Principles Governing Third-Party Special Needs Trusts
OCTOBER 3, 2011 VOLUME 18 NUMBER 35 Last week we tried to demystify some of the principles of self-settled special needs trusts, and to distinguish them from third-party trusts. This week we continue that education effort, focusing on the rules governing third-party trusts. Generally speaking, there are two kinds of special needs trusts. Those set […]
Principles of Self-Settled (“First Party”) Special Needs Trusts
SEPTEMBER 26, 2011 VOLUME 18 NUMBER 34 There is so much confusion about the difference between “self-settled” and “third-party” special needs trusts, that we want to try to explain and simplify some of the key concepts. Here are some of the most common questions (and misunderstandings): What is the difference between “self-settled” and “third-party” special […]
Book Review – Protecting Your Parents’ Money
Protecting Your Parents’ Money: The Essential Guide to Helping Mom and dad Navigate the Finances of Retirement Published: August 2011; paperback 260 pages Author: Jeff D. Opdyke — Financial columnist; wrote the Love & Money column; author of 6 books; 17 years at The Wall Street Journal writing about personal finance, family finance and investment […]
Trustees Are “Owners” of Home for Lien Protection Purposes
SEPTEMBER 19, 2011 VOLUME 18 NUMBER 33 It’s frankly a little hard to explain why trust lawyers get excited about the subject of this week’s article. After all, it seems to be about who will pay for the new doors in a home renovation in a pricey suburb of Phoenix. The bill was large — […]
Book Review: “How to Retire Happy, Wild and Free”
How to Retire Happy, Wild, and Free (Retirement Wisdom that You Won’t Get From Your Financial Advisor), by Ernie J. Zelinski Reviewer: Nova D. Muhlenberg Bonnett, Esq. September 2011 Ernie Zelinski’s title is so very promising, particularly coming on the heels of his previous book, The Joy of Not Working, and his third work, Career […]
Book Review: “The Successful Retirement Guide”
: “The Successful Retirement Guide: Hundreds of Suggestions on How to Stay Intellectually, Socially and Physically Engaged for the Best Years of Your Life,” Kevin R. Price, Rainbow Books, Inc. 2009 Reviewed by Frederick C. Rieck, attorney This book was not a happy choice. In retrospect, it is clear that the title should have warned […]
Remainder Beneficiaries Not Entitled to Trust Beneficiary’s Financial Info
SEPTEMBER 12, 2011 VOLUME 18 NUMBER 32 Imagine with us for a moment: you are the trustee of an irrevocable trust created by a now-deceased woman for the benefit of her daughter. The trust says that her daughter is to receive all the income generated by the trust. You are also given the discretion to […]
In-Home Caretaker Wages Deductible Based on Doctor’s Letter
SEPTEMBER 5, 2011 VOLUME 18 NUMBER 31 Queens (New York) resident Lillian Baral was in her early 90s. She lived at home, but she required full-time assistance with her care. In 2007 she paid two caretakers a total of $49,580 for live-in care (one lived with her for five weeks while the primary caretaker took […]
Estate Planning: It Shouldn’t Be About the Lawyers
AUGUST 22, 2011 VOLUME 18 NUMBER 30 Of course it usually makes sense to place your estate planning wishes in the hands of your lawyer to make sure documents are correctly drawn and your wishes carried out. Lawyers can be very protective of what they perceive as their clients’ wishes and best interests, and sometimes […]
How To Revoke Your Revocable Living Trust, Will or Power of Attorney
AUGUST 8, 2011 VOLUME 18 NUMBER 29 Last March we told you a good story about revocation of a living trust, though we cautioned you not to use the same method. A year before that we told you about another colorful character and how he revoked his will. Both of those court cases made us […]