Category Archives: Asset Protection

Should I deed my property to my kids?

The Most Common Do-It-Yourself Estate Planning Mistake

By Attorney Ted Brown

Screen Shot 2014-03-11 at 12.17.42 PMAnswer: No. Not unless you (and your children) understand the risks and drawbacks.

In an effort to protect their real estate from nursing home or from estate taxes, many people consider deeding their real estate to their children. This is a very risky strategy for a variety of reasons.

Taxes – By transferring real estate to a child while you are still alive can create a future tax time-bomb for that child.

A gift of property during the owner's lifetime results in what is known as a carry-over in basis. Basis is the IRS term for the value of the property when you received it, being either the price you paid for it or the value it was worth when you inherited it. Basis is important when the property is sold. The sale price, minus your basis, equals your capital gain which is taxable at roughly 29% between Federal and State taxes.

For example, if you buy a piece of land for $100,000 and you sell it for $225,000, you have a capital gain of $125,000.

So if you have a piece of property that was worth $150,000 when you bought it and now it is worth $400,000, you have a lot of taxable appreciation. If you deed that property to a child, you pass on that taxable appreciation. Moreover, if the child holds onto the property for another 20 years and the value increases to $750,000 then they will owe tax on a $600,000 gain when they sell. This could result in $174,000 being lost to taxes.

Liability - if the property is owned by someone else, it is subject to the liabilities of that person.

Suppose you gift property to a child. Your child now owns that property. It is considered to be their personal asset, even if you continue to live there. If that child were to get a divorce, then that property is up for grabs along with all of their other assets.

What may be even worse is if that child gets sued, even for something that is no fault of their own, the entire property could be lost to pay their liabilities or judgement creditors, potentially leaving you without a place to live.

It is very important to understand the many potential consequences of gifting any assets, particularly real estate, before embarking on such a plan. You should seek the assistance of Elder Law Attorney to discuss the best strategies for protecting assets before taking on the challenge yourself.  

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Seniors Beware- Consumer Alert- Potential Scams

By Roy Whited

Screen Shot 2013-07-15 at 10.46.22 AMThis information was taken in part from a recent newsletter from the Ohio Department of Insurance. Columbus- Ohio Lieutenant Governor and Insurance Director Mary Taylor have issued a consumer alert after reports have surfaced that telephone con artists are using the confusion surrounding the Affordable Care Act (ACA) to attempt to steal Ohioans personal information. The scammers are claiming to be representatives of a health insurance exchange, Medicare, or a “government program”.

Taylor said, “ No one from an official government program should be calling you requesting personal information. If you are contacted by a suspicious caller, do not provide your personal information, including your Medicare, Social Security and bank account numbers.”

Scammers are:

  • Claiming to be authorized to help people navigate the health insurance exchange created under ACA and they need to verify the person’s name, address, and social security number.
  • Claiming to be a Medicare representative and that because of the ACA the person’s information needs to be verified in order to receive a new Medicare card.
  • Claiming they need the person’s Medicare number to provide them an updated medical emergency alert device. One of the brand names mentioned is Lifeline.

Avoid Becoming a Victim:

  • Medicare or government program representatives do not make house calls or solicit by telephone.
  • Protect your personal information. Do not give out your Medicare, Social Security, or bank account numbers.

Contact the Ohio Department of Insurance:

  • If you are contacted by a suspicious caller seeking your personal information, call the Department’s fraud hotline at 1-800-686-1527. You can also report it at www.insurance.ohio.gov

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Cautions for Family Caregivers

By: Attorney Nathan Simpson

Screen Shot 2013-07-15 at 10.18.51 AMAs seniors need more care, many are choosing to move in with their adult children in order to avoid a Nursing Home stay. This is beneficial for both comfort and financial reasons. Because of the care provided by the adult children, it is common to see that the senior wants to help their child out with bills, food expenses, or even financial compensation for the time and care they provide.

While this arrangement can be beneficial for everyone involved, it can raise issues with regard to eligibility for long-term care benefits. If the proper procedures are not followed, these payments may cause the State to refuse coverage for Nursing Home bills that would otherwise be covered. Handling these payments incorrectly may also interfere with the ability of a Veteran to receive benefits they may be entitled to. Also, many people do not realize that there may be tax consequences for these payments.

