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Im already tired of dealing w pops estate.
Most folks mean well, but they are stupid and just get in the way.

Dont need pleasantries, or advice. I hired an attorney that specializes in this and am going by his list.

People need to shut up, stay away.

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The one comment I would add if it has not been said before... and this is for people reading this post not necessarily Uncle Jim.

Make sure that 100% of everything is set up as a transfer on death TOD... or payment on death POD.

A will or medical directive is fine to have, in fact it's of course a great idea. But if everything immediately transfers with a death certificate... the will really does not matter.

We did transfer on death Deeds for Real Estate as well as all of the bank accounts. It made my job is the executor extremely easy because everybody got what was intended immediately and there was nothing left to discuss.

Examples below.

My father passed away in February of 2020 I am the executor. I am still dealing with this through the courts and it is an absolute pain in the butt. Thousands and thousands of dollars going to the state. I have to track every dispersal and every expense. It is extraordinary complicated. No TOD or POD.

My mother passed in September of 2020 and all of her accounts we're set up as TOD and POD.

Closing out her affairs involved just one phone call to the Probate Clerk... who informed me I needed to do absolutely nothing.

Of course I have to file 2020 taxes for both of my parents, but that is a given as an executor.

Good luck to all facing this challenge.

Last edited by CashisKing; 03/25/21.

If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.



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Cash;
Good afternoon or evening I suppose now for you sir, I'm sorry to read that last year was a tough one for you losing both parents. Please accept belated condolences, it's not ever easy.

Thanks for your contribution to the thread, it's something I'm not sure we have to deal with on this side of the medicine line, but as I'm a distinct minority here it's good advice for most readers I'm sure and certain.

One additional thing I've thought of is that as one gets on in years it's beneficial to have someone with joint signing authority on a bank account.

We often envision an estate plan as solely taking place after we've departed, but in many cases now modern medicine might keep us alive for months or perhaps years but in a state where we'll need to keep the lights on back at home.

In dealing with friends who've run into this, they had to dip into their own funds to keep the ailing parent's house and yard kept up because until the parent passed, there was no inheritance triggered. If it still goes into a situation such as you've described then the inheritance transfer is still not immediate and again the heirs need to pay the taxes, power, water, etc.

Anyways, hopefully that made sense and is helpful as well.

Again sir, condolences on the loss of both of your parents in such a short time.

Hopefully this is a year of healing and restoration for you.

Dwayne


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Originally Posted by BC30cal
Cash;
Good afternoon or evening I suppose now for you sir, I'm sorry to read that last year was a tough one for you losing both parents. Please accept belated condolences, it's not ever easy.

Thanks for your contribution to the thread, it's something I'm not sure we have to deal with on this side of the medicine line, but as I'm a distinct minority here it's good advice for most readers I'm sure and certain.

One additional thing I've thought of is that as one gets on in years it's beneficial to have someone with joint signing authority on a bank account.

We often envision an estate plan as solely taking place after we've departed, but in many cases now modern medicine might keep us alive for months or perhaps years but in a state where we'll need to keep the lights on back at home.

In dealing with friends who've run into this, they had to dip into their own funds to keep the ailing parent's house and yard kept up because until the parent passed, there was no inheritance triggered. If it still goes into a situation such as you've described then the inheritance transfer is still not immediate and again the heirs need to pay the taxes, power, water, etc.

Anyways, hopefully that made sense and is helpful as well.

Again sir, condolences on the loss of both of your parents in such a short time.

Hopefully this is a year of healing and restoration for you.

Dwayne


Thanks Dwayne...

I was extremely blessed to be able to drop everything and take care of my parents full time. It was a very fortunate thing and affords me wonderful memories from being able to do the work... without regrets.

You are indeed correct about joint checking accounts. We had set that up also.


If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.



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Originally Posted by EdM
Absolutely.



X 100


The degree of my privacy is no business of yours.

