Does My Mom Have to Pay My Dad’s Credit Card Debt after He Dies?

February 28, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Power of Attorney, Probate and Estate/Trust Administration

My father recently passed away and we discovered he had a large credit card debt on a card in his name. My mother wasn’t aware of it. All assets are in both of their names. Is my mother liable for the credit card debt?

The High Cost of Medicare Mistakes

February 26, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Elder Law, Estate Planning, Guardianship, Life Insurance, Long-Term Care Planning, Power of Attorney, Probate and Estate/Trust Administration

She recently enrolled in traditional (Parts A, B, and D) Medicare and was hit with huge Part B and Part D monthly premiums. She had no idea why it was so high. After many letters, calls, and meetings with Social Security, she still had no idea.

Extra Social Security Benefits for Divorced People

February 25, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Power of Attorney, Probate and Estate/Trust Administration

While it's not the best idea to expect your benefits alone to support you in retirement (after all, Social Security is only designed to replace around 40% of your pre-retirement income), some retirees have no other option but to depend on their monthly checks to cover the majority of their expenses.

Avoiding Probate with a Trust

February 24, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Life Insurance, Power of Attorney, Probate and Estate/Trust Administration

In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.

Estate Planning for Unmarried Couples

February 21, 2020
Bill O’Leary, Esq.
Asset Protection, Estate Planning, Power of Attorney, Probate and Estate/Trust Administration

The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.

Fixing an Estate Plan Mistake

February 20, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Power of Attorney, Probate and Estate/Trust Administration

Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.

Unintended Kiddie Tax Change Fixed in the SECURE Act

The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.

When Do I Need an Elder Law Attorney?

February 14, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Guardianship, Long-Term Care Planning, Power of Attorney, Probate and Estate/Trust Administration

Elder law issues can be complex. One wrong word or move can mean the difference between a good result and disaster should you become incapacitated or if other unexpected issues should occur in your senior years. An elder law attorney can help you plan for what will happen, if you should become mentally or physically incapable of taking care of yourself and your own personal business matters.