Frequently Asked Questions
Can I choose more than one personal as a Personal Representative of my estate?
Yes, any number of individuals or entities may be chosen, but naming more than 3 may result in delays and complications.
Can I transfer real estate even if I still want to continue living at that real estate?
Yes, many parties elect to transfer real estate and continue to enjoy a life estate or a right to use and occupy.
How often should I update my estate planning documents?
We recommend that you review your estate planning documents every 3 to 5 years or after any major life change (i.e. divorce, marriage, birth of child, etc.)
What is the difference between a financial power of attorney and a healthcare power of attorney?
A financial power of attorney is designed to deal with financial affairs (i.e. bank accounts, real estate transactions, etc.). A healthcare power of attorney is limited to medical and end of life decisions. In both cases, a party nominates another party to act as his or her agent to carry out his or her intentions.
If I do not sign a Will, does the State get my assets?
The State is the last in line to receive your assets. If you fail to execute a Will, you will be "intestate." In the case of an intestacy, your assets are disposed of by statute. This generally means that your spouse and children succeed to your assets. If you have no spouse or children, other relatives would take before the assets escheat to the State.
Can I make a gift of over $14,000.00 per person per year?
Yes, the current gift limit is $5,490,000.00 (2017). The $14,000.00 per person per year limit is the amount you can give away without filing a gift tax return. Any gifts over this amount are still not subject to gift tax if you make a gift of a present interest and the amount is less than $5,490,000.00 in the aggregate.