Read the Print Version

(Warning: Typos Intact, Not Legal Advice)

Greedy Grasping Stepmother?
Conniving Stepsisters?
Stop Me If You’ve Heard This One Before…

Can my step-mother, who has rights to live in the house till she dies, pay lawyers and take money out of my Dads Estate? NO WILL

When sibling took my dad & stepmother to draw up a will, years back. Stepmother said she didn’t want it-she wanted Everything my Dad had. She told him that day she could divorce him & take half of everything. She moved out for a wk when I got POA & he put bene on his Bank accts & investments, leaving her enough to live on & added her to the deed, to live there till she dies -then reverts back to his 3 prev children. I moved in with them, to try to help with his care– she said she was living in Hell & hoped to die in her sleep.. She called him ugly names and smacked him (on his legs) when he was talking late at night and bothering her..

I slept on the sofa beside him – he had his days & nights mixed up.. & trouble sleeping at night.. she would rather him be a nursing home. Now she’s upset that he didn’t leave her ALL and has hired an elder lawyer .. her daughter asked if my Dad’s estate would be paying the bills he paid in life and I’m afraid they are figuring a way to take money away from the house. we aren’t allowed to see or talk to her & they want us to come get our dads belongings that they are putting in his garage. he died Nov 2nd at 85- they were married 26 years. She is 83

Chapter One: 26 Years Of Wedded Bliss

Chapter Two: The Aftermath

Why These Things Happen: When people live longer, they tend to find fault with the other people they’ve been living with. Sometimes those other people die. Frequently they move on. To make other mistakes. With other people. Bringing their baggage along with them. Baggage that frequently includes other human beings, known as “children.” Children who never, at any time, saw in that other person what you saw in the other person. Hope springs eternal. Keeps life interesting.

Just the Facts, Just the Facts: Here’s a story of a lovely lady. Who was bringing up a very lovely girl. It’s the story, of a man named [Fill in the Blank], who was busy with three kids of his own. ‘til the one day when that lady met this fella and they knew that it was much more than a hunch…

But now she refuses to engage in estate planning. He wants his leftovers to go to his kids. After he dies. After she dies. After she has used the marital assets. Then passed over where those assets are no longer needed. But. She wants his leftovers. Now. And when he dies. Nothing for his kids. What’s mine is mine and what’s yours is mine too.

What Might Have Been: This is not an unusual situation. How do we make sure that the surviving spouse continues to enjoy the life that they have built over the last 20 years? How do we also honor the love each parent has for their kids? How do we honor the commitment that these married folks have made to one another? How do we avoid nursing home poverty that wrecks everything for everyone?

First Things First: An easy way to prevent fights over stuff is to make sure there is no stuff. Not surprisingly, there is a popular way to make sure there is no stuff over which to fight. Simply liquidate lifesavings and pay for a long-term care facility, nursing home, assisted living, or at-home care provider. Care services are extremely expensive now. Care services are getting more expensive by the day. Going broke does seem to be a popular strategy. Freedom is just another word for nothing left to lose.

Planning to avoid nursing home poverty is well- established. The legal foundations are sound. The beneficial consequences are undeniable. And the psychological effects are much greater than most folks realize. The stepmother in this letter is greedy, grasping, uncooperative, and mean. Maybe that is just who she is. Always has been, always will be. But I wonder. How well do you yourself function when fear and anxiety set in? Imagine yourself threatened. Weak. Unable to control your destiny. Physical and mental decline undeniable. Will you be your best self? Maybe. Maybe not. Would it make any difference if your future were secure? If you knew that there was nothing to worry about. Does security bring generosity?

Gratitude? Sometimes, I guess.

Chances Missed: By rejecting Dad’s efforts to plan, Stepmom put him in a bind. Cooperative, joint, mutual planning that is agreed upon by the couple works best. Dad could write off his kids. Or he could plan for both wife and kids, without Stepmom’s contributions.

