What can I do if my assets are over the limit for Veterans Aid & Attendance? There are many different trust options available to aging and disabled Veterans or their spouses applying to Veterans Aid & Attendance. But did you know that certain assets are considered exempt? For instance, you’...
However, with regard to a trustee executing a power of attorney, pursuant to New York State common law, the duty of a fiduciary is personal and unable to be delegated; a fiduciary who delegates his or her fiduciary duties by way of a power of attorney is liable for breach of trust and...
A premarital agreement can also address the rights of the parties at the death of one of the spouses. It may state what assets are going to be passed to the surviving spouse and what assets can be passed to other third party beneficiaries. A premarital agreement should be fair when it is...
Ward v. Ward* involved a mutual will and related documents between Stephen Ward and his third wife, Nancy. The spouses generally intended that the death of one would cause their assets to “pour over” into a trust controlled by the other. After the death of the surviving spouse, any ...
The fiduciary relationship between an agent and the principal is comparable to the relationship between a trustee and a beneficiary. In both cases, there is a legal and ethical duty to act in the best interests of the other party and to avoid any conflicts of interest. The agent and trustee...
And so there are instances where surviving spouses co-own with the estate of their spouse, an estate that they have full right to. But they still have to go through a court process to get authority to sign a deed over to themselves. That's a legal mess, completely unnecessary. And it...
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Attorney KC Marie Knox is on the cover of Los Angeles Lawyer Magazine! In this months cover story, she explores the complicated lines between what may be considered an emotional support vs. a service animal. Los Angeles Lawyer Magazine is the official magazine of the LA County Bar Association...
Adecedent trustis another name for a joint trust that's also called an A-B trust. A married couple can set up this type of trust to minimize estate taxes. An A-B trust is formed between two spouses but the trust divides when the first spouse dies. The parts represent the survivor (...
Executors are key inestate planningfor individuals and beneficiaries. Estate planning is how an individual’s assets will be preserved, managed, and distributed after death. Individuals have various reasons for planningan estate, including preserving family wealth, providing for surviving spouses and chil...