Ceruolo & Associates PC

ESTATE PLANNING FOR YOUNG FAMILIES: Some effective Estate Planning tools for parents with young children to consider are as follows: (i) A TESTAMENTARY TRUST is a legal arrangement created and detailed inside a person's Last Will and Testament, and is activated by the death of that person. It may be created to handle any asset accumulated during a parent’s lifetime on behalf of the parent’s young children; (ii) A SPECIAL NEEDS TRUST is set up for a child (or adult) with a disability to supplement any benefits that child may receive from government programs, such as MassHealth. A properly drafted special needs trust will allow the beneficiary (child) to receive government benefits while still receiving funds from the trust; and (iii) The UNIFORM TRANSFERS TO MINORS ACT (UTMA) allows a minor (under 18) to receive gifts, such as money, patents, royalties, real estate and fine art, without the aid of a guardian or trustee. Under the UTMA, the gift giver or an appointed custodian manages the minor's account until the child is of age. Ceruolo Law.

Attorney David Ceruolo discusses what is a Right of Survivorship; also, how does Right of Survivorship work. David further explains: which ownership includes Right of Survivorship. Dave then examines the issues: can a Right of Survivorship be changed? What is a joint account with right of survivorship? Video Links: https://youtu.be/YoQAHwyaRlU What is a Deed https://youtu.be/Eh_L3aUG2As What is a Joint Tenancy https://youtu.be/FhcWS71p9ds What is a Tenancy By the Entirety https://youtu.be/zT7qjfGMjaQ What are Tenants in Common https://youtu.be/Zurm7aIAvh8 How to take title to your home https://youtu.be/Li0Ctit85F4 What is a Life Estate 5min Right of Survivorship Defined: Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies. Real estate, bank accounts, vehicles, and investments can all pass this way. No probate is necessary to transfer ownership of the property. But, even though the survivor automatically owns the property, the world has no way of knowing that until the survivor "clears title" to the property. Generally, all the surviving owner needs to do to clear title is fill out some simple documents and submit them to the proper office or agency. will vs right of survivorship; what is a right of survivorship; what is a right of survivorship deed; what is a right of survivorship bank account; what is the right of right of survivorship joint tenancy; what is no right of survivorship; what is joint account with right of survivorship; what is a warranty deed with right of survivorship; how does right of survivorship work; which ownership includes right of survivorship; can right of survivorship be challenged; can right of survivorship be transferred; can right of survivorship be changed; can right of survivorship be contested; david ceruolo; ceruolo law; ceruolo and associates; real estate attorney melrose massachusetts; estate planning attorney melrose massachusetts; #davidceruolo; #ceruololaw; #realestateattorney; #estateplanning attorney; #rightofsurvivorship; what is right of survivorship

REAL ESTATE/ESTATE PLAN: A LIFE ESTATE is a form of joint ownership in real estate which allows one person to live in a house until his or her death; then it passes to the other owner. Life estates can be used to avoid probate and to give a house to children without parents giving up the ability to live in it. In a life estate, two or more people each have an ownership interest in a property, but for different periods of time. The life tenant, i.e. parent, possesses the property during his or her life time. The remainderman, i.e. child, has a current ownership interest but cannot take possession until the death of the life tenant, parent. The life tenant has full control of the property during his or her lifetime and has the legal responsibility to maintain the property as well as the right to use it, rent it out, and make improvements to it. Ceruolo Law.

PROBATE GENERAL TERMS/PROCEDURE: The term “FIDUCIARY” refers to a high confidence in and belief that an individual who designated or appointed to manage an estate (money, assets, property or welfare) of another person will make the best possible decisions on the other person’s behalf, before his/her own interests. In the probate court, a “FIDUCIARY DUTY” is the highest standard of duty implied by law. The term “PROBATE” generally refers to the administration of a deceased person's Will or the estate of a deceased person without a Will. When a person passes away, an estate may be filed at the Probate Court “FORMALLY” or “INFORMALLY.” In addition, the Probate Court handles a wide range of cases. For example, the family of an incapacitated/disabled elderly loved-one may approach the probate court for an appointment as GUARDIAN or CONSERVATOR for that person. Ceruolo Law.

