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Who Should Be Your IRA Beneficiary: Trust or Children?
Because retirement accounts can often represent a significant portion of a family’s wealth, but also come with tax implications and distribution guidelines that are beneficiary dependent, beneficiary designations should be reviewed whenever an estate plan is created or updated.
What is probate? When a person dies and leaves a Will, and there are assets in the Decedent’s individual name that do not pass by operation of law, there is a legal process that takes place that is called probate.
Do I need a health care proxy? Could my husband make medical decisions for me if I couldn’t make them for myself?
Consider this scenario: An individual executes a will in 1995. The Will leaves all of his personal property (household furnishings and other personal effects), to his friend who is also the named Executor. The rest of his estate he leaves to his two sisters. When he died in 2012, his two sisters had predeceased him.
My father is about to enter a nursing facility. He may have to spenddown some of his money in order to qualify for Medicaid. I was told that he could pre-pay his own funeral and he may be able to pay for his children’s funeral as well. Is this true?
My sister recently passed away and I just found out that I was named executor of her Will. I am really busy with my job and family and really do not want to serve. Can I decline or resign from being executor?
While discussing an estate plan with a client, she stopped me and said “What is probate.” Sometimes we forget to explain the simplest concepts. Probate is the process by which a Last Will and Testament is given effect.
My dad signed a DNR when he was recently admitted to the hospital. Will this be effective when he is discharged back to his home?
My wife and I recently executed a Revocable Trust and re-titled our home and some bank accounts into the name of the trust, thinking that we had taken the first steps toward protecting our assets should one or both of us need Nursing Home care in the future. I just heard from a friend of mine that a Revocable Trust does not protect my assets and that what I should have considered was an Irrevocable Medicaid Trust, could you explain the difference?
I was recently named as an agent on my mother’s Durable Power of Attorney which included a “statutory gift rider.” What is this document and what responsibilities will I have?
I am listed as power of attorney on my mom’s bank account. Will I be able to access this money after she dies to pay for the funeral?
Our Blog
Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.
