Estate Planning and Elder Law Blog

Update Your Simple Will

Question: My parents are currently in their 80s and still have their Last Will and Testaments which were prepared 40 years ago. The Wills say that everything goes to the surviving spouse and then to their children if the spouse is deceased. Are these Wills still valid? Are there any updates which should be made?…

Read More...

Can We Avoid Capital Gains

Question: I am considering creating an Irrevocable Trust to protect my house and other assets, but I am concerned about creating a situation where my children will have to pay Capital Gains tax. Answer: An “Irrevocable Trust’ can offer the creator, often referred to as the  “grantor,” lifetime control over his or her assets, without…

Read More...

Consenting to a Probate of a Will

Question: My mother recently passed away and I received something in the mail from an attorney’s office called a “Waiver of Process; Consent to Probate”, what does this document mean? Answer: You received this document because the nominated Executor is trying to “probate” your mother’s Will.  Probating a Will means that the nominated Executor is…

Read More...

UTMA and 529 College Accounts

  Question: My parents set up UTMA and 529 College Savings accounts for my children. I am not sure exactly what effect these accounts have on their financial aid in the future or whose assets they are if my parents need nursing home care. Answer: UTMA, or the Uniform Transfer to Minors Act are custodial…

Read More...

Outright Transfer of Home

Question: My friend suggested that I transfer my house to my children in case I need nursing home care in the future. Is this advisable? Answer:  In almost all cases our answer to this question is no. Your friend is likely suggesting this because she has heard of the five year look-back. The look-back refers…

Read More...

A DIY Disaster in Estate Planning

A DIY Disaster in Estate Planning As a recent first time homeowner, the phrase “Do It Yourself” or “DIY” takes me back to the late nights this past February of spackling, sanding and painting all of the walls in my house with my husband. We were fortunate that this was the only work that needed…

Read More...

Can I Resign or Decline Being an Executor?

Question: My aunt recently passed away and I just found out that I was named executor of her Will. I really do not want to serve. Is renunciation an option; can I decline or resign from being executor? Answer: Just because you are nominated as executor of a Will does not mean that you must…

Read More...

Who Would Inherit From an Estate if Someone Dies Without a Will?

Question: Who would inherit from an estate if someone dies without a will? Answer: Passing away without a will is known as dying “intestate”.  Administration is the process in which letters are issued to a distributee of the decedent who then collects the decedent’s assets, pays the decedent’s debts and then distributes the remaining assets…

Read More...

Capacity to Sign Power of Attorney

  Question: My mother has just been diagnosed with Dementia.  It is in the early stages and she is still very lucid, can she still sign a Power of Attorney? Answer: It depends.  For starters, a Power of Attorney is the document which names a person or persons to handle your business and financial decisions….

Read More...

Revocable Trusts

Question:  My friend just created a Revocable Living Trust and I am not sure if I should be considering creating one as well.  I am in my sixties and have an estate worth approximately $800,000.00.  My current Last Will and Testament disinherits my estranged son.  Is a Revocable Trust something I should consider? Answer:  A…

Read More...

Posts

Scroll to Top