If you or a family member wish to set up a family caregiver arrangement, please contact Cooper, Adel & Associates to set up an appointment with an Elder Law Attorney.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Four Threats to your Retirement Income?

By Roy Whited

Screen Shot 2013-05-29 at 12.08.24 PMThe following came in part from information posted on Yahoo Finance.

Just Explain It”, April 18, 2013. What four events are most likely to drain your retirement savings?

#1 Medical expenses. These shouldn’t be unexpected, but they’re probably the number one threat to a retiree’s financial security. Most people don’t plan adequately for this. And a lot of retirees don’t understand that Medicare doesn’t pay for costs related to a long-term stay in a nursing home. With the cost of a nursing home stay reaching to $70,000 – $100,000 a year, this can quickly deplete the retirement nest egg for a lot of retirees.

Some financial planners and insurance professionals suggest that retirees buy long-term care health insurance to protect their assets. While this type of insurance can be a good idea, many retirees can’t afford the cost of the insurance and others have health problems which limits their ability to qualify for the insurance.

#2. Unexpected travel cost. For some in their golden years, surprise travel costs can take a chunk out of their savings. One-time events, like a graduation or a wedding are unplanned expenses that sneak up on retirees. Caring for an out-of-state family member or friend can also require taking money out of savings.

#3. Taxes. Sudden take hikes can also cause unwanted stress on a retiree’s finances. Tax increases this year will affect households at different income levels. Plus the increased cost of property taxes can also be an additional burden.

#4. Maintenance and repairs. Replacing a old or damaged roof, a car, or a home appliance can be a drain on the retirees savings. Unanticipated expenses like these– which are almost impossible to forecast or even avoid– tend to add up over the years.

Experts suggest creating a rainy day fund for unexpected bills. For example create a separate savings account and contribute to it on a regular basis.

Special note. Retirees should remember that these rainy day funds are usually not protected from the cost of long-term care expenses. However, these funds can be arranged in a way that they are protected from being lost to the cost of long term care. For more information on how to protect your assets, call the Cooper, Adel & Associates law firm at 1-800-798-5297 for a free 1 hour consultation.

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Contact us for a free consultation.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

It’s Your Funeral: The costs and consequences of funeral-related expenses and tips to protect your family at your death

By Mitch Adel

Screen Shot 2013-04-22 at 1.52.19 PMOne of the tragic complications that often arise when a loved one passes away is that families can be faced with a wide range of surprisingly costly short-term expenses at a time when they are least equipped (emotionally or financially) to handle them. The average cost of a funeral has increased to nearly $9,000 in today’s market, and it is quite common for the price tag to exceed $10,000.

The need for immediate cash to cover these unwelcome but necessary funeral-related expenses is prompting many families and individuals to consider pre-planning and pre-paying for funerals or purchasing pre-need insurance policies. While these options are increasingly popular, seniors should review their options within the context of a comprehensive estate plan. Of course, it is prudent to discuss these options with family members. Should you plan now or can you wait until you are “older”? Think about this: if you become incompetent or die unexpectedly, you will not be able to make your wishes known to those you love.

Plan ahead

Funeral planning should be part of a comprehensive estate plan. Elder law attorneys are experienced at counseling clients on such

matters and can help you clearly define how you want to carry out your last wishes. Your attorney may suggest that you write down your wishes in a legal document called a testamentum mortis that clearly states, for instance, whether you will be buried or cremat- ed, whether you want flowers or would prefer contributions to a charity, whether you want calling hours or a small, private service. If your family, like many, is reluctant to discuss your funeral plan, it can make it more difficult for them at your death.The written plan makes sure that your family knows what is important to you. It is your preferences in writing.

Once you’ve established your preferred funeral arrangements, it’s time to look at how to pay for your funeral options. You will need to evaluate how much you are willing to spend to fulfill your wishes. From there, your estate planning team can recommend solutions that work well with your overall plan. This may include writing a burial contract, creating a dedicated savings account or designating part of an existing trust to cover anticipated costs. Beyond these initial steps, there are a multitude of choices available, including funeral insurance that is typically offered by an insurance company and prepayment options offered by funeral homes, but not all are created equal. Funeral insurance plans typically allow your family the flexibility to determine which funeral home makes sense at the time of your death, rather than locking you in to a specific home.

