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estate planning Tag

Top Ten Common Estate Mistakes

By Bob Morris and David Grant “Poor Man’s” estate plan.  Do-it-yourself estate plans can create more problems than they solve.  Many well-intentioned people will title assets jointly with a spouse, friend, or child, not understanding the significant legal ramifications.  Others will name a “Pay on Death” (“POD” or “TOD,” as they are sometimes called) beneficiary and consider their estate planning complete, while not planning for very real risks and contingencies. Failure to plan for significant others.  Domestic partners and others who cohabitate and live together do not share the same legal rights as married couples with regard to inheritances, health...

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Upside-Down Property at Death

Mark Dodds, Esq. discusses your estate planning process and options when dealing with real property that is upside down:

upside down houseIf the property is upside-down, it is best to leave the property out of a trust. Then, when the person with the trust dies, the trustee has no obligation as to the mortgage because the mortgage is not a debt of the trust as long as the trust is not a guarantor on the mortgage (and it is rare that the trust is a guarantor, but if it were, then the trustee would have to follow the procedure described below.)

So where the trust does not own the real estate and has no obligation on the mortgage, the trustee can do his normal notice to creditors, which gives creditors of the trust 90 days to file their claim, and if no claims are filed, or after any claims are filed and paid, then the trustee can distribute the trust estate. It is unlikely that the mortgage holder will pick up on the notice to creditors, and since the estate, which holds the upside down property, is a separate legal entity from the trust, the trustee has no duties concerning the mortgage, and can proceed to distribute the trust estate even though the home is upside down.

A New Law Firm, A Continuing Tradition of Service

From the time Mark Dodds began his practice of estate planning and probate in Nevada more than 20 years ago, and continuing through his 6 and 7 years of association with Robert L. Morris and David M. Grant, respectively,  the attorneys of Grant Morris Dodds have had the opportunity of working with literally thousands of clients and their families, from the initial preparation of estate planning documents and, for many, all the way to the administration of those estate plans they helped their clients to initiate. Their many years of combined experience give David, Bob and Mark each a unique and comprehensive...

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