I have one house and one town home. I want to make sure that 100% of my property will go to my children only. Not to the state or medical bills or creditors.
Thank You for your question. The best way to ensure your heirs inherit your property while protecting it from creditors - especially medical providers and the like, is to transfer it into an Irrevocable Trust.
The Trust will then own the property, not you. This is important because if you... Read more »
Thank You for your question. The best way to ensure your heirs inherit your property while protecting it from creditors - especially medical providers and the like, is to transfer it into an Irrevocable Trust.
The Trust will then own the property, not you. This is important because if you... Read more »
does this mean I would not be eligible for any life insurance payment or are they separate?
it depends. If you are the named beneficiary of the life insurance policy, the payment should go directly to you, and not through the estate. If the estate is the beneficiary of the life insurance policy, then the estate would receive the payout and distribute it to the appropriate heirs
Such a stipulation would be null and void as against public policy
This has included but not limited to doing the funeral arraignments, looking for an attorney, providing transportation, cleaning out his mother's rented house, getting info for setting up an SNT and ABLE account, and countless other errands. I guess what I need to know is him paying me an... Read more »
Thank You for your question.
I actually answered it the first time you posted it last week... But in case you missed it, here is my answer again:
The short answer: Yes. Assuming there was a Will, and your relative was named Executor, he is free to seek whatever reasonable... Read more »
This has included but not limited to doing the funeral arraignments, looking for an attorney, providing transportation, cleaning out his mother's rented house, getting info for setting up an SNT and ABLE account, and countless other errands. I guess what I need to know is him paying me an... Read more »
Thank You for your question. The short answer: Yes. Assuming there was a Will, and your relative was named Executor, he is free to seek whatever reasonable assistance is needed to carry out his duties. Being an Executor is work, as are all the duties necessary to carry his responsibilities. As long... Read more »
The answer will depend on many things, only one of which is your father's having a Will. First, if the condo is subject to a mortgage, the mortgage will have to be satisfied. So, your father could leave you the condo and if his Will provides for payment of his debts and he has other assets... Read more »
The short answer is Yes, you can leave all of your property to just one child. However, in order to accomplish that, you will need to specify those wishes clearly in properly drafted estate planning documents.
Generally, it is assumed that if a decedent doesn't have a spouse, that... Read more »
- is that the best way to protect the asset?
Thanks for your question. The answer likely depends on WHEN they enter assisted care.
The best bet is often to transfer a home into an Irrevocable Medicaid Asset Protection Trust, but there are exceptions (have a spouse in remaining in the home, have an adult child who has been living in... Read more »
My elderly mother wishes to sell lakefront property (never used as a primary residence) and divide the proceeds between her adult children. She is 90 yrs old and in a nursing home. The children wish to know if it is prudent financially to sell it now or better to wait until she passes. She has... Read more »
Thanks for your question. And it was good for you to ask BEFORE selling the property, because there IS a big tax disadvantage to selling the property now - it's called "step-up in basis."
If your mother sells her home now and does not buy a replacement, she will likely lose... Read more »
Depends on what those 'papers' are. A beneficiary designation for a specific account? Then it is what controls.
Notes from a discussion? That means little.
To provide a real answer however, you're going to need to speak with a local attorney who can read EVERYTHING... Read more »
Thank You for the question!
No, it is not illegal to ADD money to an account. However, keep accurate records of when, how much and why.
But this raises some important questions: who is handling your deceased father's estate? Did he have a Will, and is there an Executor? Are... Read more »
How can our sister who is successor trustee of living trust be named as the grantee in the form of Jane Doe ,Trustee not Jane Doe , Successor Trustee also named is living trust by its title
"Successor" trustee just designates who will be trustee of the living trust in the FUTURE - after the original grantor of the living trust dies or becomes incapacitated.
However, when the original grantor does or becomes incapacitated, your sister will then BECOME... Read more »
agreement states that the caregiver also a beneficiary will be paid for care provided from 2012 to passing of final grantor in 2016.The amendment was drawn up, witnessed, and notorized by trustees attorney. the amount close to 150k was secured by taking a statutory mortgage out on property in trust... Read more »
If the Trust is indeed irrevocable, the GRANTOR typically cannot change/cancel the Trust without the consent of all the Beneficiaries (at a minimum - the Trust documents may not even allow that).
However, after assets are transferred into the irrevocable Trust, the TRUSTEE then assumes... Read more »
The answer for Minnesota is No, you cannot completely disinherit your spouse.
Rather than me including the MN Statute, here is the link to the MN Elective Share Statute:
https://www.revisor.mn.gov/statutes/?id=524.2-202
You will see it also refers to the "augmented... Read more »
this has happen in the state of arizona and how do i proceed in minnesota, how do i ubtain a legal copy of the last will and testa ment
Hello, Thank You for your question! Unfortunately, the work you need to do is with the Arizona court where this was handled, not in a Minnesota court. But regardless, to get started, you will need a copy of the Will. Luckily, a Will that went through probate is a matter of public record (I am... Read more »
No children for her or her sibling. Her deceased father has one living brother; other siblings of both father and mother are dead. Would the Uncle be the only heir or would the children of the father’s deceased siblings also be heirs?
Thank You for your question! Minnesota has set out in Statute the order of preference when determining descendants if a Minnesota resident (or someone who has an interest in real estate in Minnesota) dies without a Will (known as "Intestate"). These rules are called "Intestate... Read more »
That depends on what needs to be done. Close bank accounts and distribute money -- this can be done rather quickly with only the state 'claims period' to wait before distributions.
Sell stock? It could take longer.
Sell real estate? It could take MUCH longer.
Wind... Read more »
My husband died and left a check from Chase bank from an IRA account he received from his fathers death unsigned and uncashed. I returned it to Chase bank per their request. To distribute the funds to me they are saying I need to become the executor of his estate. Which paperwork and filing fees in... Read more »
Every state has procedures for 'small estates' both in and outside of probate. I would advise you to consult with a local Probate attorney who can provide some guidance at minimal cost for such a small item. You MAY be able to simply prepare and present some sort of affidavit, or if the... Read more »
She was in a memory care facility for 2 1/2 yrs. We now got a letter from Carver County asking for information on her checking account, that they have last illness authority over remaining money. My sister and I have spent some of the money, but there's 140,000 left. Are we going to have to... Read more »
Call an elder law attorney ASAP (and I mean right now) to see what can be done. Failure to act quickly could have big consequences.
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