Stepmom threatened Dad with divorce. He did not want that. Stepmom insisted Dad disinherit his kids. He did not want that either. So Dad put Sonny-boy’s name on some accounts. It seems that Dad also put Stepmom’s name on other accounts. Dad “put bene on his Bank accts & investments, leaving her enough to live on”.

Plus Stepmom gets (at least) so much of his Social Security Retirement that is more than her own. Maybe pension, too.

I would also guess, from our correspondent, that Dad gave Stepmom a “life estate” in the homestead. After the estate planning fiasco, Dad “added her to the deed, to live there till she dies -then reverts back to his 3 prev children”. That’s a pretty good description of how a life estate works. Dad, who owns the real estate, gives Stepmom the right to live there. For as long as she lives. And after death, the real estate goes to whomever Dad set forth on the deed.

Practical Pointer: What if Stepmom challenges all this and tries to set it aside? Michigan’s Estate and Protected Individual Code has the answers. Stepmom and Dad have no kids together. Stepmom and Dad each have descendants of their own. In this case, surviving Stepmom gets the first $100,000 and splits the remainder with Dad’s kids. Adjusted for inflation since the year 2000, Stepmom would actually get the first $161,000 and divide the remainder equally. One-half for the surviving spouse. One-half divided among the decedent’s children.

Interesting Note: What if Stepmom and Dad had at least one child together? Then Stepmom would get the first $242,000. And divide the rest as usual.

Bottom Line: Dad and Stepmom missed an opportunity to provide for one another and perhaps build a happier life together. Stepmom would probably lose more at this time by contesting rather than accepting Dad’s solution. Can Stepmom leave the homestead in debt by charging expenses against it? Nope. Can Stepmom draw money from the estate that Dad did not leave to her? No. Does it make sense for Stepmom to try and set it all aside? Probably not, but it all comes down to the numbers.

***********************

Does Any Good Deed Go Unpunished?
Or Unrecorded?

What do i do as a successor trustee if the real property deeds were prepared, signed and notarized but never recorded?

it appears that when the trust ws prepared so were the deeds, but the original deeds are still in the binder with the will and trust, etc. and there is no record of them ever being recorded. Can I simply record them now? it has been about 2 years since everything was signed and notarized.

Short Answer: No. Problem. At. All.

Longer Answer: In each county, the Register of Deeds provides a permanent record of transfers, encumbrances, liens, easements, and all the other items that affect the ownership or use of real estate. Provided that the document meets certain minimum requirements, the Register MUST record the document. To prove that the document existed. But there is no legal effect to recording. A recorded deed or other document does not become more “legal” because it is recorded.

Deeds in Michigan are effective when delivered with donative intent. Was the deed written? Was the deed delivered? Did the person writing the deed intend to transfer the property? Recording with the Register of Deeds is, of course, pretty good evidence that you meant to transfer the property, of donative intent. On the other hand, Michigan courts have held that recording a deed with the Register of Deeds is not, all by itself, the answer. Deeds that were recorded without “donative intent” have been thrown out.

Bottom Line: When buying a home, recording the deed is of utmost, paramount, super-duper importance. You need to pay the property taxes. You need to live in the thing. You need to get the mortgage. Git R Done!

Estate planning requirements are different. You already own the darn place. No one is going to evict you. You are doing the planning for purposes other than you need a place to lay your weary head. That’s why it is not unusual for deeds in the estate planning context to be recorded later. Sometimes much later. Sometimes as a privacy strategy. Sometimes just because.

Warning! In Michigan, a recorded deed wins! Unless the person recording the deed knows about a prior unrecorded deed.

Here’s How It Works: Let’s say the person who set up this trust (the “Grantor”) made you the Trustee. Then the Grantor names someone else as Agent under a Financial Power of Attorney. [Yes. This is a really stupid way to do things, but it happens.]

Let’s say that the Trustee sells the home to Person A. Trustee gives Person A the deed putting the house into the Trust. Trustee also gives Person A a deed transferring the house from the Trust to Person A.

Person A sets off for the Register of Deeds, but stops for lunch.

