Q. Our father appointed me as executor of his estate, and I want to distribute his personal possessions among the four of us children in a way that is fair. Any suggestions as how I might do this? A. Yes. I assume by your question that your father did not leave any specific direction in… Read More »
Blog Posts
Financial Tool To Protect Seniors From Financial Scams: the ‘Trusted Contact Person’
Q. My 90 year old father has a substantial brokerage account and likes to manage it himself. Yet I worry that he could easily fall victim to financial scams. Is there anything I can do to protect him? A. Yes, there may be. The Financial Industry Regulatory Authority (“FINRA”), which regulates firms and professionals selling… Read More »
How To Assist Physically Impaired Persons Sign Legal Documents
Q. My wife suffered a stroke and is essentially paralyzed. However, her mind is sharp. I need her to sign a Power Of Attorney so that I can take care of our financial affairs. Is there any way to do this? A. Yes. Where a person has sufficient mental capacity to understand the nature of the document… Read More »
Include Flexibility In Your Trust To Handle Change
Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves when needed. Any thoughts on how we can handle these concerns? A. Yes. With the ever-changing tax landscape, and… Read More »
Do I Need a Will If I Have a Trust?
Q: I have a Living Trust, prepared some time ago. I recently heard that it was a good idea to also have a Will. However, I thought the Trust took the place of a Will. Can you clarify this? A. Sure. Attorneys who prepare trusts generally also prepare a backup Will to coordinate with the… Read More »
As POA for Dad, Can I Make Gifts On His Behalf?
Q. My father signed a Power Of Attorney some years ago, naming me as his agent. The POA is effective upon Dad’s incapacity, which I believe has arrived . Some family members could use some financial help. Would it be legal for me to make gifts to them from his assets using the POA? Can… Read More »
Understanding the Difference Between a Will and a Trust
Q. What is the difference between a will and a trust? Some of my friends seem to use the terms to mean the same thing? A. Yes, many people do use the terms interchangeably, but in reality they are quite different, although they often work together to form a complete estate plan. A will is… Read More »
How To Settle Some Estates Without Probate
Q. My father recently died, leaving his home in a Living Trust. He also left several bank and brokerage accounts. Our problem: these financial accounts were never formally transferred into his trust. Is there a way to deal with them now without going through a full probate? A. Yes, there may very well be a… Read More »
Powers of Attorney Come in Many Forms
Q: My friends and I were recently discussing our estate plans, and the subject of Powers of Attorney came up. It seems that we have different understandings as to what they look like and how they can be used. Can you provide me with a short lesson which I can share with my friends? A. … Read More »
PACE Program Helps Senior Couples Live Together At Home
Q. My husband has become frail, and his doctor says he may need to go into a nursing home. However, neither of us is happy with that plan. I want to keep him home. Is there a program that might help us? A. Yes. The “Program for All Inclusive Care for the Elderly” (“PACE”) may… Read More »
Does Your Older Trust Need An Update?
Q. My wife and I had our Living Trust prepared back in the year 2001. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. Yes, Indeed!. When you created your own trust, the estate tax exemption was much smaller than… Read More »