Many clients consider setting up a Revocable Family Trust and complete a deed transfer of their home to the Trust for estate planning purposes. When your home is a Co-op, their are some additional considerations since the Board must approve any transfer of ownership. This recent article from The Cooperator suggests why many Boards should … More Can I transfer my Co-op to a Family Trust?
A power of attorney is a legal document that grants authority to another person to administer all or some of your affairs. The person who grants the power of attorney is known as the principal, and the person who takes over the authority is known as the agent. Each state has its own power of … More Does Power of Attorney End upon Death?
For an adult child, the death of a parent is a very stressful time. Finding out that Mom or Dad had some large outstanding debts makes this an even more stressful time. This CNN Money article deals with the questions of responsibility for these debts. Unless you cosigned one of your parent’s loans or accounts, … More Can you inherit your dead parent’s debts?
For many who may inherit the home of their parent in recent years, it may mean figuring out a plan to deal with the expense of paying the existing mortgage on the property. According to this NY Times article, the lender should be notified of the death. There are various strategies that may be implemented … More Inheriting a Home, and a Loan.
Not only is it important to make sure that your estate plan is in order by meeting with and executing various documents with your attorney, it is just as important to make sure that your loved ones are aware of all documents that you have executed, including any life insurance policies that you may have … More The 25 Documents You Need Before You Die.
The Tax Relief Act of 2010 has brought some notable changes to estate tax law. While the increase in the lifetime gift tax exemption to 5 million may leave many with a sigh of relief feeling that they may not need to get to creative since their estate is below this threshold, this Smartmoney.com article … More The New Rules of Estate Planning.