Miller Flannery Law LLCMiller Flannery Law LLC2026-05-20T10:28:31Zhttps://www.millerflannery.com/feed/atom/WordPress/wp-content/uploads/sites/1102948/2022/12/cropped-site-icon-32x32.jpgOn Behalf of Miller Flannery Law LLC<![CDATA[Steps in estate administration]]>https://www.millerflannery.com/?p=478042022-11-23T19:16:35Z2022-11-23T19:16:35ZVital steps in probate
During probate, the court oversees the administration of asset transfers of a deceased person's estate. Other duties include filing tax returns, closing accounts and settling debts with creditors. The executor's first steps include procuring an original copy of the will and opening the estate in probate court.
Another crucial step involves taking an inventory of all assets and liabilities. The executor must determine what assets the deceased held - including real estate and financial accounts - along with which creditors require payments.
A valuation process becomes necessary. For example, determining how much the home is worth might allow the executor to put the appropriate sale price on the property if the will stipulates selling the home and dividing the assets among beneficiaries.
Closing probate and the estate
Before closing probate, the executor must settle debts with assets from the estate. Estates without sufficient assets are insolvent. Creditors might receive nothing if the estate has no funds.
When the executor pays all debts and expenses during probate administration, they could take action to distribute the assets to beneficiaries. Afterward, the executor may end the probate in court.
Executors tasks with various responsibilities have a duty to perform their tasks timely and ethically. If an executor proves incompetent or dishonest, those with standing may take action with the court to remove them.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Planning for the future for people with dementia]]>https://www.millerflannery.com/?p=478022022-11-09T20:32:57Z2022-11-09T20:32:57ZPaperwork
Family members or a proxy will need to make decisions about issues like emergency situations or important financial matters. Ideally, the person with dementia clarifies their wishes ahead of time. This way there is a guideline for making decisions. Having appropriate paperwork gathered ahead of time can make it easier to know what the person wants to happen. In general, the more paperwork organized in the right places, the easier this job will be. Some of the most important papers will be a living will and any financial papers, including information on all accounts, tax statements and medical coverage.
Unfortunately, many people with dementia are not diagnosed in the earliest stages of the disease. This may mean that their symptoms are already making it difficult to do things like create a living will. Getting this together as early as possible and to the best of their abilities is an important part of the process for planning ahead.
Managing finances
Difficulty managing money is often an early sign of dementia. This can look like missed payments, impulsive spending that is out of character for them, and falling victim to scams and fraud.
There are many different types of scams that target elderly people. Those with dementia often fall victim to these types of fraud. Becoming aware of these scams and the basics of elder law, including legal proxies, estate planning and conservatorship, can help manage these issues as they arise.
In some circumstances, it may be best for a person close to the person with dementia to become their legal proxy. This gives the proxy access to manage finances and look out for the person’s wishes. Again, every family situation is different, but elder law attempts to offer options to help manage the realities for people with dementia.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Consider Your 401(k) Beneficiaries Carefully]]>https://www.millerflannery.com/?p=478002022-10-27T03:39:35Z2022-10-27T03:39:35ZSpouse as beneficiary
For many people, the obvious choice is to name their spouse as the beneficiary. If you do not choose to leave them at least 50% of your 401(k), then you will need to have them sign a special form.
Minor children as beneficiary
Some people who do not have a spouse or the spouse receives enough through other estate funds choose to make their 401(k) beneficiary. Be aware that if children are not 18, they cannot directly control the money left to them.
Trust account as beneficiary
You can also choose to set up a trust account where the 401(k) administrator will send the money at the time of your death. This allows you to divide your 401(k) funds in any way you want. Furthermore, you can set up trusts to hold your distribution until a child reaches 18 or create to take care of family members with special needs.
Your estate as beneficiary
Others choose to name their estate as the beneficiary. Then, the funds go to the probate court, and your trustee distributes the funds. This may drastically slow down the process of people and charities receiving the funds that you want to give them.
It is vital to make wise decisions and update them as needed so that the 401k administrator knows how you want the funds distributed at the time of your death.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Opting for TOD accounts]]>https://www.millerflannery.com/?p=477972022-10-11T19:16:37Z2022-10-11T19:16:37ZTOD accounts explained
A transfer on death account refers to a financial account that allows the primary owner to list one or more beneficiaries. Checking, savings and brokerage accounts are among those that typically allow for transfer on death designations. When the primary account holder passes away, the account's ownership transfers to a named beneficiary.