Do your homework

Your estate planning team should do the basic research for you so that you have a range of options, but there are still important questions to ask before settling on a particular path or product.

If a pre-paid funeral plan is recommended, make sure you understand the risks. While these plans are increasingly popular, on occasion they can lead to an unfortunate surprise if a funeral home is mismanaged, goes out of business, consolidates with a national brand or enters into bankruptcy.While the vast majority of funeral

home operators are professional and trustworthy, your options can be limited in these cases. You should also consider what happens if you move out of state for warmer weather or to live with a child.What happens to the money you invested with a specific funeral home?

If funeral insurance is recommended, you should make sure you understand what happens at your death. What decisions will your family still have to make? How will your family get the money to the funeral home they choose? Are there any delays or other complica- tions they must face?

The bottom line is that planning to help your family deal with funeral expenses is a critical piece of a comprehensive estate plan. Protectingyourfamilyinaresponsiblewayfromcostlyfuneral-related expenses involves working closely with a qualified team of estate and

financial experts.Your team should understand your financial circum- stances and priorities so that they can advise you as to the pros and cons of the available plans.

However the finances are handled, make as many decisions as possible up-front to ease the burden on your family.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Running Out of Money Trumps Death

By Bob Kueppers

In a recent infograph, running out of money trumps death as the top fears about getting older. When I look at my parents and grandparents, I know that this is a fear they will never experience, mostly because they knew how to save throughout their life time and didn’t wast money on a new fancy car or exotic vacations every quarter.

However, when I look at my generation it’s the exact opposite. I see a lot of my friends living pay check to pay check and trying to outdo each other with who has the most expensive car or new gadget on the market and maxing out credit cards. Before working at Cooper, Adel and Associates, I was just like my friends. Working around estate planners has made me realize that it’s never too late to start planning. While my friends are trying to outdo each other I’ll continue working on saving for my future and setting up my estate plan to make sure death will always outweigh running out of money.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Leaving Money to Others can Create Serious Problems

By Attorney Dan Vu

Screen Shot 2013-04-04 at 8.51.43 AMUnfortunately we live in a world where even when you want to do a good thing for someone, like leave them an inheritance, you may be creating a serious problem for them. For example, if a disabled family member has been approved for government benefits, like SSI or Medicaid, and they now receive an inheritance, they will have to update the government agency about their inherited assets. The agency may count the inheritance as an asset that disqualifies them for future benefits.

More common, and worse than the previous example, is when the disabled family member forgets – or does not know that they are required – to report the inheritance and therefore government payments continue. Every year, the Agency conducts an audit and they will find out about the inherited assets. Unfortunately for the disabled family member in this case, the Agency will not only suspend future payments but will also demand that they return all payments received from the time of inheritance to date!

What if the beneficiary has already spent the money? The agency becomes a debt collector, and the beneficiary will wish they never received the inheritance.

Knowing that they could cause such problems, many people choose simply to disinherit the disabled family member. This results in leaving them out in the cold when they could benefit most from the inheritance.

There is a better way. A Supplemental Care Trust can be used for the benefit of the disabled beneficiary. The inheritance left to the Supplemental Care Trust can still be used directly for the disabled beneficiary’s supplemental needs, i.e. anything that the government benefit is not providing. By law, this trust cannot be used to disqualify the beneficiary for any public benefit and does not need to be reported to the government agency. The only requirements are that the trust be set up by someone else, typically the parent or the grandparent, and that a trustee be appointed, but that trustee could even be the disabled beneficiary’s sibling. When the disabled beneficiary needs a new car, some funds for a trip, or almost any other “supplemental” expense the trustee will simply write the check. Also, the trustee is limited to only writing checks to or for the benefit of the disabled beneficiary to ensure that trustee has no incentive to keep the funds from a disabled beneficiary’s reasonable request. In this way, the beneficiary can keep their government benefits for basic necessities while making life easier by using the supplemental care trust funds.

 

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Are You the Victim of a Scam?

by Janet Fickle

Screen Shot 2013-04-04 at 8.47.02 AMThere are many types of fraud that affect senior citizens. It is a booming business that targets the elderly.

