It’s Not Just A Deed – The Possible Pitfalls Of Transferring The Home To The Children

As parents age and become acutely aware of the potential specter of long term care costs, there is a strong desire to preserve the assets which they have accumulated over the years. The most significant of these assets for many of them is the family home. More often than not, many parents believe that the […]

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Equalize It!

Mike and Carol have three adult daughters – Marcia, Jan and Cindy.  Each of them are married and have children as well.  When both of them die, Mike and Carol want to treat all three daughters equally.  In the event one of their daughters dies before, they want that daughter’s share to pass to that […]

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Who Gets the House?

This week’s article is written by associate attorney and contributing author Douglas M. Nelson, Esq. Frequently, disputes arise between the executors and beneficiaries of an estate concerning the disposition of a deceased individual’s home.  (The content of this blog applies to administrators of intestate estates and trustees of revocable living trusts as well.  However, to […]

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Life Insurance Beneficiaries Must Be Designated, Not Assumed

In July 2012, Michael G. Fox got married, and looked forward to many happy years with his new wife, Evanisa.  Unfortunately, Michael died tragically in a work-related car accident just four months later.  Evanisa assumed that she was entitled to the death benefit from his life insurance policy. In attempting to file her claim, Evanisa […]

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Planning for the Smooth Transition of a Decedent’s Home

In the early years of Saturday Night Live, there was a skit called “The Thing That Wouldn’t Leave.”  It dealt with John Belushi playing a dinner guest that refused to leave his hosts’ home.  A very funny sketch, but one that is often re-enacted without the humor in real life by children who reside with […]

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Three Essential Documents for Parents of Children with Special Needs

For many families, a proper estate plan consists of the preparation of a Will, Advance Directive (Living Will and Health Care Power of Attorney) and a General Durable Power of Attorney.  Various trusts can be employed as well to achieve goals such as the avoidance of probate and minimization of death taxes.  Parents who have […]

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Getting Government Payments for Children with Disabilities

Parents who have children with disabilities face a myriad of legal, medical and financial issues.   There are a host of government programs which can provide assistance in a variety of forms including housing and medical coverage.   Two programs, Social Security Disability Income (SSDI) and Supplemental Security Income (SSI), provide cash. In order to obtain the […]

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Trick or Treat: Estate Tax Exemption to Increase

Trick or Treat: Estate Tax Exemption to Increase

Just in time for Halloween, the Internal Revenue Service has announced that the exemption from the federal estate tax will increase to $5,430,000, effective January 1, 2015.  Pursuant to the Fair Tax Act of 2013, this exemption, known as the applicable exclusion amount, is adjusted for inflation on an annual basis.  Initially set at $5,250,000 […]

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The Impact of Settlements of Death Taxes

Mike and Hillary have been married for many years.  Although Hillary thought the marriage was wonderful, she found out that Mike’s feelings were not mutual when he died.  Two weeks after the funeral, she received a letter from an attorney representing the estate, Travis Tanner, enclosing a copy of the Will.  Mike’s will left nothing of his […]

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Rewriting a Will After Death

Dave and Molly have been married for many years.  They have an estate worth $1.5 million which includes their home, bank and brokerage accounts and life insurance.  They have three adult children: Manny, Moe and Jack.  Manny and Moe are successful businessmen who are financially secure.  Jack, though, was born with Down’s Syndrome and is […]

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