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Adam Troy Rauman

Adam Rauman’s Answers

462 total


  • Spouse has memory problems, which is better suited regular or durable power of attorney.

    Short term memory caused from required surgery, long term good. Able to take care of herself, just can't remember to take medications.

    Adam’s Answer

    She needs to have a durable power of attorney, health care surrogate, living will and a last will and testament. Her ability to sign all of the documents will depend on how bad her short term memory is. The attorney drafting the document and the notary will need to make the determination as to whether or not they feel she has the ability to execute the documents.

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  • Is Trad. IRA RMD in Year of Death for deceased paid to inheriting beneficiary from original owner's account or the retitled one?

    Regarding a person passing away before they've taken their RMD for the year (2014), I've heard two different opinions: one that the RMD for year of death must be paid to the beneficiary from the new retitled Beneficiary account and another saying ...

    Adam’s Answer

    This is really more of a financial planning question than a legal question. Please contact the custodian of the IRA and follow their instructions.

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  • I live in Florida. I was named in my grandmother will in North Carolina, do I have to pay inheritance taxes?

    I live in Florida and am to receive proceeds from my grandmothers estate. Will I have to pay inheritance taxes on the amount I receive?

    Adam’s Answer

    There are potentially four different types of taxes estate funds may be subject to:
    1. Federal estate tax - under current law, only applies when an estate has a value in excess of $5.34 million;
    2. State estate tax - there are only 18 states that currently collect an estate tax when their residents die. Florida does not and North Carolina repealed their tax for deaths as of January 1, 2013;
    3. Income tax - need to be paid if an estate makes money during administration; and
    4. Inheritance tax - is paid to the state when a state resident inherits. Only 6 states collect inheritance tax;, Florida and North Carolina do not.
    Federal estate tax is on

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  • Will is being prepared. I'll want an electronic copy later. They said no. Is that standard? Ethical? estate planning

    My will is almost done. I am set to sign the will next week and pay then. I requested an electronic copy, once it's complete. Obviously, I don't want to pay small revisions. The attorney said they don't give electronic copies because I may chan...

    Adam’s Answer

    I understand both sides. There isn't really an issue to with giving you a signed electronic copy of your documents; I do it for my client's all of the time. The copy is in PDF format only, not Word. I also like to keep the original documents in my office because an original is needed for probate. There really isn't a standard practice with regards to what attorneys provide or keep for their clients.

    There are several potential problems with you modifying, retyping, and changing your documents yourself. A quick search of the web and you will find several articles from Forbes, Money, and several other publications regarding the pitfalls of "do it yourself" estate planning. You could invalidate your documents, accidentally disinherit potential beneficiaries, create creditor issues, or cause your estate to be subject to unnecessary litigation. Improper estate planning documents cost estates and beneficiaries thousands of dollars more than what any attorney will charge to draft them correctly. Please do not be penny wise and pound foolish. If your documents need to be updated in the future, use an attorney to make the changes.

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  • My grandma gave me her house i had power attoerney over her i put house in my name now they say since she didnt sign it go state

    She has son she tried to kill him so she didnt want house to go to him now shes in nursing home we dont want state to get it nor her son ive cared for her for 8yrs im 28 ive been doing everything for her wat do i do to make sure house stays with me

    Adam’s Answer

    Who is they? I suggest going to a local estate attorney to discuss your situation in more detail. I don't think your question can be properly addressed in this forum.

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  • If all beneficiaries don't sign the indemnification agreement how long will it take to settle an estate?

    how long must the executor, or lawyer, wait to file a full, formal accounting with the Orphans' Court, along with a petition requesting an adjudication if all of the beneficiaries don't sign the indemnification agreement?

    Adam’s Answer

    If you are the Personal Representative of a Florida estate, you should be working with an attorney, therefore you should address all of your questions with your attorney. If you are simply a beneficiary of an estate, the Personal Representative should be able to answer your question.

    That being said, some of the terms used in your question lead me to believe you are not referring to a Florida estate. In Florida, probate has a time table to guide the progression of the probate. If beneficiaries request an accounting, an accounting is provided. Proof of service of the accounting and a wait period of 30 days all that is required before closing the estate, assuming no one objects to the accounting.

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  • My sister currently has POA over my 92 year old father..

    Recently, she called the cops on him and sent him to a hospital. My father called me upset immediately after and asked to come live with me. How do I get the POA from my sister to me?

    Adam’s Answer

    Depending on your father's mental capacity, he may be able to revoke the existing Power of Attorney and have a new one drafted. If he does not have the capacity, you will have to file for a guardianship which will be expensive. If your sister objects to the guardianship it could get very expensive. Call a local attorney to discuss your situation in greater detail.

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  • INCORPORATION: NOW OR LATER?

    My father plans to set up a corporation/LLC or trust (we are still researching which is best) for the purpose of asset planning and liability protection. He will soon be buying a small warehouse space to use as rental income property. Is it bette...

    Adam’s Answer

    As the other attorneys have stated, establish the structure before you make the purchase. You should really consult with an attorney to determine the best course of action. Yes, you can read things online and you may save some money upfront by doing things yourself but, attorneys know the pros and cons that are not necessarily written online. Spending money on an attorney today may save you considerably more tomorrow.

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  • Does power of attorney override a HIPAA form?

    My grandmother has a HIPAA form at her doctors office, with my name and the name of another relative as people who are allowed to access her medical info. The other relative is now estranged from my grandmother. The doctors office says my grandmot...

    Adam’s Answer

    Sorry for the trouble you are having. Most medical release forms and Power of Attorney documents are valid until they are revoked or the principal, the person granting the power, dies. If your Health Care Surrogate and Power of Attorney documents were signed after the original HIPAA form and they specifically revoke all previous authorizations, then yes, your documents override the others. That being said, it would be best to have your grandmother sign a revocation of the outstanding HIPAA form. Be sure she does not revoke your documents.

    The other option is to have a new Health Care Surrogate and Power of Attorney signed, revoking all other documents. New documents would also be advisable if the current Power of Attorney was signed before October 2011, as a new statute went into effect. Contact a local attorney for assistance.

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  • Rcv'd $20k inheritance, unknown amt to follow next year. 59 yrs old, single. how should I use- retirement or pay off debt.

    Also, upside-down in condo with 2 mortgages, considering shortsale. (over 55% of monthly paycheck, incl. HOA fee goes toward condo payment). Also, $14k in cc debt, have a 17 yr old car, and a 401k worth 20k.

    Adam’s Answer

    You have a debt issue and should not be seeking financial investment advice. Instead, contact a local attorney to discuss how to solve your debt issues short of filing for bankruptcy. The money you inherited and the money you may inherit will be lost if you file for bankruptcy and may affect your ability to do a short sale. You should consult with an attorney to assist with asset protection, debt negotiations, and short sale assistance. The attorney MAY be able to settle the credit card debt for 50% or less leaving you funds to go towards a car or as a reserve to pay on the condo.

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