A 2014 Maine court case illustrates how some families can get into significant arguments over what seems to outside observers to be fairly insignificant things. See Estate of Greenblatt, 86 A.3d 1215 (Me. 2014). In 2008 Ada Greenblatt died childless. Her will provided for specific monetary amounts to two charities and 14 nieces and nephews, […]
U.S. Trust conducts an annual survey of high net worth individuals to prepare a comprehensive report it calls the “Insights on Wealth and Worth” (“Survey”). While there are many fascinating observations and conclusions that may be drawn from the 2014 Survey, we have highlighted a few below that have a direct bearing on our practice […]
Over the years, many women decided that they didn’t want children. Their decision was made not necessarily because they were selfish; many were career-oriented and received fulfillment through their work. But as these women age they wonder who will care for them, especially when they watch their friends’ children help them through illness or life […]
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This week we will look at an example of a celebrity who appears to have made a number of wise decisions in her lifetime estate planning. In contrast to the complicated, acrimonious and all too publicly scrutinized process of settling the Estate of James Brown that we looked at last week, the estate planning of […]
What is a reverse mortgage? Similar to a conventional mortgage (“Conventional Mortgage”), the borrower in a reverse mortgage (“Reverse Mortgage”) will continue to own the home. The lender does not take title to the home, but rather will have a lien on the property. The term “reverse” is essentially referring to a chronological difference compared […]
Yes, in that the state furnishes everyone with a plan to settle their affairs and distribute their assets when they die. That plan is called the laws of intestacy. However, that is a far cry from having your own plan to provide for who is to be in charge (the Executor) and who is to […]
Will my beneficiaries owe taxes on the retirement accounts I pass down to them? Most retirement account, including so-called “traditional” IRAs and employer sponsored 401(k) accounts, are funded with the pre-tax contributions of the plan participant (“Participant”). When withdrawals are made from that account, whether by you or by your beneficiaries, the withdrawals will be […]
When a person dies leaving assets owned individually in the decedent’s name only, those assets will need to pass through a court-supervised process known as “probate.” The primary probate for a decedent is conducted under the jurisdiction of the appropriate probate court in the state where the decedent lived. An “ancillary probate” is an additional […]
The treatment of the home residence under the Medicaid rules can be somewhat confusing. Here is a brief rundown of the some of the major points to understand. So long as the property (“Home”) is used as the principal residence by the individual who applies for Medicaid benefits (“Applicant”) and/or the Applicant’s spouse, the Home […]