Author Archives: Site Administrator
The Decedent’s Debts: Who’s on First?
Estate planning attorneys are used to family members who, for some reason, determine that credit card bills need to be paid off first, when a loved one dies. It’s not the first thing to pay, advises The Mercury its article “There is a priority of debts when you die.” In fact, credit card debt… Read More »
Government Programs That Can Pay for Some Caregiver Services
If you have a loved one who needs caregiver services, you might be looking for ways to help the person pay for the care. Your state might offer assistance with more services, or might not cover some of the items in this article, but here is a general overview of government programs that can… Read More »
Is My Irrevocable Trust Revocable?
Irrevocable trusts aren’t as irrevocable as their name implies, according to Barron’s recent article, “Are Irrevocable Trusts True to Their Name?” The article says that, for both new and existing trusts, there are ways to build in flexibility to make changes to a grantor’s wishes, if terms are no longer appropriate or desirable for… Read More »
Why We All Need to Have an Estate Plan
Putting off estate planning is never a good idea. Life happens, and before you know it, “someday” arrives. Having an estate plan is advisable for everyone, says the South Florida Reporter in the article “Why Estate Planning is so Important.” It doesn’t matter if you are rich or poor—you need an estate plan. People… Read More »
When Am I Told If I’m a Beneficiary of a Will?
When someone dies, the distribution of their assets is hopefully determined by a clear and legally binding will. If not, the assets come under control of the state, and a probate court will decide how best to distribute them. An Investopedia article from last month asks, “When Are Beneficiaries of a Will Notified?” The… Read More »
What Debts Must Be Paid Before and After Probate?
Everything that must be addressed in settling an estate becomes more complicated, when there is no will and no estate planning has taken place before the person dies. Debts are a particular area of concern for the estate and the executor. What has to be paid, and who gets paid first? These are explained… Read More »
Tax Planning: The Difference Between Capital Gains and Dividends
Investopedia published an article that asks “Capital Gains vs. Dividend Income: What’s the Difference?” The article looks at the differences between capital gains and dividend income, and their tax implications. Capital is the initial sum invested. A capital gain is a profit you get when an investment is sold for a higher price than… Read More »
Social Security Error and Medicare Coverage: This One’s Not a Scam
A “processing error” by the Social Security Administration has caused 250, 000 benefit checks to be issued in January without deducting the proper Medicare premiums. The Social Security Administration did not pay the insurance plans, reports NPR in “Social Security Error Jeopardizes Medicare Coverage for 250, 000 Seniors” The problem applies to private drug… Read More »
What Should I Look for in a Trustee?
Selecting a trustee to manage your estate after you pass away is an important decision. Depending on the type of trust you’re creating, the trustee will be in charge of overseeing your assets and the assets of your family. It’s common for people to choose either a friend or family member, a professional trustee… Read More »
Planning on Disinheriting a Child? Best to Be Careful!
The law is very specific when it comes to disinheriting your child, so it is a good idea to be perfectly clear on your wishes or it can backfire, according to the Santa Cruz Sentinel in “No shortcuts when planning estate trust.” Let’s consider this example: A couple has a son and a daughter…. Read More »