In the meantime, the Agent under the Financial Power of Attorney, sells the house to Person B. Agent gives Person B a deed transferring the house to Person B. Person B had a big breakfast so heads straight to the Register of Deeds and records his deed.

Person B wins the race to the Register of Deeds and records first. Person B has no idea about the trust or Person A. Who owns the house? Person B.

But what if Person B knew about the deed to the Trust? What if Person B was on notice? If Person B knows that Trustee already deeded the house to Person A, Person B loses.

And that’s why Michigan’s recording statute is called “Race/Notice”. Whoever wins the RACE to the Register, without NOTICE of another deed, wins. Ain’t the law fascinatin’?

***********************

It’s Nice To Be Nice. Or Is It?
Is it a liability for me to be on my elderly father’s checking account?

My father is 92 and his only income is the $800 per month that he gets from Social Security and SSI. He’s also on Medicaid. His mind is slipping away quickly and he is having trouble writing checks to pay bills. I’m already on his account as a beneficiary, but he is concerned that he will become incapacitated and he wants to add me to his account as an authorized signer. I am concerned that other, less involved family members, could accuse me of mishandling this money. Is that something that could turn into a liability for me? Are there any other issues I should be looking out for?

Short Answer #1: No, it is not a liability for you to be authorized signer on Dad’s checking account. So long as you do not steal the money. Then you’ve got troubles.

Short Answer #2: Yes, you will become a target for the slings and arrows of outrageous fortune that your nearest and dearest will launch in your direction. Nothing you do will be right or fair or just. You will have to sit at the kids’ table at Thanksgiving. Lump of coal in your Christmas stocking.

Longer Answer: You need Dad to give you a Power of Attorney. Then you can do all the things he wants you to do. Be aware: the Social Security Administration does not care about Powers of Attorney. Or probate court guardianship/conservatorship. To satisfy the SSA, you have to become Dad’s “Representative Payee” down at the Social Security office. The Veterans Administration has a similar program.

Ancillary Advice: Get a Health Care Power of Attorney while you are thinking about it.

Free Advice and Worth What You Paid for It: The ultimate legal test here is “Were you stealing?” If not, you are fine. If yes, big BIG penalties. So don’t steal. Do the old man a solid. Get a good Financial Power of Attorney. That means don’t download it from the Interwebs. Spend a few minutes with a real lawyer about the in’s and out’s.

And every time you sign your name to anything for Dad, add a comma, and POA: “John Jones, POA”! You’ll be fine. Probably. Buena suerte.

Why Don’t You Deserve A Little Payback For All The Taxes You Paid In?

Why Do You Want To Spend Your Last Nickel On Long-Term Care?

Why Shouldn’t The Government Spend Your Money For You?

Traditional estate planning is concerned with avoiding probate, saving taxes, and dumping your leftover stuff on your beneficiaries. After you die. Nobody cares what happens to you while you are alive. How does that help anyone? Stupid.

Traditional estate planning fails because the overwhelming majority of us will need long-term skilled care. 70% of us. For an average of 3 years. And we will go broke paying for it.

Is it surprising that thousands of recreation properties: cottages, cabins, hunting land, are lost to pay for long- term care? Why is your estate planner hurting you and your family? It is evil intent? Or stupidity?

LifePlanning™ defeats Nursing Home Poverty. Keep your stuff. Get the care you have already paid for. Good for you. Good for your family. Good example for society.

When my mother suffered from the dementia which led to her death, over 10 years ago, their estate plan preserved their lifesavings. Mom’s months in the nursing home did not mean Dad’s impoverishment. Dad spent the last years with security and peace of mind.

Is Now A Bad Time For A Real Solution?

Perhaps you think you already have an answer to this problem. Maybe you do not see this as a problem at all.

It is possible that you do not believe in the passage of time or its effects on you.

Peace of mind and financial security are waiting for everyone who practices LifePlanning™. You know that peace only begins with financial security. Are legal documents the most important? Is avoiding probate the best you can do for yourself or your loved ones? Is family about inheritance? Or are these things only significant to support the foundation of your family?

