What You Need to Know about Power of Attorney

 

Power of Attorney and Your Estate Plan

Transcript:

Hi, I’m Jordan Flake. I’m an attorney with Clear Counsel Law Group. I specialize in estate planning. I got a question from a client about how to become a power of attorney. Can you just essentially declare yourself to be power of attorney of someone? Or, do you have to write it down? What’s the process?

Power of attorney is a very important mechanism in estate planning because it essentially gives another person the right to make financial and healthcare decisions on your behalf. It’s a right that you can give to someone else. Obviously it has to be somebody that you trust a lot, because you wouldn’t want to let somebody else make financial and healthcare decisions for you unless you really knew that they were going to act in your best interest. Also, you can’t simply just say it. It actually has to be written down. There’s also a lot of formalities in the law that need to be met and fulfilled in order to give that document credence and validity.

 

Power of attorney, las vegas, nevada

 

One important thing to remember about power of attorney documents is that the entity that will often be enforcing those or rejecting them, as the case may be, would be a bank or a hospital or doctor’s office or an insurance carrier. It’s not always going to be interpreted by a judge. That’s why it’s very important to make it very crystal clear, so that somebody without a law degree can actually understand what the power of attorney is intending to do and what it says and leave no doubt whatsoever as to the fact that you’re giving someone else the right to make decisions on your behalf.

If you feel like you need to make a power of attorney document

When a Short Sale Might Be Your Best Option for Your Home

 

How a Short Sale Might Assist You

Transcript:

Hi, my name is Jordan Flake. I’m an attorney at Clear Counsel Law Group. We deal with a lot of real property issues, and there are times that we help people accomplish a short sale. Pretty much everyone I know has either seen a foreclosure, or a short sale, or a default at some point in the last several years, because so many people have gone through that, here in the Valley; but just so that you know exactly what your short sale options are:

The term short sale just means that you’re selling the property out there in the world, and the proceeds from the sale are not sufficient to cover the loan balance. Let’s use an example. Let’s say you owe $80,000 on a house, but the house is only worth $60,000. The owner of that house basically can get a buyer for $60,000, and go to the bank and say, “Hey, listen, I don’t have enough money to cover all $80,000 that I owe. However, I have this buyer, and rather than default on this and have it go into foreclosure for several years, why don’t you accept this $60,000 buyer, and we’ll basically allow that to wipe out the loan.”

 

Short Sale Home, Las Vegas, Nevada Real Estate

 

It’s very important when you do a short sale that you cross all your T’s and you dot all your I’s, because you don’t want that $20,000 deficiency, in other words the amount of the mortgage that wasn’t covered by the sale, to chase you down, and hunt you down, and follow you around for a long time. That’s, depending on whether not you have a first and/or a second, there’s different rules that apply; but if you’re thinking about short selling your home, please reach out to Clear Counsel Law Group. I’m more than happy to do a no-charge consultation, just to discuss your short sale options, give me a call. Thank you.

How the Probate Process is Affected by an Underwater Home

 

 

What You Need to Know about an Underwater House and the Probate Process

Transcript:

Hi, my name is Jordan Flake. I’m an attorney in Henderson, Nevada. I do a lot of probate work which means when an individual passes away and there’s property in that person’s name still, there needs to be a court legal declaration as to where that property goes and how it’s handled. One really common scenario especially since the economy went down a few years ago is that Jane Smith will pass away, she’ll have a house in her own name, the house is worth $80,000; however, the mortgage is $94,000. A lot of times family members will just say, “Well, the house is underwater so we don’t need to worry about it. We don’t need to do anything with it. Nobody’s going to take responsibility for it.” The idea is that it can’t be probated.

