The short answer to this question is that the person who has named you as executor trusts you to see that the bequests made in the will are carried out. The more complicated answer is that the executor has many duties to the estate and can be liable if such things as the estate taxes are not paid. Some of the duties of the executor are Distributing assets according to the dictates of the willPaying debts of the estate and final debts of the deceasedMaintaining assets of the estate such as a … [Read more...] about What Does it Mean to be Named Executor in Someone’s Will?
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What is Elder Law and How Does It Affect You?
Elder law is an area of the law specializing in issues that affect the growing aging population. At one time, the focus of this area of the law was solely on estate planning, wills, durable powers of attorneys and other issues that affect people who may need nursing home care and their family members who cared for them. These matters are still a part of Elder law but as the baby boomer generation begins to reach retirement age, the focus has shifted. Social Security uses Patti Duke and Chubby … [Read more...] about What is Elder Law and How Does It Affect You?
Do You Need an Asset Protection Trust?
An asset protection trust is essentially a trust fund designed to protect your assets. This might include your home, cars, bank accounts, and any other tangible assets that might be subject to depletion by any number of things. While an asset protection trust is often utilized in estate planning processes where the estate value exceeds a million dollars, this does not mean you might not want or need this sort of protection if your estate has a value less than that. Long-term health care … [Read more...] about Do You Need an Asset Protection Trust?
When to Use a Living Will
People are living longer, which means more may face mentally debilitating diseases such as Alzheimer’s or other long term illnesses. These people may no longer be able to make their own medical decisions. So, how are decisions made? If there are no disability planning documents, a court will name a guardian to make all decisions for that person. Having someone else make all of your decisions may seem scary. If so, you should use a Living Will along with other disability planning … [Read more...] about When to Use a Living Will
Three Things a Revocable Living Trust Can’t Do
While a Revocable Living Trust is a great estate planning method for avoiding probate and for preparing for potential mental incapacity, there are some things it just can’t do. Here are three examples: Protect Assets from Creditors. If someone wins a lawsuit against you that entitles them to money damages, they become what’s called a “judgment creditor.” A judgment creditor can levy on your property in order to collect the amount owed, and a Revocable Living Trust does not shield your … [Read more...] about Three Things a Revocable Living Trust Can’t Do
Young Families Need an Estate Planning Lawyer Too
If you were asked to visualize the typical estate planning client sitting in the lawyer’s office, who would you see? The stereotypes might include a fifty-something successful entrepreneur, sixty or seventy year-old retired grandparents, or even an eighty-plus year-old widow all planning how to handle the estate they will eventually be leaving behind. Yet young people, especially those with children, need to have an estate plan in place to protect their family in case one or both parents … [Read more...] about Young Families Need an Estate Planning Lawyer Too
Estate Planning and the Procrastinator
Making a will and estate planning are not the most pleasant topics to lots of people because they just don’t want to think about the prospect of their own demise. In spite of repeated requests from a spouse or children, these individuals continue to procrastinate about estate planning and this can be a costly mistake. Successful people who have a sizable estate that they will leave behind have worked long and hard for their assets yet, without proper estate planning, these hard-earned assets can … [Read more...] about Estate Planning and the Procrastinator
When Do You Need a Medicaid Attorney?
The terms Medicare and Medicaid are confusing because the names are similar but the federal programs are set up for different purposes. Medicare is the federal healthcare insurance plan that covers senior citizens age 65 and over as well as younger people who qualify for Social Security disability payments. Medicare is partially funded by required payroll deductions from all employed persons and the remainder of the costs are paid from the federal budget. Medicaid, on the other hand, helps to … [Read more...] about When Do You Need a Medicaid Attorney?
Women and Long Term Care
Many women that are now retired or will retire soon are not prepared, especially when it comes to paying for any long-term care that they might need. Studies have shown that one of the main reasons why a lot of women are not prepared for retirement is the belief system they were exposed to early in life. In one study about half of the women surveyed were brought up to believe that a man would care for their financial needs throughout their lives, but only about 3% of women now believe this. … [Read more...] about Women and Long Term Care
Pets and Estate Plans
If you have pets, you likely consider them part of your family. You may be concerned about what will happen to your pets when you die. Some people have actually provided an inheritance for their pets, but there are some complications with this. Legally you cannot leave money to a pet. What you can do is leave your pets to someone, along with money to take care of those pets. If you’re considering this option, you may want to put together a detailed plan for the care of your pet; such plans … [Read more...] about Pets and Estate Plans
