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  1. #11
    Join Date
    May 2014
    Posts
    207

    Default Re: Preparing in Advance

    A lot depends on the value of the estate. If there is a large sum of money, you may be wise to create a trust to protect it from future medical care costs.

    Your house is the only reason (you have identified) to have a will. Without a will, half our your house will belong to the estate and 25% will wind up belonging to your brother.

  2. #12
    Join Date
    Mar 2012
    Posts
    1,336

    Default Re: Preparing in Advance

    Beg your dad to do something now.

    He can take advantage of this new WI law https://www.bizjournals.com/milwauke...-to-avoid.html

    While I don't live in WI, in my county, it only costs $30 to file the beneficiary deed. It's a bargain and a real headache saver of having to deal with court filings.

    He can do PODs and TODs on his bank and brokerage accounts.

    If the car is worth less than $50K, he can use this procedure https://wisconsindot.gov/Pages/dmv/v...ates/heir.aspx

    It's not like he has to have a will or a trust, but doing this stuff now will make your life so much easier.

    The big reason not to have him transfer ownership now is that you don't want to lose the benefit of any stepped up cost basis when he dies.

  3. #13

    Default Re: Preparing in Advance

    Quote Quoting pg1067
    View Post
    Have you asked him if he has a will or are you just saying that you don't know one way or the other because he's never said anything to you about it?




    Whether you "should" have such a discussion is entirely up to you, but I can't imagine why he'd want to "chang[e] the house title" (unless it's in connection with transferring title to a trust that he creates).




    Some non-legal perspective (FWIW): My mother died 12 years ago. She was 84 years old. She was in relatively good health for someone her age, but she fell in her backyard and hit her head on a rock. This happened in July, so it was fairly warm. No one was ever sure if the fall was caused by a stroke or whether the stroke happened because of the fall. She died five months later from resulting complications. When a person has lived eight decades, he or she has zero life expectancy (based on the average life expectancy being less than 80 years). When she died, I was, of course, sad, but she had lived a very full life, and no one was surprised. Preparing yourself for the inevitable is more of a mental exercise and requires very little in terms of educating yourself how the administration of an estate works.

    That being said, talking with your father about estate planning is not inappropriate.




    There's no vote. The court will decide whom to appoint. If your father has a will, then the court will typically honor his nomination. If there's no will, then either you or your brother can seek to be appointed. If you seek the appointment and your brother doesn't oppose, then you'll likely get it. If he opposes, your proximity will factor in your favor, but we have no way of predicting how things might come out otherwise. Of course, if your father engages in estate planning, he may effectively have no estate to probate. For example, he could create a trust and put the house title in the trust, so it would not be part of the estate. His bank accounts should have pay-on-death beneficiaries, so the money in those accounts goes to the beneficiaries and would not be part of the estate. If he makes a trust, he could designate the trust as the beneficiary. That would leave a car and household effects. Assuming he doesn't have something of significant value, that might not require formal probate.




    If you're appointed as executor/administrator (or are trustee of a trust), doing this would be part of your job.




    As executor/administrator/trustee, you would have the authority to sell on behalf of the estate/trust.




    Not quite. In the absence of a will or an agreement between you and your brother, the assets would be liquidated. The proceeds would become an asset of the estate, which would be used to pay estate debt. Once all debt is paid, then the remainder would be divided between the two of you.




    No. In the absence of a will, the net estate would be divided between you and your brother, and his brother would be entitled to nothing (I'm assuming you have no predeceased siblings who left children).

    Final suggestion: IMO, administering a trust or estate is not a good DIY project. When the time comes, retain the services of a local probate attorney.
    Thank you!

    Quote Quoting chyvan
    View Post
    Beg your dad to do something now.

    He can take advantage of this new WI law https://www.bizjournals.com/milwauke...-to-avoid.html

    While I don't live in WI, in my county, it only costs $30 to file the beneficiary deed. It's a bargain and a real headache saver of having to deal with court filings.

    He can do PODs and TODs on his bank and brokerage accounts.

    If the car is worth less than $50K, he can use this procedure https://wisconsindot.gov/Pages/dmv/v...ates/heir.aspx

    It's not like he has to have a will or a trust, but doing this stuff now will make your life so much easier.

