Personal Property & My “Stuff” Archives - Page 2 of 2

5 Special Provisions You Should Add to Your Will

Posted on March 15, 2017

At some level, American Wills have not changed much in the last 200 years: Just like in old-timey England you need to (1) state who gets what, particularly anything left-over (your residuary estate), (2) who shall manage your estate’s affairs (your Executor), (3) you need to sign your Will or have someone do it for you in your presence with your permission if you don’t do so yourself, and (4) you need two disinterested witnesses who sign your Will in your presence as you state it is your Will. However, there are a few modern developments and government programs that justify adding the following provisions to even the most routine Wills: Contingent Ownership of a 529 Plan: If you

Trusts: How to Protect a (Troubled) Child from Your Money

Posted on December 3, 2016

Parents: You are responsible for the financial education and well-being of your child. You have more life experience, you are the ones who brought your children into the world, and you are the one leaving your money to them. So take the extra step and make sure you give your children money in a responsible way. We’ve all heard of it: The child who spent all of his inheritance before he received it, the gambler, the substance abuser, spendthrift, and so on. In 2011, I had a 29 year old female client, whom I shall call “Janice” who didn’t have one penny to her name: Janice was living in a homeless shelter, on all types of public assistance, and almost thoroughly ignored

Leaving the Right Gift to the Right Person

Posted on September 30, 2016

I meet several clients who, upon death, want to automatically give their daughters their jewelry and split their remaining property equally between their children. This is also the default position suggested by general practitioner attorneys who will draft a two page Will for their lifetime client, and avoid the consultation time needed to truly understand their client’s desires. My experience suggests that serious consideration must be given to distributing the correct amount of property, and the right type of property, to each beneficiary. Most people leave property first to their spouse, then to their children equally – they have equated equally loving their children with bequeathing them equal amounts of property. It goes without saying that even in “healthy” families this may not be

Asking Your Attorney About “Wise” Investments

Posted on May 5, 2015

Attorneys have a reputation for “killing” more deals than they enable. In my experience this is a true statement: Several clients make haphazard investment decisions, such as signing contracts with “silent partners,” getting involved with high risk investments (my least-favorite: forwarding money for an independent film), or getting their feet wet with a new sure-thing-get-rich-quick scheme (i.e. flipping a home or entry into the rental real estate market). Several attorneys can share horror stories of clients break their backs and banks on these ventures. But the question that should arise is often overlooked by the client: Does the attorney actually have any qualifications or experience to condone or dismiss the investment cost? By their nature, most lawyers are good with

Handling the Empty Nest: Securing the Recently Departed Loved One’s House

Posted on March 24, 2015

When a person passes away there are several matters to take care of, the FIRST of which is securing the premises. One of my biggest concerns is the possible “Dash and Grab” that dishonest (needy?) family members perform when they hear of the recently departed family member and run to strip the house of assets with financial or sentimental value. And, as much as I hate to use stale idioms, “Possession IS 9/10ths of the law.” Here are steps you can take to secure a family member’s personal belongings upon their passing: CHANGE THE LOCKS: If the house was owned by the decedent, consider doing this to protect the property inside. CANCEL CREDIT CARDS / FREEZE BANK ACCOUNTS: Supplying a

How to (and Should I?) Place My Cooperative Apartment in a Trust

Posted on September 25, 2014

Buying (and living in) a Coop can be a pain: Coop Boards dictate whether you can have pets, children tenants, hard wood floors, and when you pay increased maintenance and “special assessments.” They also decide whether or not you can place your Coop “In Trust,” thereby avoiding it passing through Probate via your Will when you pass away. First, the Coop’s legal counsel will want to review your Trust, often for about the cost you paid to draft it. They may require modifications and ask your beneficiaries to assume any future liabilities that may be assessed. You will then need to transfer the Coop shares for an additional cost, and produce your original Shares Certificate and Proprietary Lease (or otherwise