Home Refinance Can Foul Up Estate Planning
MAY 19, 2014 VOLUME 21 NUMBER 18 When our clients consider creating a revocable living trust, we usually explain that there are several benefits to that estate planning device. Chief among those benefits for most people: avoidance of probate on the death of the client. For married couples, there is usually no probate required on […]
Joint Tenancy with Right of Survivorship, or Community Property?
MARCH 24, 2014 VOLUME 21 NUMBER 12 Which is better? How should we take title to our house? How about our brokerage account? These questions are really common in our practice. The answer is actually pretty straightforward, but we do need to lay a little groundwork. Arizona is a community property state. That means that […]
Simple Estate Planning for a Married Couple
AUGUST 12, 2013 VOLUME 20 NUMBER 30 Last week we saw a married couple in our office. The couple had come to us for estate planning. They did not have children with disabilities, or spendthrift sons-in-law or daughters-in-law. Their assets were not unusual (some Arizona real estate, a brokerage account, several bank accounts). Their net […]
Step-Children and Disinherited Children Might Have Rights — It Depends
NOVEMBER 12, 2012 VOLUME 19 NUMBER 41 A prospective client asks: “Can my mother cut me out of her will after my father dies? His will leaves everything to the children after her death.” That deceptively simple question comes in a number of variations (like: “My mother’s will left everything to her children, but her […]
I Just Want to Put My Daughter’s Name On My Deed
NOVEMBER 5, 2012 VOLUME 19 NUMBER 40 We hear that request all the time. “I want to make it easy for her when I die — just put my daughter’s name on the deed,” client after client insists. When we resist, they think we are acting too much like lawyers. There are no statistics out […]
Joint Tenancy Does Not Always Mean Equal Ownership
NOVEMBER 8, 2010 VOLUME 17 NUMBER 35 Elder law attorneys often see some version of the same story. Parents put child’s name on the deed to their home “just in case.” Dispute between parents and child breaks out when child asserts ownership interest. Sometimes litigation ensues. Child claims that joint ownership of the home means […]
Reciprocal Wills Enforceable After Death of One Spouse
JULY 26, 2010 VOLUME 17, NUMBER 23 Imagine a couple, each married for the second time. Perhaps each has children from a first marriage. Perhaps the couple has been married for years — even decades. They think of all the children as “their” children, even though they fully understand that the other spouse’s children are […]
Iowa Allows Medicaid Recovery Against Joint Tenancy Property
APRIL 10, 2006 VOLUME 13, NUMBER 41 As many states have become more aggressive about recovering the costs of Medicaid care from the estates of deceased beneficiaries, one issue has appeared to be insoluble. Federal law permits states to make a claim against property held in joint tenancy at the time of a Medicaid recipient’s […]
Multiple Owners Have Equal Interests In Joint Bank Account
SEPTEMBER 8, 2003 VOLUME 11, NUMBER 10 When individuals look for ways to simplify the handling of their estates, they frequently decide to simply put their heirs’ names on assets. Parents, for example, often make their children joint owners on bank accounts—reasoning that the money will then be easier to get to if needed, and […]
Joint Tenancy Account May Be Different In Different States
JUNE 16, 2003 VOLUME 10, NUMBER 50 In January 2002, Family Services, Inc. (FSI), of Barron County Wisconsin was appointed to serve as guardian of the estate of Emma W. (Arizona and some other states use “conservator of the estate” to mean the same thing.) At that time, Emma W. owned her home, had a […]
