While we are happy to assist clients with creating wills to ensure assets are distributed according to clients’ wishes at their death, we offer a much broader service to clients. In addition to revocable trusts which can allow for control over assets titled in the name of the trust during lifetime, one of the most important documents that we draft for clients is a durable power of attorney.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
What is basis and why does it matter? A basis is a monetary amount assigned to property for tax purposes. This value is very significant because the basis is used when calculating gains or losses on the sale of property. If you inherit property from a family member, friend or any generous benefactor, there will be a basis assigned to that property.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
While the tax basis of a property is important in determining estate tax for higher net worth individuals, it is also a significant consideration for individuals of any net worth in determining the income tax (gain or loss) beneficiaries will ultimately pay when the property is transferred. The basis of property inherited from a decedent is generally the Fair Market Value (FMV) of the property at the date of the individual’s death. Thus, a real estate or personal property appraisal may be advisable to consider.
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When you act as a trustee under a Trust or as an attorney-in-fact or POA under a Durable Power of Attorney, you are doing so as a fiduciary and under a legal role where you have certain legal authority. The above question could apply to any documents you sign such as a mortgage, promissory note, contract, or check. The short answer to the above question is – no, you do not need to. However, you may want to (depending on the type of document), and it may better practice to do so. Moreover, what the document actually says may control despite however you may sign.
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Medicaid has been around for many years, as it was designed to help low income people with healthcare. In today’s society, many people use Medicaid as their long-term care insurance and it pays for the majority of nursing home care for patients across the United States.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
Joint Tenancy with Right of Survivorship (JTWROS) is a form of joint property ownership available to two or more people and characterized by the right of survivorship. Upon one tenant’s death, the share of the property passes to the surviving co-tenants. There are five requirements for creation of a JTWROS: the right of survivorship and the four unities of possession, interest, title, and time.
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A recent study conducted by Experian anticipates about $265 billion in home equity lines of credit (HELOCs) will begin entering a repayment period, affecting millions of consumers. HELOC originations, which continued to increase from 2005 until the start of the housing crisis, are generally divided into two periods. For the first ten years, a HELOC remains in the draw period, which allows consumers to use the line of credit while making minimum, interest-only payments. After ten years, many HELOCs enter the repayment period. This may cause a hike in monthly payments, sometimes as much as triple or quadruple the monthly payment amount during the initial draw period. Debt-relief consultants anticipate defaults to skyrocket as these HELOCs enter the repayment period.
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One of the many complicated facets of planning for a possible divorce as part of estate planning is the division of property. When a marriage dissolves, property that is classified as a marital asset will generally be equitably distributed between the parties. On the other hand, property that is classified as a nonmarital asset will not.
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