Do you have a vacation home – perhaps a condo in Florida or a cottage on the shore? Vacation homes need to be considered in estate planning, since each and every state in which you own real estate will be involved in the settlement of your estate, unless you arrange for the property to avoid probate. The laws governing both real estate and estate planning are made at the state level, so only the courts of a particular state have authority to resolve issues regarding title and ownership of … [Read more...] about Estate Planning and Vacation Homes
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Medicaid Law: What is a Caregiver’s Agreement?
Have you ever considered paying a family member to care for you in your later years when you need assistance with your daily activities? Caring for a family member is a responsibility many people bear in this day and age, and it allows an aging loved one to stay in the home longer and avoid the stress and expense of moving to an assisted living facility. It can also become a source of income for the caregiver, but the arrangement needs to be documented in a formal agreement. A “caregiver … [Read more...] about Medicaid Law: What is a Caregiver’s Agreement?
Seven Estate Planning Tasks for Your IRA
Did you know that your retirement account avoids probate? Since there is a beneficiary form associated with this account, it is considered non-probate property, and the funds will normally get to your beneficiary more quickly than probate property. Just like your other estate planning documents, your retirement account needs to be properly set up and maintained, and you need to: 1. Make sure you have named a primary beneficiary and a secondary beneficiary (some forms may call it a … [Read more...] about Seven Estate Planning Tasks for Your IRA
Help! I have been named a Trustee – Now What?
You have just found out that you have been named as a Trustee – what are your duties, and what do you do now? As trustee, you will have fiduciary duties to carry out the terms of the trust. A fiduciary is a person who is responsible for taking care of something that belongs to someone else. Under the law, fiduciaries owe certain duties to the people on whose behalf they handle property. In this case, you will owe duties to the beneficiaries of the trust. Your first duty is to read the trust … [Read more...] about Help! I have been named a Trustee – Now What?
Do you Need a Will, a Living Trust, or Both?
Living trusts have become a popular estate planning tool, and are frequently touted as a way to avoid the New York probate court, called Surrogate’s court. Creating a will seemed, well, almost unfashionable for years. But do you need a will, a living trust, or both? Unlike a will, a living trust is not just a document, it is a legal entity, like a corporation or a partnership. After you create a trust, you can transfer your property, your home, financial instruments and/or other property, … [Read more...] about Do you Need a Will, a Living Trust, or Both?