    The big reason not to have him transfer ownership now is that you don't want to lose the benefit of any stepped up cost basis when he dies.
    I've tried that before, even to just take his name off my house. He used a guilt-trip tactic on me of reminding me that I wouldn't even have my house if he hadn't helped me with buying it. Then he pointed out that leaving his name on my title would make it easier for him to claim my house if I died, and that leaving his name on it would make it easier for him. If he won't even do a simple thing as taking his own name off my house which I have now paid for (12 years ago), then how am I going to get him to make a will or do anything else that would make MY life easier when he dies? And the more I argue with him about it, the more selfish it makes me look that I'm just interested in what he has after he dies, which is a good amount. His house is worth about $190,000 and accounts value an estimated $300,000. My own house is only worth about $70,000.

  4. #14
    Join Date
    Oct 2006
    Posts
    15,663

    Default Re: Preparing in Advance

    Quote Quoting Novicelegal
    View Post
    Thank you!



    I've tried that before, even to just take his name off my house. He used a guilt-trip tactic on me of reminding me that I wouldn't even have my house if he hadn't helped me with buying it. Then he pointed out that leaving his name on my title would make it easier for him to claim my house if I died, and that leaving his name on it would make it easier for him. If he won't even do a simple thing as taking his own name off my house which I have now paid for (12 years ago), then how am I going to get him to make a will or do anything else that would make MY life easier when he dies? And the more I argue with him about it, the more selfish it makes me look that I'm just interested in what he has after he dies, which is a good amount. His house is worth about $190,000 and accounts value an estimated $300,000. My own house is only worth about $70,000.
    Again, you need to check your deed. Its possible that it is deeded in such a way that it has rights of survivorship. Everyone is assuming that it does not, but you cannot be certain until you check it.

  5. #15
    Join Date
    Jan 2011
    Posts
    295

    Default Re: Preparing in Advance

    Would the ownership that the OP's father has in the OP's house be subject to the Medicaid lookback period?

  6. #16
    Join Date
    Mar 2012
    Posts
    1,336

    Default Re: Preparing in Advance

    Quote Quoting Novicelegal
    View Post
    Thank you!
    His house is worth about $190,000 and accounts value an estimated $300,000. My own house is only worth about $70,000.
    Because of this ^

    Quote Quoting bcr229
    View Post
    Would the ownership that the OP's father has in the OP's house be subject to the Medicaid lookback period?
    I doubt that worrying about an up to $70,000 Medicaid lookback is even an issue.

  7. #17

    Default Re: Preparing in Advance

    Quote Quoting llworking
    View Post
    Again, you need to check your deed. Its possible that it is deeded in such a way that it has rights of survivorship. Everyone is assuming that it does not, but you cannot be certain until you check it.
    It simply shows us as being "joint tenants", and from what I've found, the part that's in my Dad's name would automatically go to ne if he died as opposed to being split between me and my brother: https://www.nolo.com/legal-encyclope...hapter6-3.html

  8. #18
    Join Date
    Oct 2006
    Posts
    15,663

    Default Re: Preparing in Advance

    Quote Quoting Novicelegal
    View Post
    It simply shows us as being "joint tenants", and from what I've found, the part that's in my Dad's name would automatically go to ne if he died as opposed to being split between me and my brother: https://www.nolo.com/legal-encyclope...hapter6-3.html
    You need to have an attorney review the deed to be sure.

  9. #19

    Default Re: Preparing in Advance

    Quote Quoting llworking
    View Post
    You need to have an attorney review the deed to be sure.
    I'll take a picture of it tonight and post it here tomorrow, if I can.

    Quote Quoting Novicelegal
    View Post
    I'll take a picture of it tonight and post it here tomorrow, if I can.
    Well, I ended up not taking a picture because I'd end up having to blot out quite a bit of personal information. However, here is exactly what it says near the top pertaining to the type of ownership. I'm using fictional names here in place of the actual ones:

    James A. Johnson and Joan E. Johnson, husband and wife
    conveys and warrants to
    Robert A. Smith and John E. Smith as joint tenants
    the following described real estate......

    So it appears that we are listed on the deed as joint tenants.

  10. #20
    Join Date
    Sep 2019
    Location
    Boston USA
    Posts
    1

    Default Re: Preparing in Advance

    Can meet US best Probate and wills related lawyers and discuss in front of them.. May be all one are unhappy after listening this but this is true if you have measure issue so can speak with some in front to each other.
    KLG Estate Planning & Probate Attorneys

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