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Featured Story: BETTER STORAGE MEANS BETTER COFFEE October 22, 2013 |
 Ever wonder why gourmet and specialty coffee shops serve the best and, not to mention, the most expensive cups of coffee?
It’s a known fact that coffee is best served when it’s at its freshest. Freshness is a big deal especially in the coffee business...
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Showing posts sorted by relevance for query estate plans, wills and trusts. Sort by date Show all posts
Showing posts sorted by relevance for query estate plans, wills and trusts. Sort by date Show all posts
Posted on
Monday, February 25, 2013
Tags: financial elder abuse, criminal felony, financial exploitation, estate plans, wills and trusts
Read More
The elderly can easily be taken advantaged of and exploited in many ways. These abuses can be physical, emotional, sexual and, yes, financial in nature. In New Jersey for example, financial elder abuse is a criminal felony that can get perpetrators – caregivers, estate plan executors and even trusted family members – into serious legal troubles if found guilty.
In a 2011 report, it was found that New Jersey has one of the highest percentages of financial abuses in relation to its senior citizen populations amounting to 11 percent. On that report, it was found that 176,000 cases were reported in 2010. The state’s law offers varying degrees of criminal charges and corresponding penalties depending on the amount and gravity of the crime or abuse committed.
According to experts, measures should be taken to avoid exploitative actions before it happens or once suspicions are raised. If the elder is still capable to manage their affairs, it is advisable to stay connected with family members as abusers are less like to commit any exploitation if more concerned relatives are continuously involved in the elder’s life. Concerned relative are also encouraged to report any suspicions to adult protective services.
Suspicions of financial exploitation may require renewed estate plans, wills and trusts. Through revocation, an elder can remove an abusive caretaker and prepare a new set of estate planning tools. Old documents should be disposed of completely and new bank accounts should also be opened if possible.
To minimize risks posed by suspicions of fraud and abuse, a court intervention may be required to issue injunctions and keep abusers from accessing the elder’s accounts. When the victim has diminished capacity, an application for guardianship may be filed in the courts.
A persons twilight years is a time when the fruits of one’s lifetime of labors are enjoyed. Financial abuses can lead to its deprivation. Without financial resources, the emotional and physical well-being of an elder will decline. Suspicions of financial exploitation should be reported immediately to the proper authorities and a trusted estate planning professional.
In a 2011 report, it was found that New Jersey has one of the highest percentages of financial abuses in relation to its senior citizen populations amounting to 11 percent. On that report, it was found that 176,000 cases were reported in 2010. The state’s law offers varying degrees of criminal charges and corresponding penalties depending on the amount and gravity of the crime or abuse committed.
According to experts, measures should be taken to avoid exploitative actions before it happens or once suspicions are raised. If the elder is still capable to manage their affairs, it is advisable to stay connected with family members as abusers are less like to commit any exploitation if more concerned relatives are continuously involved in the elder’s life. Concerned relative are also encouraged to report any suspicions to adult protective services.
Suspicions of financial exploitation may require renewed estate plans, wills and trusts. Through revocation, an elder can remove an abusive caretaker and prepare a new set of estate planning tools. Old documents should be disposed of completely and new bank accounts should also be opened if possible.
To minimize risks posed by suspicions of fraud and abuse, a court intervention may be required to issue injunctions and keep abusers from accessing the elder’s accounts. When the victim has diminished capacity, an application for guardianship may be filed in the courts.
A persons twilight years is a time when the fruits of one’s lifetime of labors are enjoyed. Financial abuses can lead to its deprivation. Without financial resources, the emotional and physical well-being of an elder will decline. Suspicions of financial exploitation should be reported immediately to the proper authorities and a trusted estate planning professional.
About The Author
Victor Dela Casa is
a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Degree in Economics from the University of the Philippines and Honours
Diploma from Eastern College. Currently based in the Philippines and
working as a professional writer for a multi-national business processes
firm.
Tags: financial elder abuse, criminal felony, financial exploitation, estate plans, wills and trusts
Posted on
Tuesday, May 28, 2013
Living trusts allow a family to customize their estate planning based on the individual needs of each family member. It is also effective in avoiding taxes as well as the probate process which we all know can be very expensive.
The death of a loved one can start off a complex legal and business process. Often, it falls to relatives to deal with the affairs of the departed’s estate. It is important that living trusts and wills are carried out and followed through to avoid issues that hurt beneficiaries after the departure of their relative.
Typically, it is important to start funding a living trust while the person is still around to do so. The effectiveness of a living trust is dependent on this. It means that trusts needs to have assets re-titled to it in order to reflect the ownership of the trust. Bank accounts, investments, stocks, bonds and assets all have to be re-titled accordingly.
Bank accounts can be easily transferred and bank managers can assist in the process. Investment accounts require that a new account be established first before transferring existing accounts. Stocks are a bit more complicated as it will require a stock power which must include a Medallion guarantee stamp. Savings bonds require that government forms be filled out and stamped with the same Medallion stamp.
