On 2008-04-03 13:51:41 -0700, Tad Borek <borekfm[at]pacbell.net> said:

- quote -


Yes, that is a very good idea. Anthony, I would suggest you research
these issues on your own, as best you can, before you consult a lawyer.
Then, you will be in better position to understand what the lawyer
tells you.

I have one reservation. Be wary of any offer on the part of a lawyer to
take over the whole process and serve as executor, especially if it is
done for a percentage of the value of the estate, such as 2%, 5%, or
whatever. That is a danger signal. Not only lawyers, but also banks and
other financial institutions, can take advantage of bereaved heirs who
are lacking in knowledge of how the probate process works.

Get legal advice and other professional advice when it is needed, for
specific issues that may arise. Pay the lawyer his or her usual hourly
rate for consultation about particular matters. The same goes for
accountants, real estate people, etc. Avoid any professional person
who wants to do something you do not understand for a suspiciously high
fee or for a percentage of the value of the estate.

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Anthony wrote:
- quote -

Anthony, I'd strongly suggest speaking with an estate planning attorney
who is familiar with your type of case, it's a specialized area of law.
A big issue here is the effect of any inheritance on disability benefits
and other support that your son might currently qualify for. You may
have looked into this already, but there is an estate-planning method
called a "Special Needs Trust" that is used in this context. The purpose
of an SNT is to pass assets to a disabled beneficiary without
disqualifying them from their disability benefits. As part of that you
can include planning to address the estate administration - as someone
posted that's something to consider also, the probate of a FL estate,
given that your son is in MA.

Ideally you want someone that knows both MA & federal benefits law and
FL probate law...a Boston-based snowbird?

-Tad

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On Apr 3, 6:25 am, "John A. Weeks III" <j...[at]johnweeks.com> wrote:
- quote -

A will or a living trust?

TIA

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On 2008-04-03 02:05:26 -0700, Sticks100[at]webtv.net (Anthony) said:

- quote -


You should think caefully about who will be the executor of the estate.
You say that your son handles money carefully. That is good. Can he
also take care of paperwork, sort out bank accounts, make reasonable
financial decisions, etc.? If so, then consider making him the executor
of the estate he will inherit rather than having someone else do it.
Since executors get paid for the work they do, he will inherit more if
he does the work of the executor himself.

One possible snag will be the sale of the Florida condo. There is some
chance here of overcharging and dipping into the proceeds by people who
become involved with the business of the estate, so take precautions.
Make arrangements to have the condo appraised by a disinterested person
before it is put up for sale. You might consider discussing all these
matters with your son and provide what guidance you can in advance.
Good luck.

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In article <9006-47F436CF-589[at]storefull-3136.bay.webtv.net> ,
Sticks100[at]webtv.net (Anthony) wrote:

- quote -

Make sure that you and your wife have wills in place. That will
make the process go all that much more smoothly.

-john-

--
================================================== ====================
John A. Weeks III 612-720-2854 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

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My wife and I are 90 and living in Orlando, Fl
I have a son who is disabled (50) and lives in subsidized housing in
Massachusetts. I retired at 62 and I get about $1,000. a month from
SS and my wife collects another $700. based on my work record. My son
has been disabled since childhood and receives approx. $700. a month
also. When I am gone I believe he will be able to collect 75% of my
PIA so I think he will get approx. $1,000. as this is not the reduced
amount because of my collecting early. My son is very carefull with
money and will have no problem with managing his own finances after his
parents are gone. I have a modest estate that includes a Condo worth
approx. $100K. I also have an Etrade account with 50 to 55K in it,
and about 15K in a local bank. The Etrade account has my name and my
son as ROS. Can anyone tell me if things are setup ok as they are or
should something be changed to make probate easier ? and allow my son
to receive as much as possible when we are no longer here ?


Thanks For Considering My Post

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