Leaving Money to Minors

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By Attorney Dan Vu

If you are a parent or a grandparent of a minor, and you wish to leave money to the minor, there are a few things you need to consider. First, a minor cannot manage their own inheritance. They will need a custodian or guardian appointed. If you have not chosen one, when the time comes, the courts will choose one for you. But like anything that goes through the court system, there are problems: you will likely end up paying a significant amount of attorney’s fees, and of course, the court-appointed guardian could end up being someone you would never have chosen. So if you wish to leave something to a minor, make sure you appoint the custodian that will manage the inheritance until the minor is of age. [Read more…]

What happens to you if something happens to your attorney?

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By Kathy Cooper

How many attorneys work in your attorney’s law firm?

We see many clients who are left in the lurch when their attorney gets out of the law business due to death, disability or retirement. Your attorney may have a plan to sell their business to another attorney. How do you know if you will click with this new attorney? Do they have the experience you expect? Worse yet, your attorney may have no plan at all. Where does that leave you?

At Cooper, Adel & Associates, we have had a succession plan for several years. We believe that it is your right to have the peace of mind that comes with a firm that has a plan to support you in the future. We know – and you have the opportunity to know – who you will be dealing with in the future. You can meet them now – it won’t be a surprise if something happens to Thom or Mitch so that they are unable to continue working on your case.

So, don’t worry, we won’t leave you in the lurch. We have a plan to be here for your future.


What is a TOD deed?

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By Tricia Applegate

Using a transfer-on-death deed is a lot like using a payable-on-death (POD) designation for a bank account. You name one or more beneficiaries now, who then inherit the property at your death without the need for probate court proceedings.

To name a beneficiary, you use a special kind of deed, one that’s tailored to the law of your state. The deed looks pretty much like any other real estate deed; it names the current owner, describes the property exactly, and names the person the property will be transferred to at your death. But a TOD deed contains an additional statement, making it clear that the deed does not take effect until the current owner’s death.

The beneficiary you name to inherit the property doesn’t have any legal right to it until your death—or, if you own the property with your spouse or someone else, until the last surviving owner dies. The beneficiary doesn’t have to sign, acknowledge, or even be told about the deed.

In the deed, you can also name an contingent beneficiary who will inherit the real estate if your first choice isn’t alive at your death. If you don’t name an alternate, and your first choice doesn’t survive you, state law determines who will inherit the property – usually this requires a probate proceeding.
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Your Estate Plan Should Reduce Your Legislative Risk, Not Increase It

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By Senior Associate Attorney, Dan Vu

Too often estate planners do not consider their client’s legislative risk. In other words, they plan without consideration to the very high probability that the current rules will change. In Washington and Columbus, every new bill passed by the legislature is touted as the new permanent law of the land, but in reality it is only “permanent” until the next time they decide to change it. So if your plan does not provide the flexibility for the changing rules, you can actually be in a worse position than you would without any plan. [Read more…]