Post Mortem Issues Archives - Page 5 of 5 - Law Offices of Daniel Timins

Doing Separate Finances Right

Posted on November 17, 2014

Today, more spouses and unmarried cohabitants maintain separate finances. This is probably due to a number of factors, including increased salaries for women and an increase in second marriages and relationships with children from a previous relationship. While these arrangements may work amongst couples during life, they present significant estate planning challenges upon the death of one or the other. How much should the surviving partner get (which could conceivably be left to a future partner) and how much should the children get (to the detriment of the partner)? There is no easy answer. The majority of clients in this position have very concrete opinions about what they want, which makes my life far easier: I’m not a fan of

Burial Instructions in Your Will? Don’t Bother

Posted on November 17, 2014

Many people have an idea how they want their remains handled upon their passing, and want to ensure this method is respected. And unless you are like Vladimir Lenin and want the public to view your corpse in perpetuity (though I am not entirely sure he actually wanted this), when you pass away you generally want your remains to be dealt with relatively quickly. In the past people included their desires in their Wills, not knowing where else to state them. A Will has to be accepted by the Surrogate’s Court under the Probate process: (1) This requires an original Death Certificate which you usually get from a funeral home (but remember, the undertaker doesn’t know how to handle your

Your “Inherited IRA” is No Longer Safe

Posted on November 17, 2014

Individual Retirement Accounts are perhaps your most safeguarded and income tax-efficient asset: are deducted from your adjusted gross income for income tax purposes, principal grows tax deferred, and the account is protected from just about any creditor other than a spouse (even in bankruptcy and against lawsuits). At least that was the case until 2014. When a person passes away with an IRA, any beneficiary may take all funds out of the existing IRA as long as they do so within five years. This means all IRA assets are distributed quickly, negating long-term tax deferral and assessing income tax payments on the large distributions. And all funds are now out of the IRA, so they are no longer protected. A

“Estates a la Carte”: Restaurant Owners – A 3 Course Catastrophe

Posted on November 17, 2014

One of the more-challenging clients for estate planners is restaurant owners. While owning a restaurant is difficult enough during life, the problems that face these professionals at death are equally complex, time consuming and expensive. First, Appetizers: Most restaurant owners spend most of their money on additional restaurants. This creates a major problem with estate liquidity, particularly if they happen to own the real estate where their dining establishments are located (typically in high-tax areas). Otherwise, the establishment is locking into a long-term lease to which the lessor has the right to pursue rent for the remaining term of the lease against the deceased owner’s estate. In either case, substantial cash funds may be needed but are not available. Next,

“The Doctor is Out”: Medical Practices & Unexpected Death

Posted on November 17, 2014

Modern day medical doctors face a myriad of challenges: Lawsuits, hardships with creating referrals and collecting payments from third-parties (insurance companies and Medicare), onerous requirements of the Affordable Care Act and patient records, and the like. So just when we think the logical conclusion of these hardships would occur (death) we find out just how hard it truly is to be a doctor. A doctor has a requirement to maintain patient records for several years. This requirement does not end at the time of their passing. While today’s insurance environment and staff requirements have effectively made solo practitioners a dying bread, even a small group of doctors may not be prepared to process all of the records of their departed