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Recent Articles
We've Moved!
Ask Liza's new URL is http://blog.nolo.com/estateplanning/. See you there!
Surgery and Procrastination
So, I have a weird job in that I, literally, talk to people about getting their estate plans up to date many times a week. And I've done this for TEN YEARS. Over and over, people tell me that they've been procrastinating and feel badly that they haven't gotten things taken care of. And I...
Writing a Simple Will
Dear Liza: My best friend of 26 years would like to write up a will. She has a 5 year old daughter, whom does not have a god mother. Both of my best friends parents are dead and the daughters father is not in her life, nor has he been since her birth. My best friend asked my husband and I if we...
Madame Clark-Reclusive Heiress to Huge Fortune Dies at 104
Estate planning in the news. This week, Huguette Marcelle Clark, heiress to her father's copper fortune, thought to be close to one-half a billion dollars, died at 104, after living for decades in New York hospitals. Reportedly, her accountant and lawyer were the only people in close contact with...
Joint Accounts and the Estate Tax
Dear Liza: If I have all of my $ assets (savings accounts, money market s, IRA' stock)) in joint accounts with my children, (excluding real estate) will these funds be exempt from any inheritance taxes upon my demise? Nope. Your children will inherit those assets from you as the surviving joint...
Did My Mom Have a Valid Trust?
Dear Liza, My mother passed away last year. She had a living trust prepared in January of that year by an online provider of legal forms. Before she died, she had the abstract of trust and bill of transfer listing all properties to be transferred into her trust signed and notarized...
Does a Living Trust protect against creditors?
Dear Liza: My wife is in the middle of her medical residency. With the risk of future lawsuits, do Living Trusts or other vehicles help protect family assets from Malpractice or other law suits? Nope. Sorry. A revocable living trust does not protect assets from creditors. A...
When does it make sense to do a Living Trust?
Dear Liza: We are a young family with significant debt and very little in tangible assets (we completely own just one car -- we rent our house). However, my wife and I have plans of significantly decreasing debt and increasing assets/wealth in the future. Is it worth the...
Your Husband's Debts--the Gift that Keeps on Giving
Dear Liza: My brother died recently. He owned community property with his Wife. Is she now responsible for his debts? Most likely, yes. In community property states, debts incurred during the marriage are the responsibility of the community. So, after the death of a spouse, the surviving spouse is...
Durable Powers of Attorney: Not Dead Yet Documents
Dear Liza: My brother died a few days ago and hadn't updated his will since the 80's. His wife has Alzheimer's. They named each other as executrix, however they did durable POA on each other naming my sister-in law's cousin. Do we need to go to court to be able for her(representing my sister in...