That’s not correct. It is true that the liability won’t come and haunt her heirs so the children of Jane Smith don’t have to worry that the $14,000 that represents the underwater amount, that’s not going to come back, chase them down, but what you should know is that you actually can do a probate for that property and short sell the property and oftentimes get paid out of the proceeds of the sale, at least an administrator’s fees, the legal fees can be paid out of the proceeds of the sale, the realtor’s fees can be paid out of the proceeds of the sale, and the property is, and this is maybe the best thing, is that the property is actually resolved rather than sitting there empty for years and years and years, you actually tie it up. It doesn’t cost you anything and oftentimes we can get you paid an administrator’s fee for the work of having dealt with an attorney and a real estate agent to sell that.

 

underwater home, probate, Las Vegas, Nevada

 

Real estate tip of the day is if you come across a house where it’s underwater and it’s owned by a deceased individual, reach out to Clear Counsel Law Group, contact me, we’ll do a free consultation, and we’ll discuss our options for doing a short sale on that property by opening up a probate. Reach out to me if you’d like to discuss this more. Jordan Flake at Clear Counsel Law Group. Thank you.

Filing for Divorce with Your Assets in a Revocable Living Trust

 

How to Handle Your Assets in a Revocable Living Trust if You Get Divorced

 

Transcript:

Jonathan: Hello. My name is Jonathan Barlow. I’m a probate and estate planning attorney here at Clear Counsel Law Group. One question that we often get asked in connection with our estate planning practice is: If I’m going through a divorce and my assets are held in a revocable living trust with my spouse, what should I do?

The short answer to that is that first you should make sure you talk to your divorce attorney about that so that that can properly be divided through the divorce process. I’m not a divorce attorney so I don’t know how that part works, but if you’re wanting to make plans because you know you’re going through divorce and you want to make sure those assets are protected, you can make lists and create some separate interest in those assets by going through and designating your interest in those assets and separating out what’s called the community property interest in that property. You can create documents, either a will or another trust, to hold your interest in the community property.

 

Assets, divorce, Nevada, Las Vegas, revocable living trust

 

In short, it’s best to come in and probably create wholly new documents for yourself, whether a wholly new will or a new trust, to hold your interest in those marital assets. Now again, those are all still going to be subject to what happens through the divorce process and the property settlement agreements, the divorce decrees, things of that nature. The judge is going to able to allocate those, but you want to be able to protect your interests, make sure that if something happened to you in the interim before the divorce was finalized should you pass away that your interest in the assets go where you want them to go.

It’s not really that much different than traditional estate planning even if you’re not going through a divorce, because you still have these same questions you need to answer, which is: If I die, where would I want my property to go, whatever that property might be? Whatever that property might be will be determined by the divorce court, but you get to determine where that goes should something happen to you in the interim while you’re going through the divorce process. Brian has a question about this.

 

Brian: Sorry, just to clarify, you’re recommending creating an additional trust to hold your interest in the first trust? Is that correct?

 

Jonathan: That is an option to do that. As one of the co-owners of that trust, you have an equal interest, as does your spouse that you’re divorcing, in those assets in the trust. It’s a community interest, but you have the right to say what happens to your part of that interest. I would probably do it through a wholly new document. Like I said, through a new trust or a new will, just to create separation from the one that you’re currently working with that’s going to be split up anyways when you divorce. You don’t have to do it that way. You certainly could do it through some form of an amendment to the current trust. You could take assets out of the trust, for that matter, and put them into your own individual name.

There are various techniques. The main thing is you want to make sure that you have written down and made very clear your instructions of what you want done with your interests, your property interests, should something happen to you when you pass away, or should you pass away. That’s the best case scenario, best thing to do if you’re going through a divorce, to make it very clear what you want done in that situation. If you have any questions about estate planning, if you’re going through a divorce and don’t know want to do about your assets, certainly give us a call here at ClearCounsel Law Group and we can walk you through this process. We’ll help you review your current trust and make determinations about what you do need to put down in writing to make it very clear what should happen with your assets in the event of your death.

 

How is a Corporation a Nonprofit?

