Frequently our clients create revocable living trusts as a substitute for a will. There are a number of reasons that they choose this estate planning mechanism, most common among them being probate avoidance and control during periods of incapacity. However, in order for the trust to control the estate, it must hold title to all [...]
Many states, including Mississippi, recognize handwritten or "holographic" wills. A holographic will is a will is written entirely by the hand of the testator. It must be signed by the testator or himself, but need not be witnessed or notarized. Any challenge to the handwritten will is likely to raise the possibility of disputes over [...]
Oral wills are known as "nuncupative" wills. Such wills are valid in about half of the states, including Mississippi. In order to be valid, the "nuncupative" will must be expressed during an individual’s last illness, and if the bequest exceeds $100 in value, must be proven by 2 witnesses. Additionally, the individual's death must be [...]
A revocable living trust, more commonly called simply a "living in trust" is usually used as a will substitute and probate avoidance device. Probate is the process of transferring property from the dead to the living. It requires several legal formalities and court oversight, including petitions, an oath, court orders, and notices, before the transfer [...]
I am frequently asked whether there are any public benefits available to pay for assisted living care. Unfortunately, benefits available to pay for this type of care are limited. Other than some very limited trial or Medicaid waiver programs, the only governmental benefits available to pay for home care and some assisted living care is [...]
Are you concerned about the safety of your bank accounts? If so, your fears are justified: Earlier this year the Federal Deposit Insurance Corp. (“FDIC”), which backs bank deposits, reported the biggest jump in "problem institutions" it has seen since the savings and loan crisis of the late 1980s. The FDIC identified 76 banks in [...]
A Kansas appeals court rules that because an estate's malpractice claim against an attorney who prepared estate documents is grounded in tort law and the injury did not occur during the decedent's lifetime, the cause of action did not survive the decedent's death. Jeanes v. Bank of America (Kan. Ct. App., No. 97,855, Aug. 29, [...]
Continuing a string of Social Security related cases in which the denial of benefits was upheld, the 5th Circuit upheld the ALJ’s denial of applicant’s SSI application finding that, although the applicant was obese and unable to perform the functions of his prior vocation, he was able to engage in light duty work. The ALJ [...]
A Pennsylvania appeals court rules that a durable power of attorney that allows the agent to "make gifts" does not accord the power to change retirement plan beneficiaries or to make large gifts of personal property absent specific authorization in the document. In Re: Slomski v. Thermoclad, et al (Pa. Super. Ct., Nos 1330WDA2007 & [...]
Nursing home evictions of frail and ill residents are rising, according to an article in the Wall Street Journal. The U.S. Administration on Aging reports that formal complaints of eviction practices have doubled over 10 years to 8,500 in 2006, and the practice of involuntary nursing home evictions may be far more prevalent because not [...]
