UTMA Account Belongs to Adult Beneficiary
The Uniform Transfers to Minors Act (UTMA) is a popular choice for making gifts to minor children. A UTMA account is easy to set up, essentially free to administer, and does not involve lawyers, courts or even (usually) accountants. But UTMA accounts continue to be the source of confusion. Who actually owns a UTMA account? […]
I’ve Decided to Put My Accounts in Joint Tenancy to Avoid Probate
We’ve written about this issue before. Don’t put your property in joint tenancy with your child (or children) as a means of avoiding probate. It’s a mistake. Talk to a lawyer. Why don’t people believe us? Though we write impassioned pieces about the problems with joint tenancy, a funny thing happens when we look at […]
Agent On Power of Attorney is Personally Liable for Legal Fees
MARCH 3, 2014 VOLUME 21 NUMBER 9 Let’s say that Billy signs a power of attorney, naming his friend Joyce as his agent. Later Billy becomes incapacitated, and his agent needs legal advice about her rights and responsibilities. Who will pay for their legal advice? Generally speaking, you are not supposed to have to spend […]
Put Your Accounts in Your Daughter’s Name — What Could Go Wrong?
FEBRUARY 18, 2013 VOLUME 20 NUMBER 7 Seniors are subjected to a constant drumbeat of advice: make sure you have no assets in your own name, or you will lose them to the nursing home. Transfer everything to your children to “protect” your assets. Is it good advice? We usually counsel against such transfers. They […]
Bankruptcy Court Discharges Trustee’s Liability for Breach
DECEMBER 16, 2002 VOLUME 10, NUMBER 24 Antonia Quevillon, then age 70 and in poor health, consulted attorney Carl Baylis about her estate plan. Mr. Baylis prepared a living trust for her, and arranged transfer of apartment buildings she owned into the trust’s name. The trust named Mr. Baylis himself as co-trustee—to serve along with […]
Bankrupt Wins Damages For Bank’s Foreclosure Proceeding
NOVEMBER 22, 1999 VOLUME 7, NUMBER 21 Kenneth A. Kaneb, like many northern retirees, spent his winters in Florida. Although he lived alone after his wife’s death, he owned the family home in Massachusetts and a second home, a condominium, in Florida. In 1993, at the age of eighty five, Mr. Kaneb found that he […]