Do you think finding the best care is easy? Do you want to get lost in the overwhelming flood of claims and promises? Or would you like straight answers?

Well, here you are. Now you know. No excuses. Get the information, insight, inspiration. It is your turn. Ignore the message? Invite poverty? Or get the freely offered information. To make wise decisions. For you. For your loved ones.

The LifePlan™ Workshop has been the first step on the path to security and peace for thousands of families. Why not your family?

NO POVERTY. NO CHARITY. NO WASTE.
It is not chance. It is choice. Your choice.

Get Information Now. (800) 317-2812

The post Stuff That Never Happens, Never Happens To Folks Like You appeared first on Carrier Law.

Read the Print Version

Truth Stranger Than Fiction

Terrifying Typos – Slaughtered Syntax – Painful Punctuation – Obviously Original
And Still Not Legal Advice!!

Do Not Spoil Your Golden Anniversary Or Opportunity

IS IT POSSIBLE FOR A MARRIED WOMAN TO HAVE A TRUST IN ONLY HER NAME OR MUST HER HUSBAND BE ON IT TOO?

I had an inheritance trust in my name only but when we moved to Mi and wanted to change to the new assets, I was told my husband and I had to both be on it. This has been no problem, we’ve been married almost 50 yrs and all is well except he is showing the very first stages of dementia and I would like to keep him from damaging our retirement fund. Can I have the trust in my name and my son’s name. He will take care of the trust when we die.

Short Answer: Possible for a married woman to have her own trust? Yes. Of course. This isn’t Russia. (Is this Russia? No!) So yes of course you can have your own trust. And eat it too!

Longer Answer: Your deceased relative was uncommonly on the ball! Almost all estate planners overlook the charming opportunities presented by death. Sorrowfully, most simply dump assets on beneficiaries. Such laziness would be malpractice, except everybody’s doing it. Because monkey see/ monkey do is a pretty good defense against malpractice.

Also know as the “generally accepted standard of care”. Poor standard of care, poor results… but not malpractice. Why isn’t the standard: “best practices”? Don’t know.

Shouldn’t the test be, did you do the best thing? Hmmm. Let’s dig up that corpse next Halloween.

She: You Only Love Me For My Trust!
He: Yeah So?

The Good: Your relative left you assets in trust. Hurrah! Of course, we do not know the terms of the “inheritance trust,” but let us (charitably) assume the best. Let’s guess that your “inheritance trust” was structured as a third-party supplemental needs/discretionary trust. Done properly, the inherited assets are protected from lawsuits and long-term care. And protected immediately!

Your aged relative, R.I.P. was aware (we hope) that even 50-year golden anniversary marriages occasionally hit the skids. State law says inheritances don’t count in divorce. As a practical matter, everyone knows inheritances do “count.” When assets are dumped from an estate, the first inclination is to put the money in a joint account.

You know it’s true! Then, like a dervish demon from the fiery furnace, the inheritance dollars flee, fly, flit away to get divvied up… But put those assets in a well-constructed trust and you have driven a stake through the heart of the nefarious vampire divorce lawyer seeking plunder!

Perhaps aged relative was also familiar with the “very first stages of dementia beginning to show.” Wise old bird! Relative knew that you would soon be face-to- face with the original Punisher:

Medicaid. Done properly however, your inheritance trust assets are secure from Medicaid’s ghastly, ghoulish, grim, gruesome, grisly, grasping grip. [See what you can do with a thesaurus?] Bottom Line: you are not going broke when hubby needs help because your inheritance trust assets are protected.

The Bad: “When [you] moved to Mi… [you] wanted to change to the new assets…” Probably you just changed financial advisors or re- arranged your investment portfolio.

Dealing with assets already in the inheritance trust does not affect the validity of the trust. If by “new assets” you simply mean replacement investments for stuff that is already in the trust, it is hard to see how your husband could be involved. At all.