 

 

How the Government Determines is a Corporation is a Nonprofit

Transcript:

Hi my name is Jonathan Barlow. I’m an attorney here at Clear Council Law Group. I often have business clients ask me, “What makes a corporation a not for profit corporation or  nonprofit corporation?” The short answer to that is that you elect to be treated as a nonprofit corporation when you create the corporation with the state. The longer answer to that question is this: what makes a not for profit is simply as it says in it’s name. You operate the business without the intent to generate profit that is paid out to the owners of the business. In other words, if the business does make profit, that profit has to stay within the business. It can’t be passed out as distributions to the owners of the business. The owners are not profiting on the business of the corporation.

 

nonprofit, Nevada, Las Vegas, corporations

 

Now, a lot of people use not for profit corporations or nonprofit corporations in connection with a charitable entity or a charitable organization under the federal tax laws. These are sometimes called 501CS organizations. They are usually created for a charitable purpose. You create the not for profit corporation at the state level. You then obtain the 501CS status from the IRS. Together you’re able to operate a charitable entity. That’s basically the nuts and bolts of how you become a not for profit corporation and how that could be an advantage to people in that situation. If you have any questions about not for profit corporations feel free to give me a call here at Clear Council Law Group and I’ll do my best to answer those questions for you.

 

How Understanding a Series LLC Will Improve Your Real Estate Business

 

 

How Understanding a Series LLC is Necessary for a Real Estate Agent

Transcript:

Hi, my name is Jordan Flake, I’m an attorney with Clear Counsel Law Group. We do estate planning. We do a lot of work with realtors, and just one very, very specific tip for real estate agents that they may wish to consider is understanding what a series LLC is, and what it does. When I use the word series LLC, you may know a little bit about it, but what I really want is for that to trigger in your mind the following scenario. You may have an investor who owns various properties, and the way that those properties are titled are in his or her own name. Sit here and just imagine that person for a second, that client of yours who has Jane Smith, she has five properties that are all in the name of Jane Smith. That’s the client who needs to learn from you first, and then from us second as the attorney about what’s called a series LLC.

 

real estate agent, series LLC, estate planning, Nevada, Las Vegas

 

Essentially this type of LLC says that Jane Smith can take those properties and put them each in a separate, compartmentalized liability protected box similar to as if she created five LLC’s. Because it’s a series LLC, it’s really only one LLC, with five separate compartments. Think about who your investor client is, or who your friend or neighbor is who owns various properties in their own name, and then think about learning and telling them about the option of a series LLC. Hopefully, if their interested, they can meet with us, and we’ll do a free consultation to discuss the process for getting a series LLC set up properly. Reach out to me if this interests you, Jordan Flake, Clear Counsel Law Group, I look forward to hearing from you, thank you.

What to do if You Want to Disinherit an Heir

 

How to Disinherit an Heir

Transcript:

Jordan: Hi, I’m Jordan Flake. I’m an attorney at Clear Counsel Law Group. I do estate planning. Sometimes we have clients who want to disinherit one of their family members. That’s perfectly fine. We understand that sometimes that’s necessary. We get this question: Under what circumstances can I disinherit an heir?

I think first and foremost is really important to reinforce the idea that when we’re talking about your estate planning it truly is your estate planning. The same way that during your life no one can tell you how you should or shouldn’t spend your money, it’s yours, you can do whatever you want with it, that same principle applies in estate planning. It’s your estate. You can plan it however you want. Our job as attorneys is to simply facilitate that and also to let you know if there are some considerations that you might want to think about when making your estate planning.

 

disinherit, probate, estate planning, Las Vegas, Nevada

 

In terms of disinheritance, you can just disinherit anyone at any time. Now, there might be certain circumstances where the disinheritance might not stand up. If you try to disinherit completely your spouse, you might run into a situation where community property laws in Nevada prevent you from really accomplishing all of that. You could disinherit perhaps as to much of your separate property, but there’s going to be community property issues. That’s one of the many things you have to take into consideration.

Another thing is simply that if you don’t specifically disinherit, you can run into problems. Say for example you have three kids. Let’s say instead of disinheriting the third you simply just say, “I want number one and number two to have 50% each.” The implementation is that number three doesn’t get anything. If you do that and you leave out the specific disinheritance of number three, number three can come into court after you pass away and say, “Oh, mom made a mistake. She really just intended for all three of us kids to have it equally. She’s just forgot to list me down there.”

