| Estate-Tax Valuation -- Overview |
| One of the most complex and uncertain processes is the valuation of property for federal and state death-tax purposes. Value is a variable. Reasonable minds can and often do differ over the proper value of any item of property. As executor, you must use appraisals by qualified experts, obtain documentation of recent sales of similar property, and submit photocopies of any buy/sell agreements to the IRS.More... |
| What is a Will? |
| A simple definition of a will can be found in a paralegal textbook, Edward A. Nolfi's Basic Wills, Trusts, and Estates (Glencoe/McGraw-Hill 1995). Mr. Nolfi writes that: "A will is a formal letter to the probate court judge declaring what the maker wants after death." Let's look at each part of this intriguing definition.More... |
| Trusts for the Disabled |
| When a family includes an individual who is disabled, a special trust or special trust provisions should be considered to protect the financial interests of that person. Of course, the term disability can have a wide range of meanings. Generally speaking, reference is to individuals who would not be able to care for themselves or whose interests would be better served by retaining control and management of the disabled person's inheritance or other assets in a trust.More... |
| Exceptions to Medicaid Trusts |
| Under a 1993 change in federal law, three types of trusts were recognized as exceptions to the rules that would otherwise count the assets in a self-settled Medicaid trust and therefore disqualify the beneficiaries of such trust. These three trusts are commonly called the "under-65 trust," the "pooled trust," and the "Miller trust."More... |
| Power of Attorney for Finances -- Formalities |
| There are a few technical requirements with which you must comply before a power of attorney for finances will be considered legally valid and binding. More... |
Nancy E. James
