-party debt collectors collecting consumer debts. Of particular interest to […]
2010 Tax Relief Act The 2010 Tax Relief Act (a.k.a. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) provided us with a $5 million federal estate tax exemption and a federal estate tax rate of 35%. It also introduced a feature called “portability” (see previous Epilawg articles summarizing the 2010 Tax […]
Regardless of the size or complexity of your estate, there are no guarantees that your beneficiaries will agree with the terms of your estate planning documents. For that reason, I suggest that everyone read this article by Ashlea Ebeling on reducing the likelihood of estate litigation. I particularly like #4 “Transfer a Business with a Contract”. If […]
List of Assets and Information with their Estate Planning documents. The list should include the following items: The institutions that hold your bank accounts and life insurance policies, The contact information for tax and financial advisors, The location of important documents (deeds, contracts, business or entity formation documents), List of debts and/or receivables, Any information […]
When grief and emotions run high after the loss of a loved one, the sentimental significance of personal property can increase tremendously. No one really cared about the casserole dish grandma used every Thanksgiving, but once grandma passes everyone stakes claim to that dish. A tangible personal property list can help alleviate potential disputes between […]
When I ask a probate client if the decedent (or decedent’s predeceased spouse, if any) received medical assistance, I often receive a confused look. I make this inquiry because if the decedent (or decedent’s predeceased spouse) received medical assistance there may be a medical assistance lien filed against real property owned by the decedent. Before […]
Rare accidents and natural disasters can happen ending with the deaths of multiple family members. When these tragic events occur, they result in situations where it cannot be determined who died first. Such occurrences are labeled as “simultaneous deaths.” Many individuals do not take into consideration that they might die at essentially the same time […]
In a previous post, I discussed the circumstances under which a surviving spouse could be completely disinherited by the decedent spouse. There are other circumstances where the surviving spouse can elect for a specific share of the decedent spouse’s testate or intestate estate that the spouse would not otherwise be entitled to, but for the election. This […]
Some estates do not require probate either because of proper planning, the amount of the assets in the estate or how the assets are titled in the estate. There are times when an estate should be probated but it is not for various reasons, one of which is simply because the heirs are unaware that […]
SEVEN PRACTICAL LESSONS REGARDING ESTATE SETTLEMENT & TRUST ADMINISTRATION Lesson #1: Someday…you will die. It seems harsh, but it’s a reality we all face. If you don’t agree, then estate planning may seem unnecessary. However, if you accept the fact that you won’t be alive forever, you should keep reading. When we die, someone will […]
As discussed in a previous post, being appointed a Personal Representative of an estate can take lots of time and work. Besides this time and work, in some instances described below, the probate court will require a bond on the Personal Representative. A bond is issued by one party, the surety, who guarantees that the Personal […]