That number three child has a chance of blowing up the distribution scheme. It’s a much better practice to actually use the correct language to specifically disinherit those people who you don’t want to have in there any longer. That’s a good reason to come see an attorney about it. Any follow-up questions on this one?

 

Brian: Does it make sense to put language in the disinheritance as to why you may have taken someone out?

 

Jordan: It may or may not make sense. Estate planning is just about peace of mind. If you don’t want to address it, that’s fine. I have some clients who the reason they disinherit is because they bought that kid a house. It’s not because they dislike them. It’s because they already did a big huge financial favor and they think that everything else needs to go to the other two kids. In that situation, it might make sense to say, “I have previously provided for child number three. Therefore I’m giving my estate to children number one and two.” That might make sense. If the situation is a big traumatic family thing that was the subject of many years of turmoil and dispute, it might not make sense to include all of that in the estate plan. Just keep it simple and disinherit the party that needs to be disinherited. Any other follow-up on this?

 

Jordan: All right. If you are thinking about doing your estate planning and you want to disinherit someone, it needs to be done currently, and that’s a good reason to come see us for a free consultation. We’ll help make sure that you accomplish that.

Nevada Caucus, Iowa, Trump, Bernie, Hillary, Cruz, Jeb

Your Much-Needed, All-Encompassing Caucus Preview! Now with a Small Debate Recap

**Updated With a Debate Recap**

 

To be the man, you have to beat the man.

-Pro Wrestling Proverb

 

 

The First GOP debate of 2016 affirmed my analysis of the race, see below. It is still a two-man contest between Mr. Cruz and Mr. Trump. Fox Business held the first laissez-faire debate of the season last night where candidates could come and go into conversations as they please, and answer only the questions they wanted. In terms of raw entertainment value, this was the best debate by far; each of the candidates is getting better with practice, some improving faster than others.1)Even Jeb!

Mr. Cruz showed last night that yes, indeed, he can win this thing. What you are about to see is the first candidate in the race actually stand up to Mr. Trump:

 

 

That “Constitution didn’t change since September” line was great. Mr. Cruz’s gab gift is such that Mr. Trump even smiled at a few of his quips! If you can’t stand up to Mr. Trump, how will you face Mr. Putin?

Shockingly, Mr. Cruz then found a way to make Mr. Trump sympathetic. Don’t believe me? Watch:

 

 

Five months ago, I would have never imagined Mr. Trump could do that. Unfortunately for Mr. Cruz, he had to burn many a bridge to get himself to his peculiar status as the “insider/outsider”2)Could someone not from Texas pull this off even??. Mr. Cruz may not have enough allies left in the establishment to muster a sufficient challenge to overcome the momentum of the Trump Train.

It’s clear after last night though; Cruz can win.

 

 

Welcome to our Iowa/Nevada caucus3)Yes, some New Hampshire too preview! In only4)haha, yeah only eleven months from now, all this jockeying will be over and the cable news will have to go back to talking about…What did they talk about before? Oh right! Airplanes lost at sea! Weird how no planes got lost over Bermuda during most of 2015; it is as if they know when to get lost to maximize news coverage, or something.

I know you see eleven months noted above and you’re thinking “Pshh, eleven?? Call me in October and I’ll see what these folks are up to.” Ah, my good friend, you do have a little time to head over to Kingman and burn your hard-earned money on an immoral national lottery that the Nevada Gaming Board would never permit5)because of the horrendous odds, but we will need your attention upon your return!

The Caucuses are coming; the caucuses are coming! Shockingly, our two-party political system has produced candidates from each party that differ to such an extent that these primaries will have a significant effect on the political process and the country as a whole. Not only should you be voting the celebrate the sacrifices of the countless others that died for your right of popular political participation, but because you can have a tangible effect on what it means to be an American for five, ten, maybe even twenty years from now.

