A dispute over a decedent’s estate is often a result of a relative, neighbor, or friend of the decedent obtaining the lion’s share of the assets when other relatives believe they should have been left more. Sometimes the decedent’s estate planning is a change in a Will, a Trust, or deeding the house or changing the ownership of the bank…
Arranging for a parent or other loved one to become a resident of a nursing home is never an easy decision. It is usually done at a time when emotions are high. It is very important for the person arranging for nursing home care to carefully scrutinize the documents of the nursing home. One such document is the Admission Application…
We are often concerned that our elderly parents or grandparents, as the case may be, might be subjected to scams or manipulated into providing gifts to people. If your parents are living alone, it is important to ensure that they are up to date on the most recent scams; whether internet or otherwise. For example, in New Hampshire, we have…
In December of 2010, the long-awaited “fix” to the uncertainty as to the future of the estate tax was resolved (at least for 2011 and 2012). The estate tax exemption was set at $5million and the concept of “portability” was added to the Internal Revenue Code. Portability allows the transfer of any unused estate tax exemption of a decedent to…
According to the Congressional Quarterly Today, House Democratic leaders intend to bring a permanent estate tax bill to the House floor next week. The estate tax, which is set to disappear for a year on December 31, is the subject of numerous bills pending in the House. The legislation (HR 4154), which is slated for House action as early as…
As mentioned in an earlier post at this site, Michael Jackson’s Will is a Pour-Over Will leaving all of his assets which pass through probate court to his revocable trust. A scan of his purported Will is available on various websites. I have scanned the most complete copy I could find and published it at my firm’s website. You can…
While the world is questioning many of the decisions Michael Jackson made during his lifetime, most estate planners are commending him for his Will and Revocable Trust Agreement. For the past several weeks, the press has been (mis)informing the public as to who is “in” and who is “out” of Michael’s Will, and who will be “getting” his kids. The…
As reported here in an earlier article, there is a bill pending before Congress which will keep permanent the current Estate Tax exclusion of $3,500,000. In recent days two more bills have been proposed, one by Rep. Jim McDermott (D-WA) and the other by Rep. Travis Childers (D-MS). Rep. Jim McDermott, a senior Member of the House Ways and Means…
Even if all of your property is jointly owned with your spouse or children, you shouldn’t overlook the need for having a will. A will allows you to direct “who gets what and when”. In addition to the distribution of your assets, your will designates who will be in charge of your estate, and more importantly, your will is where…
Beginning January 1, 2009, the federal gift tax annual exclusion increased from $12,000 to $13,000. The gift tax annual exclusion is the dollar amount of assets you can give to any individual each year without it being considered a taxable gift. Married couples can give up to $26,000 to any number of donees (recipients) without any gift-tax consequences. However, if…