What is the best to use a will or trust ?: I am a 43 yr old male with about 2yrs to live due to liver cancer. I own a home with the mortgage in only my name. What is the best way yo leave it to my wife ?
David's answer: Mr. Fromm's answer is excellent. I would simply add, that if you are a Pennsylvania resident, that the use of a revocable living trust rather than a will may not generally worth the additional time and expense. If you create a trust, you would also have to deed your property into that trust and incur the recoding fees. Also, if you do deed your property into a trust, you must make sure that the trust contains all of the correct provisions to make sure that the transfer does not trigger realty transfer taxes right now. The answers to these questions might vary if you do have children and/or you intend to leave assets to someone other than your wife. Doing a will, at the very least is essential. I hope that this additional information is useful. DISCLAIMER: This posting is for informational purposes only and does not constitute legal advice ora legal opinion. You are advised to get legal advice based on the specifics of your particular matter. David Frees can be reached at 610-933-8069.
Can I get compensation from an estate for years of caregiving and caretaking of property before the nursing home gets it all?l: My partner"s father may become a permanent resident at a nursing home. I have been living on the property, rent-free, but providing much service, for many years, i.e buying groceries and cooking, cleaning, yardwork, lawnmowing, minor repairs, homemaking, companion services and personal assistance, especially when the parents were ill, Now it seems the absent family members feel that since I've had a " roof over my head", I have been paid enough. The house is extremely humble and in disrepair, the elderly man very unkind and unappreciative, but 90, and needing some help and protection. He would not ever talk about this, or acknowledge my helpfulness. He may or may not come home, but if he does, the level of care will be much increased, and I need to find out where I stand before I continu
David's answer: There are really two issues here. The first is are you entitled to reimbursement for past work and for future work if he returns. The second is will payments disqualify him from long term care under medical assistance? Gneerally, when services are performed over time and there is no agreement or payment, a presumption arises that such work is being gifted and the longer that goes on the more people make that presumption. So, be sure, as the prior answer suggests, to make a list of everything that has been done but also make sure that there is an agreement an actual payment for future work. Unlike the prior attorney, I suggest that you see a lawyer who is NAELA certified or who has significant elder law experience to make sure that any and all past and future payments are made in a way that does not disqualify your partner's father from medicade. Thius answer is for informational urposes and does not constitute a legal opinion or legal advice and does not create an attorney client relationship. You are advised to seek counsel in this matter.
What is PA's inheritance law for bank CD's held IN TRUST FOR surviving children? At what rate is it taxed?: What is the inheritance tax % on a bank account (CD) held in trust for a child?
David's answer: Accounts held in an individual's name and in trust for beneficiaries will be subject to tax on the entire amount. The tax rate for children will be 4.5 percent. If one or more beneficiaries are siblings, or nieces, nephews or unrelated parties, the tax rate on that amount will be 12 % or 15%