Estate planning includes all the planning that’s involved for setting up a will, a trust and making sure that your assets go to the people or organizations that you want to have them. Estate planning is complex — you should consider taxes when making plans for your assets to go to your heirs. If you don’t do estate planning you risk having your belongings managed by the state where you live, and your state’s laws may not match exactly what you want. Estate planning is especially important in blended families.
Trusts: How to Handle a Home in a Trust
Trusts: How to Handle a Home in a Trust Q: My mom's home is in a trust. She passed away towards the end of last year. She lived in the home for over 20 years. Her trust lists her six grandchildren as the beneficiaries of the trust. We’ve found a buyer for the home who [...]
Power of Attorney and Elder Abuse
Power of Attorney and Elder Abuse COMMENT: You stated to a reader recently that it was unclear why the niece no longer had power of attorney (POA) over the aunt's house – and a conservator stepped in. As an advocate against guardianship abuse, a POA can be removed through the courts like a discarded traffic [...]
Estate Planning: Trusts and Transfer on Death (TOD)
Estate Planning: Trusts and Transfer on Death (TOD) Understanding when to use a trust versus a transfer on death (TOD) instrument COMMENT: I read your recent article about trusts and beneficiaries of trusts. You mentioned that “If you have a revocable trust, as the beneficiary you have the right to amend the trust and update [...]
How to Transfer a Home Into a Living Trust
How to Transfer a Home Into a Living Trust Will a living trust always help a home owner avoid probate? Q: I am trying to help my dad transfer his home into a living trust. He will maintain the home as his primary residence. We want to put the home into a living trust to [...]
Who Should Inherit My Mom’s House?
Who should inherit my mom's house? A step-sister is claiming a share of the reader's mom's house after mom quitclaimed the deed to her father Q: My mother and father were married for over 20 years. During their marriage they bought a house. At some point my mother signed a quitclaim deed and made my [...]
Adding Successor Trustees
Adding Successor Trustees and Beneficiaries When you should revisit your trust documents Q: My house is held in a trust. My nephew is the successor trustee. He not only is the successor trustee, but he and his sister are each 45 percent beneficiaries. Another nephew is the final 10 percent beneficiary. Only my home is [...]
Should I Put Inherited Property In LLC?
Should I Put Inherited Property In LLC? Reader wants to know if using an LLC to transfer property ownership after death is the best way to avoid probate Q: I inherited a parcel of land upon my father's death. His wishes were for the property to remain in the family for my children. In order [...]
Do I need a quit claim deed?
Do I need a quit claim deed? Reader wonders if she needs a quit claim deed if living trust is in place Q: Is there any risk, concern or benefit to simply adding a child to title through a quit claim deed (not replacing homeowner on title, but adding)? This child is the beneficiary and [...]
How Can Property Go To A Spouse After Death?
How can property go to a spouse after death? Brother gave his sister the deed and never put his wife on title to their home. Q: Our local newspaper printed one of your articles, “Joint Property Co-Owner Dies Without Will.” My brother recently passed away. He was married but never made the effort to put [...]
Will my son inherit the house?
Will my son inherit the house? Q: I purchased a house with my married son several years ago for him to live in. My husband and I gave him the money for the down payment. Only my credit was checked when we purchased it. Both my son's name and my name are on the deed [...]