When Will a Beneficiary Deed be Ineffective?
There are potential problems if two (or more) people own the property with rights of survivorship. If only one owner creates a beneficiary deed, it might be ineffective. It depends on whether that owner was the first to die. If the owner who created the deed dies first, his interest goes to the other owner […]
What Is a Beneficiary Deed?
A Beneficiary Deed is sometimes called a transfer-on-death (TOD) deed and is allowed in 23 states, including Arizona. It can be used to transfer an owner’s Arizona property interest to another person upon the property owner’s death. Once you create a beneficiary deed, it needs to be recorded with the county recorder in the area […]
The ABC’s of RLT’s
A Revocable Living Trust (RLT) is an estate planning tool that A) distributes assets outside of probate, B) provides for incapacity planning for the trustmaker, and C) provides asset protection for beneficiaries. A RLT is created by a trustmaker (also called grantor). The trustmaker chooses a trustee and successor trustees to manage and distribute property […]
Be Careful With IRA Beneficiary Forms
Despite what some people believe, retirement accounts are not included in wills. An article in the New York Times notes that who gets the money invested in a retirement account such as an IRA depends on who is named on the account’s beneficiary form. Lots of people make mistakes when it comes to retirement accounts. […]
Emptying Out The Parents’ House
Emptying out a house chock full of memories can be tough. It can take a toll both on your body and on your emotions. Moreover, the task can easily provoke arguments among siblings. One may see dad’s record collection as a family heirloom, while another sees the records as being worth enough money to buy […]
When To Give Money To Your Heirs
You want to leave gifts for your heirs but you aren’t sure when to do it. Should you gift them now or leave it to them after you pass away? Under the law this year, you are exempt from gift taxes up to a lifetime max of $5.34 million. In addition, in any year you […]
Boomers Inherit Complications
Sara Rowbotham Cornell was lucky. She inherited her parents’ New Hampshire farmhouse, built in the 1870s, when her mother passed away. She has a painting of it hanging in her own home. But it took her a few years to be emotionally ready to sell the place. Eventually, the cost of upkeep, plus a visit […]
Putting A Plant In Your Will?
Most wills include money for children and grandchildren. Some even leave money for the care of pets. But plants? Strange is it may seem, that has now happened. A woman in Pennsylvania has set aside $5,000 in her will so that a friend can take care of her huge philodendron after her death, according to […]
Biggest Estate Planning Mistake
Many people make the biggest estate planning mistake there is — without even knowing it. They forget to update the names of their beneficiaries for employer-sponsored retirement plans, IRAs, insurance policies, mutual funds, bank accounts and annuities. If you haven’t updated your beneficiaries, when you pass away, your assets could go to the wrong people […]
Don’t Hope For An Inheritance, Ask For It
A Massachusetts court has ruled that simply rendering help or services to someone in the hope that it will result in a payment from that person’s estate is not enough to guarantee payment. In this case, reported on elderlawanswers.com, Suzanne Cheney performed many services for her stepfather, Anthony Turco, and expected to receive a share […]
