|Q. My parents asked if I would be Executor of their wills. I immediately said yes, but am not sure what it means what does it mean?|
| ||A. Being an Executor is a fiduciary duty, which is a legal or ethical relationship of confidence or trust between two or more parties. In your role as Executor, you are expected to act at all times for the sole benefit and interest of your parents, who will be deceased when you serve your role.|
| ||There is a lot of work involved - finding assets, consolidating and investing assets, paying debts, maintaining property, distributing property, and paying taxes. |
| ||On top of the actual work, you are dealing with attorneys, accountants, financial planners, the beneficiaries (who can easily be the most demanding of all) - oh, and your own grief and loss. It can easily become a part-time job for you.|
| ||However, unlike other things that you do for family, being a fiduciary is a job where you can get paid.|
| ||Read More|
Life estates are commonly used in elder law asset protection planning. If you think Mom is at least 5 years away from a nursing home, the transfer of a house subject to a life estate can be a home run, as the house tends to be one’s most valuable single asset.
This is because, in addition to providing low-income families and seniors over the age of 65 with health care coverage, Medicaid also pays for long-term nursing home care for elders. If your parent is reaching the age where you think a nursing home might become a possibility, it's important to begin planning years in advance.
|In today’s technological world, what does it mean to be "family?"|
In law school we learned about the "fertile octogenarian" - a theoretical construct about what would happen to a property distribution scheme in an estate plan if you had some wacky birth order situation (ie: my great-uncle is 60 years younger than me).
|Back in 1995, this was largely theoretical. Not so today in age of reproductive medicine advances and frozen embryos. It is quite possible to have your biological child born 1, 2 or 5 or more years after your death. Did you mean to provide for this child that you never met in your Will? You Will likely says "after my spouse dies, everything to my issue." Your "issue" are your biological descendants, who this after-born child would be. While this may seem just weird, it is entirely possible in today's age.|
|The US Supreme Court actually just considered this situation.|
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From our offices in Parsippany and Toms River, we advocate for our clients in every county in New Jersey. Please visit our website to learn more.
|Welcome to the September issue of our newsletter, “The Fein Print.”|
|Our goal is to provide our clients and friends with relevant news for their legal needs, and provide links and access to the trove of resources on our website. And, of course, we are always accessible for consultation via phone and email.|
|Have a question, or an area of interest you’d like to see explored? Just shoot us an email and watch for our response!|
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