With the purpose of helping to prevent fraud and to protect identities, the Centers for Medicare and Medicaid Services (CMS), has redesigned Medicare cards. The new cards will no longer show the owner’s Social Security Number. The cards will still be red, white and blue, but will also not show the gender, signature and other personal […]
IRAs, 401k’s and other “qualified accounts” are exempt. The applicant however must be taking RMD’s or some amount of principal and interest on a periodic basis.
Properly recorded mortgages survive the death of the borrower/owner of the property, and remain as liens against the real property through probate.
You can also have access to the funds, like a line of credit, that you can draw on when needed.
Title to real property that is held in a revocable living trust is not subject to probate, because the real property will be distributed to the beneficiaries of the trust, by operation of the terms of the trust.
The rights of inheritance from a person who died intestate, and who was married at the time of death, will depend upon the nature of the particular asset being probated. Assets of the decedent who is a married person can be community property, quasi-community property or separate property. Quasi-community property is property acquired in another […]
The state will want to know about all assets of both spouses, including savings, cash, stocks, etc. In addition, the cash surrender value of whole life insurance of the ill spouse cannot exceed $1,500.
Only certain assets left through a person’s will can be administered through a probate proceeding. For a married person, all of his or her separate property, which is in that person’s name alone, can be distributed through a probate court proceeding. Separate property is identified as what was owned by the decedent before marriage. In […]
If the will lists other beneficiaries in addition to the surviving spouse, then only the property listed in the will that goes to the surviving spouse is subject to the petition.
Probate proceedings typically take about a year to complete, and can take even longer depending on the assets and complexities of the case. After the petition is filed, notices are given and probate publication is made. Probate statutory time frames must be adhered to, and apply to various aspects of the probate, including filing dates, […]