House Sale Proceeds and Minor Children

ELDER LAW:
An elderly father and his adult son came to our office just after the mother had died. All three had been joint owners of property that was being sold and father and son had questions regarding the proceeds from the sale. Specifically, they wondered if they would be able to put all the proceeds in the son’s name. By doing so, they hoped to provide for the son since he was unemployed and enable the father to qualify for state assistance should he need future nursing home care.

We cautioned the father and son that any transfer of the father’s share of the proceeds to the son would have adverse consequences should financial assistance from the state be required before five years had passed. We also advised them that “gifting” would have tax implications. Our concern was that although the father wanted to help his son, he could be jeopardizing his own financial future.
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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Newport RI Elder Law Attorney and Durable Power of Attorney Issue

Testimonial for Elder Law Attorney Jeremy Howe

Jeremy Howe, Newport RI ElderLaw Attorney met with a client recently regarding a family issue involving an attorney-in-fact using a Durable Power of Attorney improperly. After the meeting she wrote:

Thank you again for meeting with me yesterday regarding my family problem, especially on such short notice. I was very pleased with the information and advice you provided. You made it very easy for me to understand my legal standing regarding the concerns as well as the concerns of others who were involved.

Again, I can't thank you enough for the legal counsel and for the consideration you provided me. I especially admired your personable and informative, yet direct, approach regarding my family's specific needs.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

RI Elder Care and Probate Laws

New Rhode Island “laws-in-waiting” regarding Probate and Elders

We in Rhode Island have been living in a strange world when it comes to State (RI) estate taxes. If one died or dies after December 1, 2009 with less than $850,000 as a taxable estate, one would owe no estate taxes. It looks like an exemption on the first $850,000, doesn’t it? But if one dies after December 1, 2009 and has $850,001 as a taxable estate, one is currently taxed on the entire $850,001.

Only in Rhode Island do we see legal consequences like this one!

The legislature in its infinite wisdom is now trying to fix this problem by passing a bill retroactive to December 1, 2009 which will establish a $25,200 estate tax credit effectively eliminating the existing tax. (Senate Bill 2195, House Bill 7611 and House Bill 7612) Another Senate Bill (2115) would increase the estate tax exemption to $1,000,000 effective 1/1/2011 and further increases it to $2,000,000 effective 1/1/2012. The tax would then be eliminated beginning January 1, 2013. There are other offerings before our legislature.

We will keep you posted.

With thanks to CATIC (title insurance company) for helping us with these interesting “news-flashes”. I suggest that we all call our legislator(s) and urge them to clarify these issues and to make RI more business-friendly and taxpayer-friendly by eliminating the estate tax.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.