What we've learned from history is that we haven't learned from it.
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Originally Posted by CashisKing
The one comment I would add if it has not been said before... and this is for people reading this post not necessarily Uncle Jim.

Make sure that 100% of everything is set up as a transfer on death TOD... or payment on death POD.

A will or medical directive is fine to have, in fact it's of course a great idea. But if everything immediately transfers with a death certificate... the will really does not matter.

We did transfer on death Deeds for Real Estate as well as all of the bank accounts. It made my job is the executor extremely easy because everybody got what was intended immediately and there was nothing left to discuss.

Examples below.

My father passed away in February of 2020 I am the executor. I am still dealing with this through the courts and it is an absolute pain in the butt. Thousands and thousands of dollars going to the state. I have to track every dispersal and every expense. It is extraordinary complicated. No TOD or POD.

My mother passed in September of 2020 and all of her accounts we're set up as TOD and POD.

Closing out her affairs involved just one phone call to the Probate Clerk... who informed me I needed to do absolutely nothing.

Of course I have to file 2020 taxes for both of my parents, but that is a given as an executor.

Good luck to all facing this challenge.



TOD and POD, make sure that your state honors both.


The degree of my privacy is no business of yours.

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I have had a will since age 19, keep it updated as my assets grow and change, nieces/nephews born etc. Also have a large life insurance policy that is a bit pricey monthly but is large enough to cover anything I might have financed at the time of my demise whenever that is and still leave the wifey a good sum. Figure if I make to the days to eventually sell the business, my properties here and move onto the land I already own in WV, I can drop the policy as the wife will have more then enough money to live out her days however she wishes, plus she has a good paying career and retirement funds of her own. Just dont want to saddle her or anyone with any debt of my making!

As far as my parents, they have had everything arranged as long as I can remember, this includes estate planning, living wills, prepaid funerals, graves etc. Thier estate will be fairly sizable with my sister as the executor which my brother and I are fine with and will assist as much as necessary because we all get along great!

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I need to get my chidtt together regarding this stuff and my parents. The thought of losing them sucks but it's time to buck up.


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Originally Posted by P_Weed
My father was diagnosed with a terminal illness and was determined to prove wrong the old saying," You can't take it with you!"

After some thought he figured out how to take at least some of his money with him. He instructed me to go to his bank
and withdraw enough money to fill two pillow cases. He then directed me to take the bags of money to the attic and
leave them directly above his bed, so that when he died - He could grab them on his way to Heaven.

Several weeks after the funeral I went up to the attic to clean, and came upon the two pillow cases stuffed with Cash.

"Oh!, that darned old fool" I thought - "I knew he should have had me put that money in the basement!"




OH hale LOL ->>P Weed you is funny !!! laugh


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Blindshooter, if your MIL already has documented dementia, a POA may not be valid.

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My best friends dad died a few years ago. They parked a cotton trailer in the yard and I helped fill it up. He had 6 children and had stuff like all their school papers from 1st grade on. It was a hard days work hauling all that stuff out of the house.

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My dad just passed in late February, He was 94 and his health had turned on him in the last 4 months. The last month me and my three sisters nursed home with the help of home hospice. so we didn't have to deal with a nursing home etc.

Paper work wise he had things in line. Accounts were all TOD, House was paid for and in trust. We agreed that we could take what we wanted from the house until a certain date, one of sisters who revels in such things will have two weeks to do a tag/estate sale and then we have hired a crew to come and dump the rest in a 15 cubic yard dumper, a cleaning team is to clean the house after that and we will list it for sale.

Loosing our dad sucks, but the rest was made easy by some planning.


The collection of taxes which are not absolutely required, which do not beyond reasonable doubt contribute to public welfare, is only a species of legalized larceny. Under this Republic the rewards of industry belong to those who earn them. Coolidge
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Originally Posted by Leanwolf
Quote
CraigD " ... It's really hard to go through a lifetime of accumulation regarding guns and reloading equipment and decide what to send down the road. So far, nothing has gone down the road...

