Tuesday - August 21, 2018
 

Your Responsibilities for Paying Credit Card Debt as Trustee

August 24th, 2015

By Liza Weiman Hanks NABBW’s Estate Planning Associate Dear Liza,  My father passed away recently, and all of his and my mom’s assets are held in a living trust (except an individual checking account), of which I am now the Trustee.  A few collection agencies are now contacting me about collecting on some credit card balances, which are fairly significant.   From what I’ve read online, it sounds like debt collectors might not be able to lay any claims against the trust, but they can collect from the personal estate of the deceased (i.e. checking account or other assets held in the... Read More

Who Inherits When There’s No Beneficiary?

May 18th, 2015

Dear Liza: My dad named his mother as his beneficiary, but she passed away in 2004.  My dad died in 2013 but didn’t change his beneficiary. I am my father’s only child and he has no wife, so who gets the money ?  When a person dies and there’s no surviving beneficiary named for an account, the assets would go that person’s “estate.” You don’t say what kind of account this is, but the most common kind of account with beneficiary designations would be a retirement account, so I’ll make that assumption (though most beneficiary accounts work the same way). What that means is that,... Read More

Buying Mom’s House: Be Careful

November 20th, 2012

Buying Mom’s House: Be Careful By Liza Weiman Hanks NABBW’s Estate Planning Expert Dear Liza, The only asset funding my Mother’s Trust is her primary residence. However, she recently moved from CA to live with me in WA. My sister would like to purchase the home but doesn’t have the full amount. She would pay a down payment of $150,000 which would assist with my Mother’s caregivers and in-home health care. The balance approx. $150,000-$200,000 would be recorded as a Deed of Trust naming the Trustee of the Trust as the beneficiary. Would this affect or invalidate the Trust in any... Read More

What Do I Put In a Living Trust?

September 22nd, 2012

What Do I Put In a Living Trust? By Liza Weiman Hanks NABBW’s Estate Planning Expert Dear Liza: I am trying to prepare a living trust on behalf of my father. He owns his home and vehicles outright and also has two bank accounts. I am the POD beneficiary of all of his accounts, as well as being a secondary signer on his checking and savings accounts. My confusion comes from not knowing what assets should be put in the living trust. Should it just be the home, since that has the highest value? Or should the cars and bank accounts also be included? Or can everything but the house be designated... Read More

Recovering Stolen Property in Probate

June 6th, 2012

Recovering Stolen Property in Probate By Liza Weiman Hanks NABBW’s Estate Planning Expert  Read More