Joint Ownership of Real Property- Different Ways Real Property can be Titled
Title to real property can be held in three different ways; tenants by the entirety, tenants in common, and joint tenants with rights of survivorship. Tenants by the entirety- the property is owned by a married couple. The deed will usually state the parties as husband wife. For example the deed would say “John Doe […]
What is a Statutory Gifts Rider & Why is it Needed?
The Statutory Gifts Rider or SGR, is a modification to a power of attorney that allows the agent to give gifts. Without the Statutory Gifts Rider the agent under a power of attorney is only allowed to give gifts totaling $500 for the year for personal and family maintenance. The Statutory Gifts Rider may be […]
What is a Testamentary Trust?
Simply put, a testamentary trust is a trust that is written into a Last Will & Testament. The trust does not come into existence until the Will is probated. Testamentary trusts can be created for a variety of reasons. Here are a few reasons a person might want to set up a testamentary trust in […]
Who may commence a Guardianship Proceeding?
If you are concerned that a loved one or family member can no longer take care of their finances or are unable to make safe medical decisions for themselves, a guardianship proceeding may need to be commenced. Who has the authority to commence a Guardianship proceeding? M.H.L. §81.06 lists specifically who may commence a guardianship […]
Key Parties to a Trust
This article will focus on some of the key parties to a trust. There are generally three parties to a trust; the grantor, trustee, and beneficiaries. The Grantor or Settlor is the person that creates the trust. This person will discuss with their attorney their wishes for the trust and the terms that will […]
What is a Step-Up in Basis?
One of biggest gifts given to estate planners is given to us through the Internal Revenue code. IRC §1014 is the rule that says a beneficiary receives the basis of the decedent at the time of their death. Step up in basis is best explained through an example. Daredevil Dan Example #1: Daredevil Dan […]
What documents should be part of a basic Estate Plan?
A basic estate plan involves planning for two things; a person’s demise and their incapacity. A Person’s Demise “In this world nothing can be said to be certain, except death and taxes.”- Benjamin Franklin. Unfortunately, we all only have a limited time on this earth. Estate planning details how you would like your property to […]
What does the New York Jets all time sack leader have to do with Elder Law?
Recently Mark Gastineau, the New York Jets all time sack leader, told the public that he was diagnosed with dementia, Alzheimer’s disease, and Parkinson’s disease. Alzheimer’s disease is an awful disease that affects the brain and destroys memories and other important mental functions. He may not be able to recall family members or how to […]
Why Every Young Family Should Have an Estate Plan!
When people think of estate planning, they usually think of the elderly or people in white clothes playing tennis on their massive estates in the Hamptons. Both the elderly and the super wealthy need estate plans, but so does everyone, especially parents with young children. Estate planning consists of planning for two events, death (morbid, […]
Who has priority to act as Administrator of an Estate?
If a person dies without leaving a Last Will & Testament, that person is said to have died intestate. To learn more about who would inherit according to intestacy, read “What Happens if I Die without a Will?” When a person passes away without a will, a person needs to be appointed to marshal the […]