On the other hand… What if you and your husband got the awful, terrible, no-good, very bad advice to add your own assets to the trust? That would be ill-advised. It would expose the trust to potential claims. By your husband. By your creditors. By Medicaid. Risky! Unnecessary! Foolish! Typical. Sad. Do not do that thing!

Leave inheritance trust assets alone in the inheritance trust. Manage them, change ‘em out, develop new portfolio strategies. That is all good. But. Do not commingle inheritance trust assets with your household, marital assets. Do not ruin a good thing.

By the way: With LifePlanning™, you will always protect your beneficiaries with an inheritance trust. Because why wouldn’t you?

The Ugly: This guy is ugly. Thank you, Universal Studios.

Show Me The Money!
Whaddaya Mean None For Me?!

My grandmother passed away almost a year ago and I need to know if she left money for me? Want to see if my grandmother left me money from her will

Simple Answer: Go to the probate court in the county where grandmother died. Ask if there has been a will filed for her. Ask if there has been a probate estate opened for her. If yes or yes, get a copy of the Will. Read it. Now you know.

Not-So-Simple Answer: If there was a will or trust and the will or trust is being administered and if you were a named beneficiary, then you should already have received notice. But you have not. That suggests a few possibilities:

1. Grandmother was dead broke when she died.
2. Grandmother had all beneficiary designations on her accounts.
3. Grandmother had leftovers and a will, but no one has probated the will and the stuff is just sitting there.
4. Grandmother had a trust. And you are not a beneficiary.
5. Grandmother had a will. Probate is humming along. And you are not a beneficiary.

There are more possibilities, but these are the most likely. Why not ask your mom or dad? Aunt or uncle? If you cannot get straight answers, you may wish to hire an attorney to help you out. Beware, these things get expensive quickly. And ruin family relationships.

Both are bad.

Home Mortgage Interest Rates Break The 7% Barrier

A few choice quotes from Freddie Mac:

“Mortgage interest rates have increased at the fastest rate since the early 1980s.”
“However, in 1980 and 1981, rates
averaged 16% and 18%”

Mortgage rates “have more than doubled in the past year. Mortgage rates have never doubled in a year before.”

“Kong Save Down Payment! Now Interest Rate Triple! Cannot Afford Bungalow! How Break News To Wife?!”

Trick Or Treat!

Did You Want Your Estate Plan To Be A Nasty Trick?
Is It Wrong To Leave Your Family A Treat?

Why Should The Government Get All Your Halloween Candy?

Why Estate Planning Fails And How To Be A Winner

Traditional estate planning is concerned with avoiding probate, saving taxes, and dumping your leftover stuff on your beneficiaries. After you die. Nobody cares what happens to you while you are alive. How does that help anyone? Stupid.

Traditional estate planning fails because the overwhelming majority of us will need long-term skilled care. 70% of us. For an average of 3 years. And we will go broke paying for it.

Is it surprising that thousands of recreation properties: cottages, cabins, hunting land, are lost to pay for long-term care? Why is your estate planner hurting you and your family? It is evil intent? Or stupidity?

LifePlanning™ defeats Nursing Home Poverty. Keep your stuff. Get the care you have already paid for. Good for you. Good for your family. Good example for society.

When my mother suffered from the dementia which led to her death, over 10 years ago, their estate plan preserved their lifesavings. Mom’s months in the nursing home did not mean Dad’s impoverishment. Dad spent the last years with security and peace of mind.

Is Now A Bad Time For A Real Solution?

Perhaps you think you already have an answer to this problem. Maybe you do not see this as a problem at all. It is possible that you do not believe in the passage of time or its effects on you.

Peace of mind and financial security are waiting for everyone who practices LifePlanning™. You know that peace only begins with financial security. Are legal documents the most important? Is avoiding probate the best you can do for yourself or your loved ones? Is family about inheritance? Or are these things only significant to support the foundation of your family?

Do you think finding the best care is easy? Do you want to get lost in the overwhelming flood of claims and promises? Or would you like straight answers?

Well, here you are. Now you know. No excuses. Get the information, insight, inspiration. It is your turn. Ignore the message? Invite poverty? Or get the freely offered information. To make wise decisions. For you. For your loved ones.

