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DIY Estate Planning Mistake #15: Deed in Safety Deposit Box

Posted by Nina Whitehurst | May 18, 2020 | 0 Comments

Some do-it-yourselfers have tried to transfer real property to another person, to be effective at death, by signing and acknowledging an actual deed but then hide the deed in a desk drawer or safety deposit box to be found when the grantor dies, expecting that the grantee can then take the deed to the recorder's or register of deeds office and record it. This technique does not work . . .

Who Owns Funds Held in a Tennessee Multi-Owner or Joint Account After One of the Account Owners Dies?

Posted by Nina Whitehurst | May 11, 2020 | 0 Comments

This question comes up a lot, but usually after one of the owners has died, unfortunately. I write "unfortunately", because more often than not result is not what the true account holder intended, and this results in a lot of family strife at a time when stress levels are high. The answer to this question is, as usual, it depends. Tennessee law is very clear on this, but usually when people open these types of accounts aren't particularly clear on what it means. Here are the options that the bank should offer you when you are opening an account in the names of two or more persons (or adding a person to an account formerly held by only one person) and what each option means:

Who Inherits in Oregon if My Spouse Dies Without a Will?

Posted by Nina Whitehurst | Apr 27, 2020 | 0 Comments

Many married couples in Arizona think that if one of them dies without a will, the other will inherit everything from the deceased spouse.  That is only true in Arizona if the deceased spouse was not survived by descendants from another relationship.  Whether you intend to or not, if you fail to do some kind of estate planning, you could end up disinheriting your spouse to some extent.

Do You Have the Right Fiduciary?

Posted by Nina Whitehurst | Apr 22, 2020 | 0 Comments

A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee of a trust, or an attorney-in-fact under a power of attorney. Your first instinct might be to name one of your children as a fiduciary, but if you want to avoid conflict among your children, this might not be the best option.

Will My COVID-19 (Coronovirus) Stimulus Payment Disqualify Me For Medicaid?

Posted by Nina Whitehurst | Apr 21, 2020 | 0 Comments

Stimulus payments will NOT be treated as income but rather as a tax refund which is exempt (not countable as a resource) for 12 months. For recipients whose countable resources are already below $800, such that the stimulus payment plus the existing countable resources will not exceed the typical $2,000 resource limit, no spend down will be required. Recipients whose existing countable resources are greater than $800 will have 12 months to spend their resources down to below the resourse limit.

Medicaid's Treatment of the Home

Posted by Nina Whitehurst | Mar 18, 2020 | 0 Comments

Nursing home residents do not automatically have to sell their homes in order to qualify for Medicaid, but that doesn't mean the house is completely protected. The state will likely put a lien on the house while the resident is living and attempt to recover the property after the resident has passed away. It can be protected.

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