There are often questions we receive from prospective and current clients at Marshall, Parker & Weber. Take a look at the continuation of these frequently asked questions below, which we hope will help to ease the Estate Planning process for you and your loved ones.
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The short certificate is what the executor receives after the estate is probated at the Register of Will Office in the county of the decedent’s residence. These certificates are issued in duplicates with an official seal in addition to the Certificate of Grant of Letters. Fun fact: they are called short certificates because many years ago these were issued on a half size sheet of paper, or a “short” certificate.
This answer is most often no; although, if you are inheriting an IRA or annuity then there may be some income tax consequences.
No. There are protections for the spouse at home. See Misconception #1.
The terms of the trust will govern. The trustee(s) of the trust will be the person(s) who signs a listing agreement with a realtor and the deed to the purchaser. If the settlor of the trust maintained the ability to live in the house during lifetime, then the settlor would have to agree to the sale. If the house is sold, the proceeds check would be made payable to the trustee(s) of the trust and deposited into a trust account. The trustee(s) can then purchase a new house in the name of the trust. The lookback period for Medicaid reporting purposes does not restart with this sale and new purchase; it is an exchange of a trust asset only.
No, it does not. It depends upon the trust provisions and your intention when the trust was established and what your current financial and health circumstances are now.