So we best get this right, eh? This isn’t like those previous caucus seasons when you could pick any of the handful of politicians from one party and the policy result would not differ. You happen to be privileged enough to live in a country where you can actually participate in its future6)At the risk of being mercilessly mocked on the twitter, it is worth taking a moment and appreciating how lucky we are all to live here. You could have ended up in any of the nearly 200 countries in the world, and we are in the richest/most free. Yes, we have many an issue, but it is important not to lose perspective.

Time to get informed then? Insiders tip: don’t tell your coworkers you just noticed last night that we have a caucus in a months’ time. Play it like, “yeah, I’ve been following this stuff this whole time, I just didn’t want to talk about it too much to make y’all feel bad.” People seem to get defensive if you only recently made your 2016 caucus choice, as if your preference has less value than the bro who has been praying that Mr. Trump run for office since 2003.

Above, you see the most recent Nevada caucus polling. There is not much Nevada polling, and frankly, none of it would matter much anyway. We see the press (and Mr. Trump) playing a lot with national polls, yet there is no national caucus to decide the candidate for each party. No, the caucus or primary takes place in a pre-ordained sequence, meaning, in a Samuel Huntington7)Huntington wrote political theory about developing countries saying the the order in which institutions are established matters significantly to the outcome.-esq way, sequences matter! If New York voted first, followed by Texas then California, we would be looking at a completely different race!8)Shout-out to William Vollmann whose excessive use of exclamation points I am currently [poorly] emulating

My point being that the result of Iowa, New Hampshire, and South Carolina will affect the caucus here, so taking snap-shots of the current Nevada polling doesn’t mean that much/have much value. In turn, to understand potential outcomes for the Nevada caucus, we need to glance at the state of the race in Iowa and New Hampshire.

After tossing the coin, the Republicans9)not surprisingly advised by Bill Belichick opted to defer to the 2nd half, so we will start with your friends, Hillary and Bernie.

 

The Democrats and Their Caucus

I haven’t written much about our Democratic friends, as there really wasn’t much news to report. Hillary was up by 20 points, nationally and in all the early states, and there was no reason to presume that Bernie would be able to rise above the 30% plateau attributed to his support in November. Then there was Christmas, New Year’s…and all of a sudden:

 

Whoa! #Bernmentum indeed. I always knew America would take to democratic socialism, it just needed the right, pretty spokesman to do the job10)On a related note, Bernie’s hair is combed in nearly half his television appearances now, much marked improvement. Trends/momentum are important for the caucus, and as you can see above, Hillary must be having nightmares of 2008 all over again (she was up by about the same amount in 2007 December over Obama and Edwards).

I have no insider Hillary knowledge11)I should disclose here that they offered my a job in 2008 but I declined, but my guess is that Team Hillary hoped to hire all the Obama operatives (I watched these folks work in 2008, they are very impressive), and then transfer his popular support directly to Hillary. The plan did not go as hoped. Hillary has been unable to form Hope and Change 2.0 and instead is dealing with all the same issues she had in 2008 with the base democrats, just with new topics. In 2008, the base dems saw Hillary as a war hawk, and her rival campaigns used the base’s hatred of Mr. Bush’s Iraq adventure to defeat Hillary.

Instead of foreign policy12)apparently all the politicians in Washington believe in war in perpetuity now that Mr. Obama has embraced the Bush doctrine, now Hillary is getting attacked for being too moderate on the income inequality, which happens to be Bernie’s pet issue/the issue he speaks best on. The difference eight years later is that as opposed to the 5 competing campaigns teaming up to defeat Hillary in Iowa13)She was that much of a sure-thing then, promise, Bernie is doing it all by himself14)well, along with his coalition of the willing. Unfortunately for Hillary, it looks like the old Edwards/Obama/Biden supporters did in fact come together in a big tent, just against her. Again.