The LifePlan™ Workshop has been the first step on the path to security and peace for thousands of families. Why not your family?

NO POVERTY. NO CHARITY. NO WASTE.
It is not chance. It is choice. Your choice.

Get Information Now. (800) 317-2812

The post Abandon Hope All Ye Who Send Letters Here appeared first on Carrier Law.

(Not Edited For Spelling Or Punctuation) (Note: Not Legal Advice!)

Long answers are boring, short punchy answers are fun! Time for some fun…

LETTER #1

How should I word a letter to say I withdraw specific grants of authority on a POA?

I am primary agent on my father’s POA, but need to produce a letter that says I will not act as agent with respect to obtaining financial assistance from or communicating with Medicaid. Is that wording correct? Do I have to title it as an affidavit?

The Answer Is: “With Great Power Comes Great Responsibility”

Do Not Do This Bad, Awful, Evil Thing

Point #1 This is total BULL. You have been given the great power to make your father’s remaining life a life worth living. You are being asked to throw away that power, to sacrifice your father’s well-being.
Your father granted you authority to make decisions on his behalf. You accepted that responsibility. You have a duty to your father to exercise the authority you have been given in your father’s best interest. Your father’s best interest. Not the interest of somebody who wants to take advantage of your father.

Point #2 Who is asking for this? Who says you “need to produce a letter”? No reputable care facility would ask for this. No one who cares about your father would ask for this. There is no GOOD reason for anyone would ask for you to give up your father’s entitlement to federal health care benefits. There are lots of BAD reasons, though.

Point #3 Middle-class America already won this fight. Back in the day (as the kids say)(or used to say)(or never said but I thought they did)… When I first started doing this stuff, 31 years ago, it was not uncommon to see demands like this in long-term care contracts. The State of Ohio even prohibited Medicaid recipients from speaking with attorneys about their benefits. All blatantly wrong. All clearly illegal. Federal law is clear: no one can require you to give up your federal health care benefits. And that means you cannot give up your father’s federal health care benefits. You do not “need” to produce any such letter. Whoever asked for the letter was probably breaking federal law.

Point #4 Medicaid simply is the way America pays for long-term care.

• Folks spend themselves into nursing home poverty.
• Savings exhausted, farm sold, cottage gone, destitute.
• Apply for Medicaid.
• Get base level of care, paid by Medicaid.

Point #5 Middle-class savers can obtain Medicaid benefits in full compliance with state and federal law without going broke. Your savings can supplement Medicaid so that you receive the highest level of care, tailored to your unique needs.

Point #6. Private Pay Rates are about 50% higher than Medicaid rates for the same services. Reality Check: Look at your last medical or hospital bill. Do you think the hospital is paying $12 per aspirin?

Conclusion: Do not betray your father. Dear old Dad trusted you to act in his best interest. Accept the great responsibility that comes with great power. Make his remaining time on this planet the best time of his life.

LETTER #2

My husband’s step grandmother died in August. Her son (not our blood relative obviously) contacted us as the executor.?

He told us that he is distributing the proceeds of her estate and that he is sending us a check, even though we are not named as beneficiaries. My mother-in-law is livid (she has a number of mental and health issues) she cares for her disabled brother (both are beneficiaries) he is concerned she is not adequately caring for her brother. She is demanding that we not accept the check. What should we do here??

The Answer Is: Only Santa Claus Can Give Things Away for Free

You know you are not a beneficiary. If the money you are receiving was supposed to go to other people, that is a problem.

Point #1 Most folks do not leave money to grandchildren. And it is even more unusual to include step-grandchildren. As you observe, your husband is not a relative or named beneficiary. It is hard to see that he has any entitlement to a distribution.

Point #2 Your mother-in-law and her disabled brother appear to be children of the deceased step-grandmother. They are legitimate beneficiaries.

Point #3 If somebody is giving away your inheritance, you are justified in getting hot under the collar. BONUS POINTS: Extra aggravation if your disabled brother’s inheritance is being given away. Especially when you are caring for said disabled brother.

