Posts Categorized In: Estate Planning
Here’s my list of the top reasons why you should have a comprehensive durable power of attorney. Make it your decision (rather than a court). If someone has signed a power of attorney and later becomes incapacitated and unable to make decisions, the agent named can step into the shoes of the incapacitated person and… Read More
My mom used to tell me that a job begun is a job half done. That expression is especially true when it comes to putting together an estate plan and getting your affairs in order. Statistics indicate a majority of American’s do not have an estate plan in place. If you are at or nearing… Read More
There’s an old saying that the difference between salad and trash is timing. A recent meeting I had with my client Bill demonstrated how accurate that old saying is, especially from a Medicaid planning standpoint! Bill came to see me because his wife’s dementia had progressed to the point where he could no longer provide… Read More
1. Your family can avoid the expensive process of seeking a guardianship and/or conservatorship that can waste precious time and money.
2. You are in charge of “who” will be named your agent (rather than have a court appoint who will manage your affairs).
Nebraska has adopted a new method of transferring ownership of real estate upon the death of the owner. Effective January 1, 2013 we may now use a revocable transfer on death deed (“TOD deed”) in Nebraska.
The TOD deed will operate in a similar fashion to a payable on death (“POD”) bank account. The beneficiary will not have any current ownership interest in the property during the life of the owner and will only receive ownership when the owner dies (or in the case of joint tenancy ownership) when all of the owners have died.
There will be a day when your life or the life of your family instantly transitions into a new reality due to an unexpected death or incapacity. Unless you’ve gone through this devastating process or helped a grieving family or friend, few people can appreciate the complete sense of being overwhelmed that a surviving spouse or family member will experience upon this life-changing event.
A durable power of attorney is an important component of every comprehensive estate plan. It allows someone you appoint to act in your place for financial and other purposes if at some time in your life you become incapacitated. Without a durable power of attorney, your family will not be able to make financial decisions for you during periods of incapacity unless a court appoints a guardian or conservator. This can be an expensive and time-consuming process.
What does the Nebraska Transfer on Death (TOD) deed do? In Nebraska, the TOD deed will transfer the described property to the named beneficiary, subject to any liens or mortgages (or other encumbrances) on the property at your death without going through probate. Can I change a Transfer of Death Deed by My Will? No…. Read More
You may be interested in the Forbes article titled “7 Major Errors in Estate Planning.” The article starts with such an interesting quote – “It never fails to amaze me that so many otherwise savvy individuals, many of whom have their financial lives otherwise buttoned-up, use poor judgment (or no judgment) when it comes to… Read More