Inheritance - Absolute Trust Counsel

Loans to Adult Children Must be Addressed in Estate Planning

October 9, 2017 Ivy Altman 0Comments

Mary and Thomas Charleton had five adult children. Unfortunately, not all of them had the means to purchase their own homes. So after each child married, the Charletons offered them a low interest loan to cover the down payment, up to a certain dollar amount. All of the children took advantage of the offer.

By the time Mary died—at age 62–three of the loans had been repaid in full. However, the couple’s daughter, Dory, made a partial repayment. When she got divorced after five years of marriage and was forced to sell that home, Dory decided she should no longer be required to repay the loan. A son, Robert, figured the amount of the loan would just be taken out of his share of his parent’s estate. He was fine with that. He made no effort to repay the loan.

Choose Your Executor Wisely

September 27, 2017 Ivy Altman 0Comments

Robert Manning thought long and hard about the appointment of the executor of his will. He could appoint his wife, but there was a chance he might outlive her. And his wife tended to get a bit scattered when under pressure. Robert wasn’t sure if she could withstand the constant harping of relatives he was sure would show up expecting a handout.

Multiple Generations Living Together and Their Estate Planning

September 20, 2017 Ivy Altman 0Comments

Upon the death of their respective husbands, Sara and her daughter, Mary, decided to move in together. Since Sara’s home bore no mortgage, Mary sold her home, and placed the proceeds into a retirement account. They agreed to share living expenses, as well as the cost of maintenance and property taxes on the home. They also agreed that when Sara died, Mary would inherit the home.

Blended Families: Preplanning is Essential

September 13, 2017 Ivy Altman 0Comments

When Miranda Jones married Scott Ludlum, with their six children in total, they anticipated a Brady Bunch existence. For many years, they co-existed peacefully, then Scott became seriously ill. It seems upon marriage to Miranda, Scott had failed to update his Living Will, Financial and Healthcare Powers of Attorney, and HIPAA Release. In all of those documents, Scott had appointed his former wife, Lenore, to make healthcare and financial decisions should Scott be rendered incapacitated.

Issues with Probate – Part V

July 12, 2017 Ivy Altman 0Comments

Failure to timely probate estates creates problems for heirs

When Franklin Davies died, his wife, Jennifer was quite confident that all their ducks were in a row.

After Franklin inherited a significant number of assets from his father, Harold, the couple decided to create a Living Trust and place most of those assets in the trust for the benefit of their children. Among those assets was a beachfront home. Eventually, Franklin and Jennifer decided to make that home their main residence.

Issues with Probate – Part IV

July 6, 2017 Ivy Altman 0Comments

Lost or Undiscovered Assets Pose Problems for the Administration of an Estate

When Jonathan Morgan was named the executor of his father’s estate, he thought he had an easy task ahead of him. After all, his father, Harold, had assured him that he had carefully listed every asset he owned on a sheet of notebook paper attached to his will.

Foreign Beneficiaries Can Pose a Challenge for Estate Plans

June 21, 2017 Ivy Altman 0Comments

Anna Mercer’s family was quite excited when she met and married Klaus Jergen. After their joyous nuptials, the couple moved to Vienna, Austria, where Klaus was employed at a local school as a history teacher. Anna, a pastry chef, soon found employment at a local bäckerei or bakery, where she perfected the art of the Sachertorte and the Linzer torte.…

How to Avoid Conflict in Your Estate Plan – Part II

June 7, 2017 Ivy Altman 0Comments

Preplanning avoids disputes over gifts and loans

After Marilyn Walker’s untimely death, her family solemnly gathered for the reading of her will. According to her attorney, Marilyn divided her estate equally among her four children. Everything seemed cut and dried, until Marilyn’s eldest daughter, Kate, spoke up.

Issues with Probate – Part III

May 31, 2017 Ivy Altman 0Comments

Is Your Safe Deposit Box Accessible Upon Your Death?

Harry Williamson planned well for his death. After consulting with his attorney, he prepared and executed a comprehensive estate plan, including a Last Will and Testament, a Living Trust, an Advance Healthcare Directive, a HIPAA release, and powers of attorney for healthcare and finances.

How to Avoid Conflict in Your Estate Plan – Part 1

May 10, 2017 Ivy Altman 0Comments

Joint checking accounts are not always the answer.

At age 65, Louisa Willis was anxious to get all of her estate planning ducks in a row. Louisa decided to forgo the traditional methods of estate planning—a Will and Living Trust– and created a joint checking account, naming her son, Ben, as the co-owner. Louisa’s reasoning was simple. By creating a joint account, Ben would have immediate access to her funds “in emergencies,” such as long-term care or upon her death, funeral expenses.