Have you ever wanted to hunt down some scarce relic like Indiana Jones does? You’re in luck! March 10 is International Find a Pay Phone Day. At this point, they are few and far between, but they are still out there. Your mission to celebrate this fine day, is to go out and find one.
You know what’s not hard to find? An estate planning and elder law attorney who has your best interests at heart. I opened my own law firm because I wanted to give people a personalized service where their needs come first and they get treated like the important people they are. We can talk about your current situation and what your wishes are, and then I’ll tell you in easy-to-understand terms what legal techniques will meet your unique needs. Call me today at 617.299.6976 or send an email to mkarr@maheritagelawcenter.com to set up your free consultation meeting.
With the cold March weather, it makes sense that March 13 is National Earmuff Day. In 1873, a very smart 15-year-old boy named Chester Greenwood was ice skating in Farmington, Maine when he came up with the idea of creating earmuffs. A big thank-you to Chester for keeping our ears warm on these cold winter days.
And Happy St. Patrick's day to you and your family! Here’s to warmer weather to come.
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QUESTION: If I own everything jointly with my spouse, do we even need to do a will?
ANSWER: Married couples can own most of their property in joint tenancy, including homes, cars, bank accounts, and brokerage accounts. When one owner dies, the property passes automatically to the surviving owner outside of the probate process. At that point, the property is owned by the individual, so a will or a trust becomes important in order to make sure the property gets passed onto the intended beneficiaries. Also, if you and your spouse pass away at the same time without a will or trust, the laws of intestate succession will dictate who receives the property, so it might not be distributed the way you wanted.
On the Blog: What Your Adult Children Need to Know About Your Estate Planning
When your estate plan is complete, there’s still one more step you need to take. It’s important that you make sure the people you name in your estate planning documents who will need to take action at some point, like your children, know certain things. Read More.
Estate Plans of the Rich and Famous
Ernie Banks
Ernie Banks, also known as “Mr. Cub” and “Mr. Sunshine,” is considered one of the greatest American professional baseball players of all time. He played shortstop and first base for the Chicago Cubs from 1953 to 1971. He died from a heart attack in Chicago on January 23, 2015, just days before he turned 84.
Three months before he died, Banks signed new estate planning documents, including a will and trust. His agent and caregiver, Regina Rice, was left in control of everything, while his estranged wife and his three adult children were not mentioned as beneficiaries in any document.
Since his death certificate listed dementia as a contributing factor to his death, his children and wife vowed to contest the new estate planning documents as they believed that Banks was coerced by Rice to sign them. Rice’s lawyers have claimed that Banks’ estate is only worth $16,000, but the true value of the estate is in the rights to his name and likeness.
The best way to avoid an estate battle is to have a proper estate plan created before dementia occurs; otherwise, potential beneficiaries may have a basis to question the deceased's mental competence.
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