Everyday, in some way, each of us begins each new day by lying to ourselves that nothing “bad” will happen to us today. It’s like it's part of our human nature. We know that people are involved in accidents every day that end their lives or incapacitate them; that’s just it, we tell ourselves that it will happen to someone else – not us. However, … [Read more...]
Remember to Review Your Estate Plan and the Events That Should Remind You To Do It
Great, you created your estate plan; and by getting crucial documents drafted and signed, you are ahead of most people in planning for your future. An estate plan is not a “set it and forget it” type of thing. The only thing worse than not having an estate plan, is to have one that does not match the person’s goals and wishes. Just as your goals … [Read more...]
Choosing the Right Person to be the Executor of Your Estate
First and foremost, just because you have been named in someone’s Will as the Executor of their Estate does not mean that you are automatically the Executor as soon as that person has died. Being named in someone’s Will as their Executor only means that you have been nominated. The probate court must appoint you as the Executor before you have … [Read more...]
The Benefits of a Revocable Trust
Of all that has been written and discussed about what a revocable trust is and is not and how tax laws have changed to make revocable trusts applicable to more people, there is still more to be stated about how a revocable trust, under New Hampshire’s laws, can benefit you and your family. In a discussion of how a revocable trust can benefit … [Read more...]
What is Property?
Property is anything that is owned by a person or company. It can be bought, sold, traded, stolen, or destroyed. Property can be owned by a single person, or jointly between two or more people. Tangible items such as a car, books, clothes, DVDs, or that collection of weird looking clowns are considered personal property. Real estate or real … [Read more...]
The Hermit and the Deed (No Good Deed Goes Unpunished)
Perley E. Swett was a well-known hermit who lived in Stoddard, NH. He passed away in 1973. During his life, various people appear to have helped him out, one being a gentleman named Quentin H. White. Beginning in 1968, Mr. White visited Mr. Swett regularly, delivered groceries, handled bank transaction, and took Mr. Swett to visit his … [Read more...]
How to Choose an Estate Planning Attorney
What to Consider When Looking for an Estate Planning Attorney Comfort You need to feel comfortable with the attorney who, ideally, needs to get to know you well enough for you to tell them not just about the successes in your life and where things have gone according to your plan, but also about when things haven not happened according to your … [Read more...]
New Hampshire Won’t Tax You to Death for Putting Real Estate into Your Revocable Trust
When New Hampshire real estate is sold in a typical transaction and ownership is transferred to the buyer, the seller has to pay Real Estate Transfer Tax (“RETT”) and the buyer also has to pay RETT. If you have sold or bought real estate in New Hampshire, it is likely that you paid your one-half share of thousands of dollars of RETT. Under Chapter … [Read more...]
A Mortgage is No Excuse to Be Without an Estate Plan
There are many benefits to having a properly drafted estate plan, such as knowing that your family’s finances will not be frozen by the mandatory probate administration process and can make sure that your assets go to the people you want them to go to – instead of getting distributed according to state law for when a person dies without an estate … [Read more...]
Owning Property Together
Many people own a house jointly with their spouse - or partner, friend, or family - often as joint tenants with rights of survivorship (“JTROS”). This means the couple owns the house together equally, and if one of them dies the other retains full ownership automatically. The default in NH is to own property as “tenants in common” meaning each … [Read more...]