Point #4 Proper estate distribution is up to the personal representative (aka executor). Unless you acted improperly, distribution problems are on the executor-brother.

Head-scratcher: What the hell is going on here? See Point #1. This is strange.

Possibility #1: The executor-step-uncle is giving a portion of the executor-step-uncle’s own share to your husband. If so, no problem.

Possibility #2 The executor-step-uncle is making an unauthorized distribution of the estate. If so, the Probate Court could order your husband to disgorge the money. Also, executor-step-uncle is in deep doo-doo.

Conclusion: “Livid” mothers-in-law with “a number of mental and health issues” are not always wrong. Find out whether executor-step-uncle has any legal basis to make the distribution. If no legal basis can be determined by your own lawyer, do not take the money. Better safe than sorry.

LETTER #3

Can an executrix of a will evict a sibling who is also a beneficiary and has lived in the house for 40 years?

My ex-husband has been unable to work for the past 10 years in order to take care of his 99-year-old dad. He passed late last year. His sister took her dad to a lawyer when he was about 90 to create a will. 70% her/30% him. Ex-husband has lived in the very modest home for 40 years. He has no means to start over.

She is the owner of 2 homes and made enough money to retire at 59 (probably not relevant).

The Answer Is: Yes.

Point #1 Father opened his home to son for 30 years before father needed son’s help. Perhaps that helps explain the 70/30 split. Maybe sister isn’t such a “rhymes with witch” after all…

Point #2 Nowadays it is not so unusual to have the holdover tenant child. The kid moves home for a week. Or two. Or THIRTY YEARS! How is it that the kid could not save an apartment rental deposit in thirty years of working plus ten more years of not working and living off dad’s social security and pension. Jeepers!!

Point #3 Eviction is the remedy. In my experience, the “Irish Bachelor” son or daughter has no intention of going soft into that good night of leases, mortgages, rent and maintenance. EEEK! Responsibility! Oh no! Oysters have less attachment to their shells. Frequently the other siblings let “Timmy” stay in the house after the funeral. “For a little while.” Five years later somebody wakes up to the fact that Timmy ain’t goin’ nowhere! Far from being grateful, Timmy is angry that anyone has figured it out…

Point #4 The COVID moratorium on evictions is still in effect. That means you cannot legally evict Timmy. Serve him with the eviction papers anyway. You could try reasoning with Timmy. It will not do any good. At least you can get your ducks in a row for the moment evictions are once more possible.

Point #5 If dad had put Timmy on the deed, you could never get him out. So do not put your kids on deeds.

Point #6 A parent can give a caregiver child the house without screwing up their own Medicaid. The key is that the child has to reside with the parent and provide two (2) years of care services that keep the parent out of the nursing home.

Conclusion: There are dangers and opportunities when a child moves home. Mostly dangers. Consult with your friendly, neighborhood elder law attorney to avoid the mistakes and maximize the advantages.

YOU CHOOSE!

Applying for benefits does not mean Nursing Home Poverty or silly Spend Down. Learn how to preserve your loved one’s lifesavings, business, cottage, life insurance. Thousands of middle-class families have learned and use these techniques. Why not yours?

The post Mail Call: Answers To Your Estate Planning Questions appeared first on Carrier Law.

Many of us enjoy DIY (Do It Yourself) projects. Your ambitions could range anywhere from minor painting to remodeling the bathroom. Why not tackle the whole house? Most of us have the skill to do some minor repairs. But how many have plumbing, electrical, or dry wall talents?

Minor cosmetic home repairs won’t get you in too much trouble. Leave those load-bearing walls alone! But… running electrical circuits or plumbing to a new room takes on some serious risks. Botched wiring means short circuits and fires… shocking! You’ll be crying a river when your amateur plumbing imitates Niagara Falls. Running a gas line to a stove or dryer? What could go wrong? Ka-boom!

What, Me Worry?

