Downs Law Firm, P.C.
The concept of financial scams isn’t a new one. Unfortunately, seniors tend to be particularly prone to them in general. Introduce a pandemic, and you have the makings for financial ruin among our country’s most vulnerable.
The world exists just as much online as it does offline. Failing to recognize that when planning for the end of life can lead to unexpected repercussions for survivors.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
Generally, when settling an estate, debts and expenses are paid first, charitable and spousal transfers follow, and applicable estate taxes are levied afterward.
In addition to the assault on the resident’s dignity and the administration of drugs without informed consent, the misuse of anti-psychotic drugs can kill a senior, particularly one who suffers from dementia.
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.
Anyone with a child with special needs understands the need to prepare for the future. A trust is always a good place to start, and figuring out a savings goal for that trust is a key part to your planning.
Should an inheritance be spent on sports cars and jewelry?
A trust can be a vital component in an estate plan.
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