Probating transfer on death accounts is not necessary. The beneficiary usually provides a death certificate and might need to fill out any required forms. Form requirements may vary among financial institutions. Regardless, avoiding probate could be an upside for beneficiaries who don't wish to wait for the probate process to end to receive their funds.
They may be reliant on the executor's swiftness in delivering death certificates, though. If the beneficiaries cannot provide death certificates, they will have difficulty transferring ownership of a TOD account. An incompetent executor might undermine the process's expediency.
TOD concerns
The co-owner will become the sole owner when the account is held jointly. The beneficiaries would not receive anything in this scenario. Furthermore, the new owner has the authority to change any named beneficiaries. Those concerned about their preferred beneficiaries receiving something during the estate administration & probate may need to leave those beneficiaries their assets in a will.
Also, naming minors as beneficiaries in a TOD account could complicate things. The underage beneficiaries might rely on supervised guardianship or conservatorship until they turn 18. Age 18 might be too young to manage funds left to them through a TOD account. Establishing a trust might work instead.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Discussing your estate plans with your family in Indiana]]>https://www.millerflannery.com/?p=477952022-10-06T17:51:05Z2022-10-04T17:48:55ZWhy is it necessary
The main reason why this talk is important is that it helps your children avoid surprises when your will is read. If you have certain assets that you want to go to specific people, your children need to be aware of this. This can prevent confusion and possible legal wrangling.
If you named your child as an executor or trustee while estate planning, this talk could be necessary to educate them on their roles and why carrying out your wishes is important. This can help save some time or money during the probate process or even avoid lawsuits.
How to start the conversation
The best way to start this conversation is simply by sitting down with your children and telling them about your plans. You don't need to get into all the nitty-gritty details, but it's important to let them know of your wishes and why you've made the decisions you have. If you're not sure how to start the conversation, consider talking about a time when someone in your family passed away without having an estate plan.
What to include in the conversation
First, you'll want to let them know your assets and how you want them to be distributed after your death. You should also talk about any debts you have and how you want those to be paid off. Additionally, it's important to discuss any funeral or burial plans you have so that your children are prepared to carry them out.
Talking about estate plans is a sensitive topic that most people shy away from, but it is very necessary. Your wishes would be better fulfilled if the main interested party (your children) knew what to expect.]]>On Behalf of Miller Flannery Law LLC<![CDATA[How to use trusts to protect seniors in Indiana]]>https://www.millerflannery.com/?p=477932022-09-28T19:35:53Z2022-09-28T19:35:53ZWhy you would want government assistance
It’s no question that healthcare is expensive. Even with the help of insurance, paying for assisted living, nursing homes, or even at-home help for a few hours a week can break the bank.
Medicare is a government assistance program for seniors aged 65 and older, but there are limits to what it can cover. Medicaid can cover whatever Medicare doesn’t, but families can only take advantage of that if the total sum of all assets in their account doesn’t go over $3,000.
How to qualify for Medicaid
Medicaid will look at all assets and accounts in a person’s name in order to see if they qualify. This includes:
Cash in your savings and checking account
Investments like mutual funds, stocks, bonds
Other savings accounts that are fluid
Unfortunately, it’s very easy to go over the $3,000 when all of that is considered. Some seniors will only go through Medicaid if they’ve exhausted all of the money in their savings and investments, which leaves nothing behind for the family that has taken care of them.
However, Medicaid does not include any assets that are in irrevocable trusts. By taking all of your parents’ money and putting it into an irrevocable trust, you’re protecting their life’s savings while also helping them qualify for Medicaid to get the help they need.
Downsides of irrevocable trusts
It’s not an immediate solution – Medicaid will look back to see if any money has been transferred into irrevocable trusts within the last five years. If so, they may deny your application until more time has passed.
Irrevocable trusts also can’t be reversed, so adult children might end up fronting the bill for their parents for a little bit. Making these decisions can be difficult, but for many families, it can be a lifesaver.]]>On Behalf of Miller Flannery Law LLC<![CDATA[How a self-proving will can speed the probate process]]>https://www.millerflannery.com/?p=477912022-09-14T01:48:48Z2022-09-14T01:48:48ZWhat does the process of notarizing look like?
Notarizing a will involves taking your written will to a notary public – an official who has been authorized by the state to act as a witness. Wills that are signed in front of a lawyer with a witness do not need to be notarized in this way.
Getting your will notarized is important to prove to the court that this is, in fact, your last will and testament and it wasn’t forged by another person. This might not prevent people from disputing your will, but it can make the estate administration process easier for your loved ones.
