Probate 101....
Our family doctors generally don't make house calls anymore but I'm sure glad our family attorney does. It was much more comfortable listening for an hour and a half to the in's and out's of probate law while sitting on my Mom's couch.
My Mom is the executrix of my Dad's estate, while I have power of attorney for the same, so I always try to be in attendance while the details of my Dad's passing are worked out. My Mom is still very sharp, but it is good to have two sets of ears listening to the sometimes intricate information being given.
Today was a day for some rapt attention as we work towards filing the probate papers and then begin to work on the economics of the estate. My head is still swimming from listening to attorney Ted filling us in on Trust "A" and Trust "B" and how we need to fund both. Trust "A" is non-taxable, estate wise, Trust "B" is taxable and the one my Mom should take her income from. And to fund Trust "A" we need to value the entire estate. Trust "A" is non taxable only up to a certain sum, so we need to have appraisals done on non liquid assets, add the liquid assets to these fixed assets and then subtract my Mom's seperate property from this total and then divide everything up to fund Trust "A" up to the maximum. The remainder goes into Trust "B" to be subject to the onerous and communistic estate tax imposed by Uncle Sugar.
I told my mom this would be a snap, just call CPA Ron and have him do it all.
Our family doctors generally don't make house calls anymore but I'm sure glad our family attorney does. It was much more comfortable listening for an hour and a half to the in's and out's of probate law while sitting on my Mom's couch.
My Mom is the executrix of my Dad's estate, while I have power of attorney for the same, so I always try to be in attendance while the details of my Dad's passing are worked out. My Mom is still very sharp, but it is good to have two sets of ears listening to the sometimes intricate information being given.
Today was a day for some rapt attention as we work towards filing the probate papers and then begin to work on the economics of the estate. My head is still swimming from listening to attorney Ted filling us in on Trust "A" and Trust "B" and how we need to fund both. Trust "A" is non-taxable, estate wise, Trust "B" is taxable and the one my Mom should take her income from. And to fund Trust "A" we need to value the entire estate. Trust "A" is non taxable only up to a certain sum, so we need to have appraisals done on non liquid assets, add the liquid assets to these fixed assets and then subtract my Mom's seperate property from this total and then divide everything up to fund Trust "A" up to the maximum. The remainder goes into Trust "B" to be subject to the onerous and communistic estate tax imposed by Uncle Sugar.
I told my mom this would be a snap, just call CPA Ron and have him do it all.