Things are even worse in New Hampshire, Bernie’s next door neighbor:

 

https://twitter.com/RichardAngwin/status/685634979179593728

 

I don’t know about KABOOM, but yes, Bernie is doing well. Does it mean he has got this thing locked up? Not even close. Hillary is up big in South Carolina, and as you saw above, polled very well in Nevada in late December.

The state count could be 2-2 come Super Tuesday. Hillary is not going to go down easy, folks. Take a look at this ad they put out yesterday:

 

 

Pretty effective on the liberals and their hatred of all things gun. Hillary is at risk of the sky falling on her campaign if she does not win one of the first two states. The every-moment-of-the-day15)trademark pending media will just go crazy with their hot-takes and “I told you so’s”.

Yet if the worst occurs, and if she can get out of Nevada with the score 2-2, Hillary is still a -200 favorite to win the nomination, given her fundraising.

Like I said before, your Nevada caucus preference16)This is correct term for a caucus, not “vote,” talk like you’ve done this before really matters!

 

The Republicans and Their Caucus

 

“More than 1,000 words and no Trump talk yet?? I thought you said we were going to ‘Make Caucusing Great Again’?”

Ok ok ok, sorry. Yes, your friend Mr. Trump has turned out to be a much better politician than anyone (besides the Donald) gave him credit for. And yes, like I wrote a few weeks ago, he remains the front-runner.

..But there is a bit of overcast for Team Trump. Of course, though, we have to start with a national poll that Trump dominates:

 

Twenty-eight points! The republicans found lots of folks to run for President, yet none of them have any military or state experience. Imagine if Jim Webb didn’t promote organized labor and registered republican; no way Mr. Trump is up by this much. More than a dozen candidates for President, and the candidate with the most military experience was a JAG lawyer and already dropped out17)Come back Lindsey!. You have to think that if Gen, Petraeus didn’t ruin his career with the book lady, he would have been the nominee for the Republicans, and given all the worry over terrorism, he’d probably be polling pretty well.

But here we are, with a combination of first-term senators, governors, and private sector folks with a combined zero days of military experience. Thus, Trump.

 

But sequence matters with the republicans too! Let’s see what’s going on in Iowa:

 

Mr. Cruz is winning! (probably). Guy is working his tail off in Iowa; I have no doubt he will have visited each of Iowa’s 99 counties by caucus day on 1 February. Iowa voters take their responsibilities very seriously, as they say, they got to kick the tires of a candidate two or three times before an individual would even consider caucusing for him or her.

If Mr. Cruz can pull off the upset and defeat Trump, the sequencing effect likely takes hold (people want to vote for a winner after all). An Iowa win for Mr. Cruz could completely change the dynamics of the race (for him and Mr. Trump only, sorry kids). If Mr. Trump blows out his establishment opponents in the first two states, he potentially18)can’t believe I’m typing this could sweep the field. He’s up Yuge in New Hampshire, South Carolina and Nevada, and if he sweeps the first four states, I cannot imagine another candidate will be able to raise enough money to compete with him. Mind you, Mr. Trump has spent very little19)around 2 million dollars, compare with the 9-figure expenditures of the Jeb PACs, and will likely have sufficient funds available to get the vote out on Super Tuesday.

But if you think Mr. Trump will just allow Mr. Cruz to take away his nomination, think again. By early February, expect all the country to know that Mr. Cruz was born in Canada20)stay tuned for a more in depth discussion on the qualifications for the office of the President. “Natural born citizen” confuses many. What isn’t clear is how well-organized21)in this context it just means, he employs plenty of staff, has lots of volunteers/veterans of the process Mr. Trump is. Look at these articles, for example:

http://www.politico.com/story/2016/01/trump-builds-data-juggernaut-217391

 vs.

