Aunt Ethel died a few weeks ago. Her remaining assets are fairly modest. Their value doesn’t justify going through the expense of a full probate. What’s the family to do if the beneficiaries still want those remaining assets? How can the assets be transferred to the beneficiaries without costing an arm and a leg?
Enter the Small Estate Affidavit.
In Kansas, if there is no real estate involved (including minerals) and the personal property of a decedent (a/k/a deceased person) is valued under $40,000, a Small Estate Affidavit can be used to transfer the estate assets to the beneficiaries. Small Estate Affidavits are forms used to grant authority to a person (usually an executor or beneficiary named under a Will or an heir of the decedent) to transfer and take responsibility for a deceased person’s personal property assets. However, if the value of the personal property exceeds $40,000, or if real estate is owned in the estate, a different probate proceeding will be required to transfer the estate assets.
Providing a copy of the following items during the estate planning process will assist your attorney in determining which estate planning options would best match your goals and budget. Similar to a medical professional needing access to your complete medical history, your estate planning attorney must have a complete picture of your asset holdings before he/she can make a good recommendation for your estate plan. In addition to the following list of items, you should inform your attorney if you are a current or future beneficiary of any Trust, a party in a litigation matter, or if you anticipate a substantial inheritance in the foreseeable future.
Current Estate Planning Documents:
• Copies of any currently existing estate planning documents, including any powers of attorney for financial or medical, living wills, Last Will and Testaments and any trust documents.
• Copies of your most recent statements for all checking, savings and money market accounts.
• Copies of certificates of deposit.
Investment and Mutual Fund Accounts:
• Copies of your most recent statements for all investment and mutual fund accounts.
Stock and Bond Certificates:
• Copies of all stock certificates.
• Copies of all bonds.
Starting a new business is exciting but the decisions you make in the beginning can have long-lasting impacts on your future profitability and success. If you’re ready to start your new for-profit business in the State of Kansas, here are a few basics on the various business entities available to you:
• Although arguably the least complicated way to set up your business, it also creates the greatest liability risk for the owner.
• No annual minutes are required and no reports or filings, other than income tax filings, have to be made with the State.
• With this form of business entity, the owner is 100% liable for the company debts and obligations.
Q: What happens when you own property with someone and the co-owner dies?
A: The answer depends on how the property is titled. For Kansas residents, here’s the short and sweet version of how property will transfer if a co-owner dies:
Tenancy in Common:
If the owners are “tenants in common”, the deceased owner’s interest will transfer according to his/her estate plan, or intestacy laws should he/she fail to make a plan. The surviving owner(s) will not obtain the decedent’s interest unless they receive it under his/her estate. The surviving owner will continue to own the same percentage of property, but they may end up sharing the property ownership with a new co-owner(s) after the decedent’s estate is settled.
If the property is owned as “joint tenants with rights of survivorship and not as tenants in common” and one of the owners dies, the deceased person's interest transfers to the surviving joint tenant. For the surviving owner to obtain clear title, her/she must file an original death certificate of the decedent with the Register
If the probate process confuses you, you’re in good company. Here are some common misconceptions surrounding probate:
1. If you have a Will, your family will not have to go through a probate. Not true! In fact, if you do Will-based planning, you are planning for a probate. This means your estate will go through a court process, open to public examination, before your beneficiaries will receive their inheritance. According to a 2018 EstateExec survey, on average it takes almost 16 months to settle a U. S. estate. That’s a significant wait time for beneficiaries to receive the assets you intended them to have.
2. Probate is a simple and speedy process. While this sometimes can be true with uncomplicated estates or low value
In the last three weeks, we discussed the telemarketing and internet scams focused on senior citizens. To learn more about those topics, you can visit: http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-one, http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-two and http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-three. Today, we begin the final part in our four (4) part series on elderly financial scams. In this article, we’ll be discussing mail fraud, home repair fraud and professional fraud.
Caregivers can help monitor loved ones’ mail for potential mail fraud. Stacks of unsolicited mail with various offers for money or prizes is a quick indicator that your loved one is being targeted for a scam. Also, if you notice packages of cheap costume jewelry or other “gifts” arriving by mail to your loved one, inquire about the source of the items and the circumstances leading to their receipt.