Attorney David Ceruolo discusses does a Will change a Deed. David offers a Deed in Real Estate explained. Dave also discusses a last will and testament explained. Then David gives an answer to: compare a deed to a Will. VIDEO LINKS: https://youtu.be/O36HDV3Q_vE Someone dies after signing a will https://youtu.be/nE00f9gEkbI Pass away owning a home https://youtu.be/aHz5sU3jT1U What is Probate Court https://youtu.be/ApZpbMoIYsk Why a Seller Needs a Real Estate Attorney https://youtu.be/YoQAHwyaRlU What is a Deed https://youtu.be/Eh_L3aUG2As What is a Joint Tenancy https://youtu.be/FhcWS71p9ds What is a Tenancy By the Entirety https://youtu.be/zT7qjfGMjaQ What are Tenants in Common https://youtu.be/Zurm7aIAvh8 How to take title to your home https://youtu.be/Li0Ctit85F4 What is a Life Estate Real Estate Deed Definition: A deed is a signed legal document that grants its holder specific rights to an asset—provided that he or she meets a number of conditions. They are most commonly used to transfer the ownership of automobiles or land between two parties. A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership. The deed is the vehicle for transferring a title and is not the title itself. If the deed is not written, notarized, and entered into the public record it could be vulnerable to legal challenges. The transfer of ownership can be muddled even when a perfected deed is filed. Last Will and Testament Definition: A will or testament is a legal document that expresses a person's (testator) wishes as to how their property (estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Does a will change a deed; does a will need to be registered; deed in real estate explained; last will and testament explained; does a deed revoke a will; transfer property title after death; how a quit claim deed works; compare a will to a deed; compare a deed to a will; david ceruolo; ceruolo law; ceruolo and associates; #david ceruolo; #ceruololaw; #wills; #deeds; #realestate; #estateplanning; estate planning attorney melrose massachusetts; real estate attorney melrose massachusetts; probate attorney melrose massachusetts; #probatelaw; real estate deeds explained

Attorney David Ceruolo discusses does a Will change a Deed. David offers a Deed in Real Estate explained. Dave also discusses a last will and testament explained. Then David gives an answer to: compare a deed to a Will. VIDEO LINKS: https://youtu.be/O36HDV3Q_vE Someone dies after signing a will https://youtu.be/nE00f9gEkbI Pass away owning a home https://youtu.be/aHz5sU3jT1U What is Probate Court https://youtu.be/ApZpbMoIYsk Why a Seller Needs a Real Estate Attorney https://youtu.be/YoQAHwyaRlU What is a Deed https://youtu.be/Eh_L3aUG2As What is a Joint Tenancy https://youtu.be/FhcWS71p9ds What is a Tenancy By the Entirety https://youtu.be/zT7qjfGMjaQ What are Tenants in Common https://youtu.be/Zurm7aIAvh8 How to take title to your home https://youtu.be/Li0Ctit85F4 What is a Life Estate Real Estate Deed Definition: A deed is a signed legal document that grants its holder specific rights to an asset—provided that he or she meets a number of conditions. They are most commonly used to transfer the ownership of automobiles or land between two parties. A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership. The deed is the vehicle for transferring a title and is not the title itself. If the deed is not written, notarized, and entered into the public record it could be vulnerable to legal challenges. The transfer of ownership can be muddled even when a perfected deed is filed. Last Will and Testament Definition: A will or testament is a legal document that expresses a person's (testator) wishes as to how their property (estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Does a will change a deed; does a will need to be registered; deed in real estate explained; last will and testament explained; does a deed revoke a will; transfer property title after death; how a quit claim deed works; compare a will to a deed; compare a deed to a will; david ceruolo; ceruolo law; ceruolo and associates; #david ceruolo; #ceruololaw; #wills; #deeds; #realestate; #estateplanning; estate planning attorney melrose massachusetts; real estate attorney melrose massachusetts; probate attorney melrose massachusetts; #probatelaw; real estate deeds explained Does a Will change a Deed? Compare a Deed to a Will...

ESTATE PLANNING/REAL ESTATE: The RIGHT OF SURVIVORSHIP is an important part of several types of joint ownership of property, most notably Joint Tenancy and Tenancy by the Entirety. When jointly owned property includes a right of survivorship, the surviving owner automatically absorbs a dying owner's proportionate share of the property. For example, if A and B jointly own a house as Joint Tenants with the Right of Survivorship, and B dies, A becomes the sole (100%) owner of the house, despite anything that B writes in his/her will. Again, the Right of Survivorship is contained in most joint ownership tenancies – like, Joint Tenants, Tenants By the Entirety and Life Estates. Ceruolo Law.

MEDICAID/GENERAL ASSET LIMITS: For a person over age 65, to qualify for any type of Medicaid (long term care) coverage in Massachusetts, you must have no more than $2,000 in resources. Resources are assets like money and property. Some property does not count toward the resource limit. In Massachusetts, one car of any value is exempt, as long as a household member is using it. Personal belongings are also exempt. Your home is exempt up to an equity value of $893,000 (in 2020). You can exempt more equity if you have a spouse or a minor or adult disabled child living in the home. Retirement accounts, stocks, bonds, certificates of deposit, life insurance policies with cash value, and bank accounts are all counted as resources. Ceruolo Law.