Both of these pieces can’t be accurate. Did The Times just find dull Trump supporter in Ottuma to make him look bad? Is The Politico just trying to get back in Mr. Trump’s good graces? We will find out in three weeks. As much as the press loves the “yeah well it’s neat that all them folks came out for the rally, but are they really going to vote” angle22)example , given how well Mr. Obama did in 2008, might be time to give the candidate the benefit of the doubt that if you can get that many folks to attended a political rally in freezing weather, a good number of these folks are likely to caucus.23)Unfortunately for Mr. Obama, he was never able to muster the same enthusiasm for the rest of his party

The future of the Party of Lincoln rests in Iowa. Will they go the way of the Whigs/No-nothings? Will the populist-right break off and form their own party if the nomination is taken away from Mr. Trump? Stay tuned!

If you have a little extra time, I suggest this Guardian piece written by Ms. Abdul pictured below (right), on why she brought her extra-large Koran to a Trump event in Reno. I am happy to report the Reno folks kept their disrespect to micro-aggressions. Yay Nevada.

 

http://www.theguardian.com/commentisfree/2016/jan/13/i-went-to-donald-trump-rally-in-my-hijab-supporters-arent-just-racist-caricatures

Footnotes   [ + ]

1. Even Jeb!
2. Could someone not from Texas pull this off even??
3. Yes, some New Hampshire too
4. haha, yeah only
5. because of the horrendous odds
6. At the risk of being mercilessly mocked on the twitter, it is worth taking a moment and appreciating how lucky we are all to live here. You could have ended up in any of the nearly 200 countries in the world, and we are in the richest/most free. Yes, we have many an issue, but it is important not to lose perspective
7. Huntington wrote political theory about developing countries saying the the order in which institutions are established matters significantly to the outcome.
8. Shout-out to William Vollmann whose excessive use of exclamation points I am currently [poorly] emulating
9. not surprisingly advised by Bill Belichick
10. On a related note, Bernie’s hair is combed in nearly half his television appearances now, much marked improvement
11. I should disclose here that they offered my a job in 2008 but I declined
12. apparently all the politicians in Washington believe in war in perpetuity now that Mr. Obama has embraced the Bush doctrine
13. She was that much of a sure-thing then, promise
14. well, along with his coalition of the willing
15. trademark pending
16. This is correct term for a caucus, not “vote,” talk like you’ve done this before
17. Come back Lindsey!
18. can’t believe I’m typing this
19. around 2 million dollars, compare with the 9-figure expenditures of the Jeb PACs
20. stay tuned for a more in depth discussion on the qualifications for the office of the President. “Natural born citizen” confuses many
21. in this context it just means, he employs plenty of staff, has lots of volunteers/veterans of the process
22. example 
23. Unfortunately for Mr. Obama, he was never able to muster the same enthusiasm for the rest of his party

Who is Permitted to be Your Personal Representative of Your Estate?

 

 

Who Should You Select to be the Personal Representative of Your Estate?

Transcript:

Jordan: Hi, my name is Jordan. I’m an attorney with Clear Counsel Law Group. I do a lot of estate planning. Invariably people who are my clients want to know who can I list as my executor or my personal representative, or trustee. I use all of those terms interchangeably, but really when you do estate planning there’s a lot of situations where you have to say, “Who can I trust? Who do I trust? Who can I put down? Who’s going to be responsible for everything when I pass away.”

Again, when we’re talking about personal representative we’re not necessarily talking about to whom the assets are going to go ultimately in terms of distribution. We’re talking about initially after I pass away or if I become incapacitated, who’s going to be there to assume responsibility. Sometimes I’ll have clients say, “I don’t really have anyone. Could I have attorney, could you do it? Could I have my CPA serve in that capacity?”

The answer is you can have anybody serve in that capacity as long as they are an adult and as long as they have their competence and ability to do that. Who should you have is a very, very personal type question and you have to go through and see what factors are relevant in your life. Some people don’t have anyone. They could list a CPA or a financial planner. You could under certain circumstances list your estate planning attorney. Oftentimes if we are asked to do it, we’ll say Clear Counsel Law Group or an individual pointed by them just so that potentially we don’t actually assume that responsibility. We might find somebody to actually do it for you.

 

Trustee, personal representative, Las Vegas, Nevada

 

Really oftentimes it makes sense to look at those people who are closest to you, who you trust, who are most familiar with your preferences and your personal circumstances. It’s very, very fact-intensive. Any follow up question on this, Brian?