Usually when we do our own home repairs, we understand the risks that we are taking on. But what about drafting your own Will or Power of Attorney documents? What is the harm? Many folks think: “I can just download some forms, fill in the blanks and I am all set! So easy!” Right? It’s like using extension cords to wire your house. Scotch tape to seal plumbing joints! Why would you risk your life savings on “free” online forms?

Danger, Danger, High Voltage!

When home remodeling, beware bare wires, leaking pipes, asbestos, and creepy crawly’s. When remodeling your Estate Plan, here are some of your risks with DIY online forms:

1. Healthcare Power of Attorney. What powers should be in these documents? Do you know that if they are not drafted properly, you could be in Probate Court to have a Guardianship setup? This causes more stress, delays and (no big surprise) surprisingly large expenses. Did you forget the Advance Directive? HIPPA? Funeral designee?

2. Financial Power of Attorney. An appropriate Financial Power of Attorney document can preserve your assets… keep you from going broke. Proper advance planning minimizes risks. But what if your bargain basement POA lacks “extraordinary” powers? It may cost you very little or it could be in the hundreds of thousands of dollars. Why would you risk botching such an important document?

3. Trusts. When was the last time you drafted a Trust? How did that work out? What provisions are prudent for your specific facts? Should it be revocable or irrevocable, or one of each? What powers should the trustees have? These are a few of the questions to ask. Do you know how to fund a Trust, or even what this means? Do you think it could be expensive to have the wrong Trust setup that is not funded? Maybe “FREE” is the costliest of all…

Safe And Secure

Your LifePlan attorney has already helped hundreds of families like yours. You worked your whole life to save for the Golden Years. Now you are going to bet your life savings on generic, freebie forms. Thinking that you can save some money? You may never recover from that mistake if you don’t know what you are doing.

Written by Attorney Jim Henke

Call the Law Offices of David L. Carrier today at (800) 317-2812

We Make the Rules Work, for the Folks who Play by the Rules!

The post Handy Andy Ain’t Got Nothing On Me! appeared first on Carrier Law.

Good Idea or Big Mistake?

When Mom died, she left ownership of her home to me and my sister. We both live in the home. My partner, Billy, also lives in the home. My sister told Billy that he must start paying her rent. She said that if he doesn’t pay rent that she will evict him from our home. Can this even be possible? This is not the harmony I think Mom expected when she left the house to us.

As a co-owner, you are either a “joint tenant” or “tenant in common.” That means you can have guests. Your sister may not like having Billy under the roof, but there is nothing she can do about it. You don’t even have to pay taxes or upkeep if you are joint tenants with rights of survivorship.

Many folks want to give house, land, cottage, farm “to the kids.” Then Mom makes the Big Mistake. Mom somehow believes the co-owner kids will “get along.” So, Mom “puts the kids on the deed” directly or through her will or trust. It is worse now with many folks doing so-called “ladybird” deeds.

Lady bird deeds transfer ownership on the original owner’s death. Lady bird deeds do avoid probate. They are said to be “Medicaid friendly.” But after Mom dies, there are no rules. Each person named on the deed has an “undivided interest” in the property. Each person can use the property at all times. This way lies madness!

Sometimes the deed states “joint tenants with rights of survivorship.” As the philosopher Jean Paul Sartre observed, “There is No Exit.” You cannot go to court to end the insanity. If you were to give your share to the others, Medicaid will penalize you. And the others may not want your share and don’t have to take it.

Sometimes the deed simply states all the kids’ names in a row. No “joint tenant” language. Good news! Now the kids can sue each other for “partition.” They must prove to the Court’s satisfaction that they cannot cooperate. Then the Court will order a sale and division of what’s left after court costs and attorney fees.

Blessing or Curse? An ounce of prevention equals a pound of cure. Want family harmony? Want to keep the family house, land, farm, cottage? Better to explore all the possible “What if’s” and set it up properly ahead of time.

We can help avoid family conflict. Call 800-317-2812 and schedule an appointment today.

The post Leaving Kids as Co-owners of Property appeared first on Carrier Law.