People who propose to do work on your home and take money up front without doing the work is one of the scams that happens to many people. Also, there is another way the scammers work, as was the case with my grandmother’s situation. The scammers did the work on her roof. Later, the roofers came back to tell her that their boss wasn’t satisfied with the work they had done and that they needed to do some more work. They asked her to go outside so they could show her what they intended to do. While she was outside with one partner-in-scam, his partner went into the house and stole my grandmother’s money. Morale of the story: Get references before hiring anyone to work in or around your home.

Some schemes involve people making false claims on estates after the death of a loved one. If you are given a claim, make sure you have it in writing to give to the executor. The executor will be able to evaluate the claim and decide if it has any merit.

Of course, we have all heard of the phone calls that seniors are getting concerning grandchildren being in trouble and asking the grandparent to send them money. Call family members first to find out what, if anything, is happening.

People are always calling wanting you to send money for worthy causes. There are many causes that are reputable and really do help people in many ways. Just be very careful about sending your money to just anyone. Ask questions to make sure it is something you really feel comfortable doing. So, do research before agreeing to send them money.

I have had people call me asking if I am having trouble with my computer. They want me to go to my computer so they can help me with any problems. I never let anyone have access to my computer unless I call them for help. If you receive phone calls wanting your social security number or any credit card numbers, do not give these out.

Of course, there are the many investment schemes that can lure you into a bad situation. Again, be cautious and verify information with people you trust. Don’t be pressured with time limits. If they can’t wait for you to check everything out, it is probably not in your best interest.

There are so many fraudulent schemes and scams, it would take a book to name them all. Just be very cautious and remember, it is your phone and you can hang up on anybody you don’t trust.

The Better Business Bureau is a good way to find out about the companies or people you want to do business with, or you can call the Attorney General’s Office.

If you feel you are being taken advantage of or you feel you have been caught in a scam, please call the police to report these unscrupulous people. This is the only way they will be caught and prosecuted.

Source: Baby Boomers Beware: Financial Fraud That Targets Seniors.

www.investopedia.com/articles/pf/11/senior-financial-scams

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Municipal Pension Systems Are Crumbling in Rhode Island

 

By Julian Guilfoyle, Cooper & Adel Financial

The afternoon knows what the morning never suspected.”  -Robert Frost
 

Even as the overall economy continues to improve, municipal and state pension systems continue to be egregiously underfunded. Josh Barro of Bloomberg News wrote last week in an article titled “Why Municipal Pension Systems Are a Terrible Idea” the pension plan for the police department in Scituate, Rhode Island (population 10,329) is underfunded to the tune of $8.4 million. He states, “That doesn’t sound like a big shortfall until you realize that Scituate’s pension plan has only 33 participants, meaning it is short by more than a quarter million dollars per employee.”

Unfortunately for residents of the state, Scituate is not alone. Barro writes, “Rhode Island, with just 41 cities and towns, has 36 separate pension systems, and their unfunded liabilities total more than $2.3 billion.” With the amount of money on the line, you would expect these pensions would be in the hands of capable professionals working on behalf of the public employees. That doesn’t appear to be the case. Barro notes, “In the case of Scituate, the board that was supposed to oversee the police pension plan met only once between 1999 and 2011.” Further evidence of the board’s irresponsibility lies in the fact that up until 2007 they were using an investment return projection of 9 percent annually. The problem is of course, that like most of us, 1999-2007 did not yield annual returns of 9 percent for the municipal pension fund. This is the fundamental reason why the pension fund liability quadrupled between 1999 and 2013.

With all the overlapping bureaucracy and redundant and ineffective boards, Rhode Island lawmakers have proposed what Barro cites as the “more promising long-term fix.” Their idea is to consolidate these municipal funds into one large state pension fund. Proponents of the idea highlight a 2011 reform of one of the state’s largest pension systems that improved the funding ratio from 48 percent to 61 percent. The improvement was accomplished largely by a restructuring of the pension plan, meaning the pension system paid out reduced benefits and increased employee contributions. However, as nbcnews.com reported last year, there are only 16 states that have pension systems funded above eighty percent (considered healthy). Rhode Island’s state pensions were funded at a rate of 49% of benefits promised. The pot is calling the kettle black.

