Archive for category: Financial

A recent article on CNBC entitled  “Who inherits your debt: It’s complicate” discusses several issues associated with debt of decedent.  Upon death, personal liabilities of the decedant are paid with the decedent’s remaining assets through a probate court filing.  Generally, a creditor must file notice or claim with the probate court stating that a debt is owed by the decedent.  Creditors may lose the right to collect on a claim if not properly filed or filed after the expiration of a statute of limitations period.  Always consult with an attorney should you be contacted by a creditor seeking payment of debt of a deceased family...

Retirees must do their homework prior to deciding whether or not to payoff the primary residence’s mortgage(s). For the full article discussing the pros and cons of retirees paying off mortgages please go to Retires should think twice about paying off mortgage.

A Revocable Trust is an instrument which allows you to hold and distribute your property privately and without court oversight. You may choose to fund your trust with your assets during your lifetime or you may wait until your death to fund the trust.  During your lifetime, you have total control of the trust and may take distributions of income and principal due to the fact that you are both the settlor and trustee. At anytime you may revoke the trust at anytime prior to your death.  Also, your trust will be treated as your own property for income tax...

A Will is an instrument that sets forth your wishes and disposition of your property once your die.  A Will provides instruction on how your wishes and disposition of property will be carried out, and who is responsible for carrying out your last wishes.  A Pour Over Will allows your property “pours over” into a Trust.  Your Will allows you to nominated a trusted person to be the executor of your estate.  In most jurisdictions, your executor has to be approved by the Probate Court; however, your choice of an executor is generally given deference by the Court. You can find more information on a Will or Pour...

A Durable Power of Attorney is an instrument in which you appoint an agent or “attorney in fact” to be your lawful attorney to conduct all your affairs, with full power and authority to act in your name and on your behalf as fully as you could do if you were personally present.  A Durable Power of Attorney is primarily used in the event that you are not able or available to manage your affairs.  In a Durable Power of Attorney, you may name a conservator in the event that you become disabled or incapacitated.  In some cases, a Durable Power...