 

Brian: You said sometimes Clear Counsel Law Group will find a trustee for you. Could you talk a little bit more about who those folks are?

 

Jordan: Sure, one of the reasons why you might not want to have an attorney serve as a personal representative is that sometimes our time is billed at a higher rate than a private professional who would do these types of services. Some people aren’t aware that there’s an entire industry of basically private professional fiduciaries. By that, I mean individuals who basically say, “Look, I will serve as a trustee of a trust or the executor of a will. I will be paid out of the proceeds of the estate. I’m a disinterested third party. I am very good at keeping books and accounting. I’m going to do a really good job of this. You’re going to have to pay somebody to do it, whether it’s a family member or a private professional fiduciary. Might as well pay me. I’m not going to get caught up in any of the family drama. I’m just going to do exactly what the documents say.”

There are really good private professional fiduciaries out there in your local marketplace. We can help you find those people and get them onboard with serving in those personal representative-type capacities. When I say some of our clients list Clear Counsel Law Group or an individual appointed by them, what I mean is we reserve the right to not serve in that capacity but to find a capable, disinterested third party personal private professional representative, some kind of professional fiduciary to fill that capacity.

In any event, if you’re in this situation where you aren’t sure who you can trust with the decision-making aspects of your estate, that would be a really good reason to give us a call so that we can walk you through some of the different options that you have. Give us a call. We’ll do a free consultation. Come in and meet with us and we’ll see what we can figure out. Thank you.

Estate Planning with a Car Title only in the Name of One Spouse

 

 

What to do with Your Estate Plan if Your Car Title is only in the Name of One Spouse

Transcript:

Jordan: Hi, I’m Jordan Flake. I’m an attorney at Clear Counsel Law Group. I have a question here: My husband’s name is on the title of a vehicle that I have made all the payments for. If he dies before the title can be put in my name, will the vehicle go into his estate?

That’s a good question. The general response to that is when we’re trying to determine what assets go into someone’s estate, what we look at is whose name is on the title. For this client here, if your husband’s name is on the title of the car and he passes away, then automatically we’re going to assume that that car is part of his estate. Now this is a tough situation because for this individual they made all the payments for this car. You have two response about a better way to handle this.

One is how do we handle this better in advance of this problem. That would be probably with the vehicle, just putting it in some kind of joint ownership. You can put either and/or on the title. You probably would have done well to put or on the title of the vehicle and say husband or wife owns this. That makes it as simple as possible. Obviously, in this case, maybe they didn’t get a chance to do that. The vehicle’s just sitting there in the husband’s name and he’s now passed away.

 

car title, Las Vegas, Nevada, Probate, Estate Planning

 

The next part of the analysis would be what else is in the husband’s estate. Because if it’s just the car, we may be able to do a small, simple DMV form affidavit of entitlement that basically gives the wife the title of the car without any problems. If there are properties and bank accounts and investment accounts in a larger estate, then basically dealing with that estate is going to have more procedure, more requirements. That becomes a very fact-intensive analysis.

In any event, though, if the spouse was the one that make all the payments, if the wife in this scenario was the one to make all the payments, we should be able to get those basically back in her pocket one way or another. Any other questions on this?

 

Brian: Back to the DMV affidavit. If the wife had not made all of the payments, but let’s say three-quarters of the payments, is that still a possibility?

 

Jordan: Here we’re assuming that maybe it’s an intestate estate. Everything would go to the surviving spouse in this scenario if there is no will. If there is a will or if there’s a trust, that can affect maybe the distribution, but here it wouldn’t matter if the wife had made none of the payments. If there’s no will, state law says everything goes to the surviving spouse. It really wouldn’t matter if the spouse had made all or none of the payments in that case.

In any event, though, if you come across a situation like this, call me up. We can discuss it. We can meet for a free consultation. I’d be happy to walk you through this or any other type of estate-related question you might have.

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