Real estate is transferred into a trust through a new deed prepared by an attorney. Personal property can be willed into a trust or transferred using an Assignment of Personal Property. Approval of other partners is required before interests in private stocks can be transferred. This may require a lawyers help. Life insurance can be easily designated to the trust which will act as the beneficiary of the policy.
Finally, like most states, retirement accounts like IRAs may require the help of an expert. Often IRAs are not taxed while it is locked. A transfer of these accounts may have serious tax ramifications.
This is why the help of a knowledgeable legal professional may prove invaluable in estate planning because they have the knowledge and experience to properly manage and execute any estate plans. Legal professionals are able to sit down, discuss available strategies and even do the necessary legwork. They can also be relied on to carry out the estate’s will and trust.
Read More
The death of a loved one can start off a complex legal and business process. Often, it falls to relatives to deal with the affairs of the departed’s estate. It is important that living trusts and wills are carried out and followed through to avoid issues that hurt beneficiaries after the departure of their relative.
Typically, it is important to start funding a living trust while the person is still around to do so. The effectiveness of a living trust is dependent on this. It means that trusts needs to have assets re-titled to it in order to reflect the ownership of the trust. Bank accounts, investments, stocks, bonds and assets all have to be re-titled accordingly.
Bank accounts can be easily transferred and bank managers can assist in the process. Investment accounts require that a new account be established first before transferring existing accounts. Stocks are a bit more complicated as it will require a stock power which must include a Medallion guarantee stamp. Savings bonds require that government forms be filled out and stamped with the same Medallion stamp.
Real estate is transferred into a trust through a new deed prepared by an attorney. Personal property can be willed into a trust or transferred using an Assignment of Personal Property. Approval of other partners is required before interests in private stocks can be transferred. This may require a lawyers help. Life insurance can be easily designated to the trust which will act as the beneficiary of the policy.
Finally, like most states, retirement accounts like IRAs may require the help of an expert. Often IRAs are not taxed while it is locked. A transfer of these accounts may have serious tax ramifications.
This is why the help of a knowledgeable legal professional may prove invaluable in estate planning because they have the knowledge and experience to properly manage and execute any estate plans. Legal professionals are able to sit down, discuss available strategies and even do the necessary legwork. They can also be relied on to carry out the estate’s will and trust.
About The Author
Victor Dela Casa
is a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Earned degree in Economics from the University of the Philippines and
Business Administration Honours from Eastern College. Currently based in
the Philippines and working as a professional writer for a
multi-national business processes firm.
Posted on
Sunday, February 10, 2013
Experts advise such couples to have a detailed and well thought-out prenuptial agreement and estate plan. Being specific about what is owned before a second marriage can spell the difference between finding happiness and being twice broke and twice broken-hearted.
Tags: Divorce, Estate plans, prenuptial agreement
Read More
Bouncing back from a divorce and marrying a new-found love can be an exciting time for anyone. For many, a second marriage closes the book on the previous marriage and the pain of divorce. But a second marriage brings with it other legal issues and property division concerns. Remarrying partners will do well to reassess their properties and other finances well prior to the marriage.
Experts advise such couples to have a detailed and well thought-out prenuptial agreement and estate plan. Being specific about what is owned before a second marriage can spell the difference between finding happiness and being twice broke and twice broken-hearted.
Until recently, prenuptial agreements were not a popular topic among couples. Thanks to celebrity weddings that often go south, we have learned that a so-called "prenup" is a necessary and effective tool. It is a legally binding agreement that fully discloses each spouse's finances, and it should be signed and witnessed relatively far in advance of the big day.
The agreement also sets forth exactly what each party is entitled to in case the marriage winds up in a divorce. It usually has a payout provision, by either cash or an asset acquired prior to marriage. Conjugal or marital properties-properties acquired during the marriage-are divvied up by the court in accordance with state divorce law.
Even if the second marriage does not end in divorce, the death of one spouse could start a bitter legal battle among the children. This is why tools like wills, trusts and designating beneficiaries should be set up prior to marriage and/or death. Designating beneficiaries will ensure that the intended persons receive the assets upon death in accordance with the testator's wishes. All other properties owned jointly with the spouse will automatically be awarded to the spouse.
Those who want to provide for both the surviving spouse and all the children, including those from a first marriage, should look into a qualified terminable interest property trust (QTIP). This type of trust allows the surviving spouse to get the trust income until he or she dies, and then the children inherit it.
Some states have laws that prevent testators from leaving a spouse out of an inheritance. Elective share laws allow one's disinherited widow first rights on one-third of all assets over all other parties. With all of these legal issues, it is highly advisable to have an estate plan finalized well in advance of the wedding day.
(Written by Vee Dela Casa for D.W. Trombadore, New Jersey Attorney-At-Law, Feb. 4, 2013. For the U.S. published version, click here)
About The Author
Victor Dela Casa is a Filipino-Canadian who spent over a decade working as a business professional in Canada. Worked in IT, finance, marketing, international trade, public service, project management and the maritime industry. Degree in Economics from the University of the Philippines and Honours Diploma from Eastern College. Currently based in the Philippines and working as a professional writer for a multi-national business processes firm.
Tags: Divorce, Estate plans, prenuptial agreement