ESTATE PLANNING/REAL ESTATE: What takes priority, a Deed or a Will, in the transfer of Real Estate? First, a DEED is any written legal instrument which passes, affirms or confirms any title interest in property and that is signed, attested, and delivered to the Grantee (Buyer). It is commonly associated with transferring title to real estate. Second, a WILL is a written instrument controlling the division of a person's property at death. The short answer, to our question, is that, in general, a Deed takes priority over a Will in the transfer of real estate. However, in some instances a Deed may be challenged if the terms of a person’s Will state, along with other evidence, that the person intended the Real Estate to be divided differently. In this instance, there may be a trial on the matter and the judge’s decision will control. Ceruolo Law.

REAL ESTATE/CLOSINGS: What are Prepaid Expenses and Escrow Accounts at a real estate closing? Prepaid Expenses are the amounts you must pay prior to closing for (per day) interest, insurance premiums and/or taxes that are due at, or prior to, closing. Prepaid Interest charges are charges due at closing for any daily interest that accrues on your loan between the date you close on your mortgage loan and the period covered by your first monthly mortgage payment. Escrows are the initial amounts you must put aside (i.e. pay) at closing, in order to fund your Escrow Account with sufficient funds, so that your lender or servicer will have enough money in the Escrow Account to pay real estate taxes and insurance when they are due in the future. Ceruolo Law.

PROBATE/PROCEDURE: What happens when a loved one dies with a Last Will and Testament and Assets in his/her name alone? In general, the family or friends must approach (petition) the Probate Court in order to file the Will and get a Personal Representative (once called Executor) appointed for the Estate. Again, this is in general, there are two ways to file a Petition with the Probate Court. THE FIRST, the family/friends may file “Informally.” With an Informal Petition, all of the heirs are in agreement and cooperating. In this instance, a Magistrate, not a Judge, is appointed to the case; and many of the approvals are handled administratively with no hearings. THE SECOND, the Petitioners may file “Formally.” With a Formal Petition, the heirs are not in agreement or fighting. In this instance, a Judge is appointed to the case, and there are further hearings and/or a trial. Ceruolo Law.

PROBATE TERMS: In March, 2012, Massachusetts adopted the Uniform Probate Code. This Code has changed many terms and standardized the way courts handle estates. For instance, there is now a new term “Personal Representative.” The term “Personal Representative” combines the former titles of “executor,” “executrix” and “administrator” when dealing with an estate of a deceased person. So, this term now applies to a person who is appointed by the court to handle the affairs of an estate. Similar to the past, an appointed Personal Representative has a fiduciary duty to the estate. A fiduciary duty means that the appointed individual will make the best possible – and most reasonable - decisions on behalf of the estate, before his/her own interests. Ceruolo Law.

PROBATE/ESTATE PLANNING: Why does is make sense for everyone to have a Will? If you pass away without a Will, there are laws which dictate the way your estate will be divided amongst your heirs. These laws are called the laws of intestacy. These laws entitle certain members of your blood-line to receive assets from your estate - and you may not want these family members involved in your estate. A properly drafted and executed Will prevents unwanted family members from taking your assets when you pass away. Ceruolo Law.

MEDICAID BASICS: Medicaid is a state and federal program that provides health coverage if you have a very low income. A section or facet of Medicaid provides benefits to elders over age 65 needing long term care. The Elders may seek assistance while living at home – or in the community; they may also seek assistance in a nursing home (skilled care facility) setting. Under this program, there is a Look Back Period of five (5) years. In addition, there is an Asset Limitation. In Massachusetts, an applicant must have $2,000 or less in cash, investments or non-exempt assets, if he/she is single. The asset limit is $3,000 if the elder is married. An applicant’s primary residence, if valued below $893,000.00, is not countable toward the asset limit. Ceruolo Law.

MEDICAID/ESTATE RECOVERY: The federal government has an established policy requiring that all states must try to recover the costs paid on behalf of those who received long-term care benefits, including home health services and hospitalizations; and some try to recover regular Medicaid costs as well. One method the states use to seek repayment is from the estates of deceased Medicaid recipients. Each state defines the term “estate,” meaning what type of property Medicaid will go after, or lien, differently. Massachusetts attempts to recover costs from real estate, personal property, and other assets only if they are included within the deceased person's "probate estate." A probate estate includes only those assets which are owned solely by an individual (alone) at the time of his/her death, assets where there are no beneficiaries or joint owners designated. Ceruolo Law.