What about self-proving will?
Many people avoid getting their wills notarized by using a self-proving affidavit. This is a self-sworn statement that will be attached to your will, signed by yourself and witnesses.
After your death, if your will is contested in any way, your witnesses will be required to appear in probate court and say that the will is in fact yours. Generally, this will end the process of anyone questioning your will.
Do I need a self-proving affidavit attached to my will?
Indiana does not require a self-proving affidavit to be attached to your will if it’s been signed and witnessed correctly. But the addition of a self-proving affidavit to your will can make it harder for anyone to contest your will and ultimately make the probate process go faster.
It’s ultimately up to you whether or not you think a self-proving affidavit is appropriate for your estate plan. It’s important to talk out options with your family.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Start thinking about estate planning today]]>https://www.millerflannery.com/?p=477872022-08-30T16:16:33Z2022-08-30T16:16:33ZDon't forget about your kids
Ideally, you'll create a will or trust as soon as your children are born. If you already have such a document, you should update it to ensure that your kids have the resources needed to thrive if you die or become incapacitated. Both wills and trusts allow you to name guardians for your children, and they can also make it easier to transfer assets to your kids.
Other issues to consider
Creating a trust may make it easier to make gifts to children, grandchildren or your favorite charity. Making gifts during your lifetime may reduce the value of your estate for tax purposes, which may maximize the impact of your generosity. A trust may also be ideal if you want to keep the terms of your estate plan private. If you don't have a trust, you should consider adding a financial agent to your plan to ensure that someone is available to manage your money when you cannot do so yourself.
Creating a comprehensive estate plan may make it easier to ensure that you don't fall behind on bills or have to cede assets in the event that you become ill or die. A quality estate plan may also prevent family infighting or other issues that might arise if you don't have a valid will or trust.]]>On Behalf of Miller Flannery Law LLC<![CDATA[How do you create a quality estate plan?]]>https://www.millerflannery.com/?p=477852022-08-16T21:07:14Z2022-08-16T21:07:14ZYou'll likely need multiple plan documents
A will or trust will serve as the foundation of your estate plan as it plays a significant role in determining what happens to your property if you die or become incapacitated. Instructions contained within a medical directive serve as your voice in the event that you aren't able to communicate with doctors or other medical staff. A medical or financial agent can also act on your behalf in the event that you become incapacitated.
Many people will have a role in executing your plan
Your estate administration needs will depend largely on whether you opt for a will or trust. If you choose a will, you'll need someone to represent your estate during probate. During your lifetime, you can oversee a trust and appoint someone to manage it after you pass. Finally, you'll need to consider who your beneficiaries will be and who would serve as your medical or financial agent if you need one.
A comprehensive estate plan may allow you to distribute your estate without causing conflicts between family members. It may also allow you to reduce the value of your estate for tax purposes, which means that beneficiaries may get a larger inheritance. It's generally a good idea to review estate plan documents after major life events or at least once every 12 months. Doing so ensures that they still meet your needs and conform to state law.]]>On Behalf of Miller Flannery Law LLC<![CDATA[Should you be the executor of an estate?]]>https://www.millerflannery.com/?p=477832022-08-02T21:08:04Z2022-08-02T21:08:04ZAre you good with deadlines?
There are deadlines to complete each task in closing an estate. If you're not good at managing deadlines, then you may not want to serve as the executor of someone's estate.
Are you willing to spend the time on handling the estate?
Closing an estate could be a time-consuming process, especially if the decedent doesn't have good organization skills. You might find yourself having to list their assets and debts on your own and searching for assets that you're struggling to locate. If you work long hours or you barely get time to yourself, then you may decide that it's best for you to decline an offer to serve as executor of someone's estate.
Impatient beneficiaries
It's possible that some of the beneficiaries won't be patient and understanding as you go through the probate process. They might make a fuss about not receiving their assets quickly enough. You must consider whether you could handle a potentially difficult beneficiary.
Potential lawsuits
Fiduciary duty to the beneficiaries comes with probate administration. Thus, a beneficiary could sue you if they think you made a mistake while handling the estate. Be prepared to hire an attorney to assist you in correctly completing the necessary tasks in closing an estate. You could use money from the estate to pay for legal help.
Although you may feel flattered that someone has asked you to serve as their estate administrator, you should consider the risks and downsides of this role before agreeing. Don't allow a feeling of guilt to cause you to commit to something that you know you aren't capable of doing. Testators could choose a company that handles estate administration if they aren't able to find a loved one able to serve.]]>