If your loved one has provided confidential personal data, be watchful for unauthorized transactions in their financial accounts and alert their banker to the situation. Review their checkbook entries and look for unusually large withdrawals or checks written to unfamiliar companies. Credit card statements should be checked for any unauthorized charges. It’s also advisable to examine your loved one’s credit rating to
In the last two weeks, we have discussed the dangers associated with scams aimed at seniors. To learn more about those topics, you can visit: http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-one and http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-two. Today, we begin Part three (3) in our four (4) part series on elderly financial scams by diving into internet and computer scams and what you can do to protect yourself and your loved ones.
Senior Citizens have traditionally been less apt to be the subject of Internet scams because of a lack of technological savvy. However, as the Baby Boomers move fully into retirement years, we have seen an increase in the number of Internet scams, due to the group’s advanced comfort with computers.
Last week, we discussed the most common types of scams perpetrated on Western Kansas seniors. To read more, you can visit: http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-one. Today, we begin Part two (2) in our four (4) part series on financial scams and learn what you can do to protect yourself from a telemarketing trap.
How Can I Identify a Telemarketing Scam and What Should I Do?
These are some of the most common tactics used to commit fraud by telephone:
Urgency or Mania: A fraudulent telemarketer will scream and shout about how excited they are that you have won a prize or say something similar to, “You are the grand prizewinner, but if you don’t accept your reward immediately (and pay a “handling charge”) the runner-up will win instead.”
Authority: The telemarketer puts his “boss” on the phone, so you will know the offer is “legitimate.” The “boss” is another accomplice in the scam.
Fear of Missing Out: The prize you have won is so good, you think you can’t pass up this deal of a lifetime. This is an especially dangerous tactic tempting lower-income level seniors who already are struggling to make ends meets.
Reciprocity/Pity: The caller explains that he or she won’t get paid unless you accept the prize and pay the "handling fee". If you protest that you can’t afford the fee, the scammer asks how much you can afford, and says he or she will make a special exception for you and accept the lower amount.
Recently we presented an article on financial abuse of elderly. Today, we continue that theme by providing the first in a four (4) part series on the types of fraud attempts to which older adults often are subjected.
Why are some retirees from Western Kansas targeted for elder financial abuse and cons? In addition to slowing cognitive skills, some of these individuals have a significant amount of money sitting in their bank accounts and other financial investments, making them prime targets for swindlers. They tend to be retired, at home, answer their telephones and open their mail. According to a report by the Federal Trade Commission, 56% - 80% of telemarketing scams are directed toward senior citizens. Lest you be misled, wealthy, aging adults are not the only ones targeted. Low-income elders are at risk for financial abuse, as well. Their more precarious financial situation puts them at an even greater risk of loss of independence if the con-job is successful.
Think all scams are generated by Internet or telemarketing fraudsters? Think again. Professionals such as attorneys, financial advisers, insurance agents, and funeral homes have been found to manipulate
Which estate planning tool should you use—a Will or a Trust? The decision rests mainly on your personal circumstances. Do you have many assets to pass to heirs? Will your family be agreeable to your distribution plan or will they likely object? Will all your beneficiaries be able to responsibly manage an inheritance? Do you care if your assets and distribution plan become public? These are some of the questions you will need to answer with your attorney to determine which estate planning tool is best for your situation. Let’s take a quick look at both instruments and compare their features.
• Best used for uncomplicated estate plans;
• Can be prepared quickly and relatively inexpensively;
• Can contain Trust and tax provisions;
• No built-in protections for incapacity;
• Requires the expense and time of a probate to pass titled property or enact Testamentary Trust provisions;
• Requires a minimum of 6 months to settle; on average takes 9-12 months; the more complex the estate the more time before distribution occurs;
• Will and all probate documents, including asset inventories, are available for public viewing; If beneficiaries or heirs file a complaint or challenge the terms of the Will, all Court documents are available to the public.
• Can be used for simple or complicated estate plans;
• Great for individuals who wish to maintain privacy;
NEWS YOU CAN USE
Davis & McCann, P. A.,