The real question here is what is going to happen when these pensions fail. I believe that it is a matter of when, not if. As baby boomers age, the stress on the system will become greater and greater with more retirements threatened. It has been, and in my opinion will continue to be, politically unpalatable to slash benefits, especially at the level necessary to make these pension systems solvent. So municipalities will defer their liabilities to the states, states eventually to the federal government, and sooner than later we will be talking about the pension bailout. Or, like Pritchard, Alabama, they’ll just stop sending the checks.

BLOOMBERG

http://www.bloomberg.com/news/2013-02-08/why-municipal-pension-systems-are-a-terrible-idea.html

NBC NEWS

http://www.nbcnews.com/business/economywatch/funding-gap-state-retirement-benefits-rises-1-4-trillion-834473

Pritchard, Alabama Cooper and Adel Blog

http://cooperelderlaw.com/planning/no-bailout-how-retirees-losing-their-pensions-all-across-country/

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

“Do it Yourself” Advice is Cheaper now, but More Expensive Later…

 

By Attorney Mitch Adel

For years, I have been a subscriber of Real Simple magazine. I love the short quick reads that offer advice on how to solve everyday problems that come up in life and around the house. Nothing beats a simple “fix it” or input from another reader about how to solve common problems in ways you might not of thought of yourself. I seen an article that is related to what I do everyday, but that all changed this month. In the March 2013 issue there is an extremely useful article on “5 tough parental talks.” As it says in the tagline of the article, it is not easy to discuss death and dying with your folks but it's important all the same. The topics in the article are written as questions and are terrific, but please BE CAREFUL, some of the cost- cutting advice can have the opposite effect.

The second question in the article, an important one, asks “Do you have a Power of Attorney?” This is an extremely important document, and the advice on how to start the process with someone's parent is spot on. The author and her source explain that the best option is to contact an elder law attorney. Now, if you have read some of our elder law firm's blogs in the past, I can see how you might think my writing about this article is self serving, but in addition I want to share with you the reasons why.

The first question asks “Do you have a will?”, again a great question and a document that everyone should have, but be careful about the advice that is given. The author's source explains that not having a will means that the probate court judge will divide the assets and this process can cost thousands of dollars. Depending on the complexity of the assets that the deceased person had this can be true, but please also understand that even if you have a Last Will and Testament, your family may still have a costly probate experience. In fact, if you rely solely on a will for an estate plan, your estate will go through probate. This answer to the first question, again ends with the advice of how to start the process and shares that an attorney is the preferred option, but the scariest part is next. Their advice is to offer a cheaper alternative – a “do it yourself” (DIY) website. In the writer's defense they do acknowledge that using the DIY method should only be used if you have no property and few or no investments. My worry here is that some people will only see this as a cheaper solution and again, if not used properly a “simple” will can have the opposite effect.

The most hair-raising question in this article is “Do you have an authorized user on your bank and investment accounts?” Again, great question and putting the financial institution on notice of the above mentioned power of attorney is the best answer. However, in the article it says that families should meet with their bank or brokerage house to fill out the appropriate paperwork to have another family member listed as a co-owner and then list the account joint with rights of survivorship. This will allow the other family member (child) to withdraw funds and close accounts if the parent becomes incapacitated or passes away. While both the ability to access the funds and close accounts outside of the probate court are true, the article fails to mention that if the child, while the parent is still alive, has any creditor issues such as a car accident that leads to a lawsuit, a divorce or a bankruptcy, all of the money in the parent's account is exposed to that co-owner's (child's) creditors. In order to avoid having the children's problems affect the parent's assets, families should rely on a properly drafted power of attorney to access the funds while the parent is alive and a beneficiary designation on the account or a revocable living trust to avoid the probate court's involvement at death.

Every year the number of “do it yourself” (DIY) websites increases and with it an increasing amount of information available to you without your having to leave your couch. I cannot stress enough the importance of being extremely careful with how you utilize that information, no matter how reputable the source. You should never replace professional legal advice with something you read online or even in a magazine. If you have any questions or would like to discuss your individual situation please call our office 800-798-5297 to schedule a free one hour consultation.

DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 



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