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Top 10 Videos Of 2015: What happens if the executor of a will fails to perform his or her fiduciary duty?

Top 10 Videos Of 2015 Probate Law: What happens if the executor of a will fails to perform his or her fiduciary duty?

In this video series, Tibbs Law Office is reviewing their top 10 videos of 2015, continuing with number 3, “What happens if the executor of a will fails to perform his or her fiduciary duty?”

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

 

Estate Planning Law 101: How To Select Trustees For My Estate Plan

Estate Planning Law 101: Selecting Trustees

Daryle C. Tibbs, owner of Tibbs Law Office finishes discussing the basics of Estate Planning by explaining how to name Trustees for your estate plan.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

Estate Planning Law 101: Selecting An Attorney In Fact

Estate Planning Law 101: Selecting An Attorney In Fact

Daryle C. Tibbs, owner of Tibbs Law Office continues discussing the basics of Estate Planning by explaining how to name an Attorney In Fact for your estate plan.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

 

Estate Planning Law 101: Selecting A Health Care Agent

Estate Planning Law 101: Selecting A Health Care Agent

Daryle C. Tibbs, owner of Tibbs Law Office continues discussing the basics of Estate Planning by explaining how to name a health care agent in your estate plan.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

Estate Planning Law 101: Naming An Executor Of The Estate

Estate Planning Law 101: Naming An Executor Of The Estate

Daryle C. Tibbs, owner of Tibbs Law Office continues discussing the basics of Estate Planning by explaining how to name an executor in your estate plan.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

Estate Planning Law 101: Guardian Of Minor Children

Estate Planning Law 101: Guardian Of Minor Children

Daryle C. Tibbs, owner of Tibbs Law Office, continues to discuss the basics of estate planning by explaining how naming a guardian for minor children should be handled in an estate plan.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

Estate Planning Law 101: Introduction To Estate Planning

Estate Planning Law 101: Introduction To Estate Planning

Daryle C. Tibbs, owner of Tibbs Law Office, explains the basics of Estate Planning, beginning with identifying the key people that you need to identify when arranging your estate plans.

For more online sources on this and similar topics, please visit our firm youtube channel at:

www.youtube.com/tibbslawoffice

www.youtube.com/tibbslawofficeKentucky

Tibbs Law Office, LLC
1329 East Kemper Rd. #4230
Cincinnati, OH 45246
(513) 793-7544
www.tibbslawoffice.com

Transfer on Death and Probate

I got into probate practice on accident.  It all started when I worked for my previous employer as a law clerk (after I had taken the bar but before I had received my results).  Our firm had received a telephone call from a client/investor.  Our client had an investment property and the person staying in the property had passed away.  Our client needed us to somehow get the property released from administration so that our client could re-rent the property without having to foreclose (actually, you have to open probate to foreclose but that is a long, complicated story.  He definitely did not want to foreclose if he could avoid it).

Since working on that case (and since receiving my license) I have worked on several similar cases, I have administered several estates and now my firm is expanding into estate planning.  A very common question that I am asked (usually from financial advisors) is about retirement accounts and probate.  People want to know the following: if they set up their retirement account to transfer on death to the designated beneficiaries, will the beneficiaries still have to pay “probate fees and taxes” on that money?

If a retirement account is set up to transfer on death, that money is still taken into consideration for federal and state estate tax purposes.  However, setting up the account so that it transfers on death, still keeps a considerable amount of money in the beneficiaries’ pockets.  Attorneys fees are generally calculated as a percentage of the probated and non-probated estate.  The percentage paid for non-probated property is much lower than for probated assets because the amount of legal work required to liquidate and distribute non-probated assets is much less.  In addition, the fiduciary of the estate gets paid according to a percentage of the probated and non-probated assets.  By keeping large accounts outside of probate, you are paying less to the attorneys and the fiduciary.

Transfer on death designations keep money in the family in other miscellaneous ways as well.  Less paperwork will be required for filing, which saves the family money because probate courts generally charge per page.  Also, if a bond is required, the bond will cost less.  Bonds are required to be secured for double the amount of the probated assets; the more in probated assets, the more the bond will cost.

Mother’s Day Gift- the gift of peace of mind

Perhaps the best gift you can get your mother (and yourself) for Mother’s Day is an estate plan.  I tell my clients that it is their responsibility to make sure that their parents have estate plans.  Why?  Because when your parent dies, as the child, you (and your siblings) will have to organize and wrap up their affairs.  You can make your job much easier and you can save a lot of money by making sure that they have a well thought out estate plan. 
Estate planning does not just mean preparing a will.  A good estate attorney will not only prepare a will, but will also help you decide which property should pass outside of probate by way of transfer on death designations and can prepare a living will, power of attorney and health care power of attorney in the event that the testator becomes incompetent or incapacitated. 
Transfer on death designations are viewed as an easy way to save money and time because they give the beneficiaries immediate access to those assets rather than having to wait for a distribution through the probate court; however, transfer on death designations are not right for all people and all property and legal counsel should be sought before filling out any TOD paperwork.
Estate planning can keep family assets in the family in several ways.  You can express your wishes about how your assets should be divided after you are no longer able to make that determination by having a will prepared.  When the decedent’s wishes are expressed in a will, family members are less likely to fight over how the assets should be divided.  This will cut down on attorney’s fees and court costs that would arise if there were a dispute.  In addition, a testator can ask that the court waive a bond which can be costly depending on how large the estate is.  TOD designations are difficult to contest successfully and any assets transferred by TOD will go to the beneficiaries regardless of whether someone contests the testate or intestate distribution in probate court.
Estate planning will not only make your life easier if the worst should happen, but it will also give your parents peace of mind that they didn’t have before; something that every parent deserves.