Bottom line, I am trying to prevent hard feelings between the kids!


Craig D, this is just a suggestion.

If you're concerned about the "hard feelings" over "who gets what," why not get your kids together now and discuss what guns/tools, each is to receive??

Might save those "hard feelings" later on down the road.

L.W.


Excellent advice. The bigger your estate, may warrant doing this every couple of years. Don't forget little things like having someone know to tell people you've passed on, through the forums they are on. Things like that.


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Originally Posted by ol_mike
Originally Posted by P_Weed
My father was diagnosed with a terminal illness and was determined to prove wrong the old saying," You can't take it with you!"

After some thought he figured out how to take at least some of his money with him. He instructed me to go to his bank
and withdraw enough money to fill two pillow cases. He then directed me to take the bags of money to the attic and
leave them directly above his bed, so that when he died - He could grab them on his way to Heaven.

Several weeks after the funeral I went up to the attic to clean, and came upon the two pillow cases stuffed with Cash.

"Oh!, that darned old fool" I thought - "I knew he should have had me put that money in the basement!"




OH hale LOL ->>P Weed you is funny !!! laugh

So bad🤣

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Originally Posted by fester
Originally Posted by ol_mike
Originally Posted by P_Weed
My father was diagnosed with a terminal illness and was determined to prove wrong the old saying," You can't take it with you!"

After some thought he figured out how to take at least some of his money with him. He instructed me to go to his bank
and withdraw enough money to fill two pillow cases. He then directed me to take the bags of money to the attic and
leave them directly above his bed, so that when he died - He could grab them on his way to Heaven.

Several weeks after the funeral I went up to the attic to clean, and came upon the two pillow cases stuffed with Cash.

"Oh!, that darned old fool" I thought - "I knew he should have had me put that money in the basement!"




OH hale LOL ->>P Weed you is funny !!! laugh

So bad🤣

Whenever this discussion comes up, I think of this cartoon. A little levity to a somber topic.[Linked Image from i.postimg.cc]

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Originally Posted by 300_savage
Blindshooter, if your MIL already has documented dementia, a POA may not be valid.

Absolutely 300, thank you for mentioning that. The time to get a POA is before a doctor would certify someone as demented and that someone else should be handling their affairs.

While I had most of mom’s financial things worked out, I got a reality check after she died and Social Security had put a lock down on everything at the bank. She had an annuity check that I could have put into her account that I could have accessed before she died, but the bank locked down her accounts after she died and my POA meant nothing. Months and more paper work got it eventually, but it sure would have been easier if I hadn’t waited.

Some terrific insights on this thread for something that we are all going to be facing. I do appreciate the input.


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Our trust is evergreen to stay abreast of changing laws or scenarios and we pay an annual fee for it on a three year cycle. Year one updates our health/medical desires legal or otherwise, year two updates our financial desires legal or otherwise and year three we are issued a new trust. Our attorney set up a meeting/telecom with us and our three sons explaining the trust and how it will be administered. The boys were pleased with the session and, in particular, how all medical decisions have been made.


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I got a call from a friend yesterday that he was with my 85 year old mother at the grocery store and she was having trouble. I rushed over and she was dizzy and not talking well. She insisted on going about her shopping. She has shared nothing about her business or health with us and probably won't.
She won't heed my good advice either.

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Originally Posted by CCCC


If those remaining are not wise and civil enough to behave ethically and properly, they are responsible for their own destruction.


That's a pretty flippant observation. It takes one dusche bag to make a complete mess after somebody dies. You can have a large family and one jack wad turns everything upside down. A faulty or flippant estate plan makes that much more likely to happen.

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Windfall, I had a similar experience when my Mom died. POAs die with the person who signed them. I had to wait till tbe court gave me the letters of appointment as personal representative of her estate before I could begin settling her affairs. This is a good rule, keeps unscrupulous people from accessing accounts before a PR is determined and legally appointed.

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