Delivering News and Updates on Wills, Trusts, and Estate Administration Matters |
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In this edition of our newsletter, learn how we can help you tell your life story in your own voice and in your own way, discover the final three reasons why adding a child to your deed is usually ill-advised, read about exciting new features we are adding for 2023, and mark your calendar for our holiday office closure dates. Merry reading!
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Life is a journey. A story to be told.
Let us help you tell yours.
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More important than any thing you can leave your family are the stories and memories of a life well-lived, told in your own voice, your own way. We are grateful to be able to offer you the opportunity to do just that.
REFLECTIONS offers clients the opportunity to record, in crisp digital video, a poignant message, a lasting statement, or an inspirational story of great personal meaning. This guided interaction affords clients the chance to leave an emotional impact upon friends, family, and loved ones. These videos will bring laughter, tears, healing, and comfort and will be a treasured keepsake after you're gone.
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As you gather with your family this holiday season, take a moment to reflect on the sweet and joyful memories you are making. While you do that, ask yourself the following questions:
Do you have certain traditions you enjoy as a family that have been passed down from your parents or grandparents, but the younger generation has no idea why you do what you do or why these traditions are important to maintain?
Are there certain precious memories that are starting to fade or classic family stories that no one will remember if you're not around to tell them?
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The holidays are often a time when we sorely miss those who aren't with us to celebrate.
You may find yourself thinking:
What I wouldn't give to hear her voice again. To hear him say my name one more time. To hear them say, "I love you."
"I miss hearing her play the piano at Christmastime. No one plays carols like her!"
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Christmas is a time when young children delight in the magic of the season! As you witness their smiles and laughter, ask yourself:
If you were not able to raise your kids, what values would you want to make sure they knew were important to you? What hopes and dreams do you have for them? What blessings do you want to speak into their lives? What advice would you give them for the milestones in life they have yet to experience?
Is your son or daughter named for a loved one whom they have never met? Does your child know what was so treasured about that loved one that you wanted them to share a name?
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There is a certain peace that comes at Christmas and you may find yourself reflecting on ways you can harvest it throughout the coming year. You might consider the following:
Is there a relationship that ended in anger and you wish you could let that person know you've forgiven him? Is there someone from whom you need to ask forgiveness?
It's the time of year for giving! Gifts come in all shapes and sizes, and those that come from the heart are treasured the most. As you consider gifts of the past and present, ask yourself:
Is there a specific item you have bequeathed to a specific individual (an antique, an engagement ring, a unique personal memento)? Will the intended recipient understand the personal significance of the bequest?
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As you reflect on the questions posed above, chances are you have something important and wonderful to share -- a story to be told. We would be honored to help you preserve your story so that your family heritage can be shared with those you love! Contact us to learn more about this legacy planning service.
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In November's newsletter, we unveiled three reasons why you should not add your child to your house deed. This month, we present the final three reasons why this is a bad idea for most families. Make sure you understand the financial and legal consequences—for both parent and child—before you sign and file the deed!
Problem #4: Divorce
Similar to the "Creditor Implications" issue covered in last month's newsletter (see Problem #3), your home could also be at risk should your child's marriage crumble. North Carolina is not a community property state. When considering the assets to be divided as part of divorce proceedings, the court looks to whose name is on the bank account, the vehicle title, the property deed and the judge then makes an equitable distribution of those assets. If your child's name is on your house deed, then you have created another asset that could be part of the marital estate to be divided in your child's divorce.
Generally, gifts and inheritances are considered separate property, but if your son helped you with some of your house expenses, built the deck on the back of the house, painted the walls and re-stained the cabinets, or paid the mortgage for a couple of months when you were sick and in the hospital, then the situation is different. The house may no longer be considered separate property.
No, your daughter-in-law is not going to move into your house when she and your son get divorced. But, your son might have to make some financial concessions to her in exchange for his interest in the house as part of the equitable distribution.
Problem #5: No Take Backs
Suppose you have been duly convinced that putting your child on the deed to your house is a terrible idea, but that horse has already left the barn, so to speak. Now you want to undo what you've done and remove your child from the deed. Simple, right? You just need to sign a new deed that only has your name on it, right?
Not so fast, Seabiscuit. Your child is now a part-owner of the house, too. You cannot sign a new deed unilaterally. Your child has to sign it too. Depending on the relationship you have with that child, it might not be so easy to get them on board with your plan. And don't forget that your child's creditors could prevent you from unwinding this mess (see again Problem #3). Plus, your child is now making a gift back to you, which brings with it the gift tax implications we covered in Problem #1. See how messy this can get?
Perhaps you have decided that you want to move to Florida, and it is time to sell the house. You'd better get your son or daughter on board with your plan, too.
Essentially, you have tied yourself and your decision-making powers to your child. You have given others the power to control what you do or do not do with your own home.
Problem #6: Illegal Medicaid Gift
Medicaid has strict rules and timelines for gifting property to others. If the transfer of property is viewed by Medicaid as an improper transfer, you will be penalized. That penalty could mean that Medicaid is not available to you at the time you most desperately need it.
Privette Legacy Planning does not advise on Elder Law matters, which would include Medicaid planning strategies. However, we would be remiss if we did not at least mention the problems and penalties you will encounter with Medicaid as the final reason why adding a child to your property deed is not a good idea.
When you are dealing with transfers of property of this type, you must remember that facts matter. What works in one particular situation is not a cure-all for every other situation. It is crucial that you speak with a legal professional about deed transfers and how best to address your specific need...before you act!
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You asked. We listened!
We are excited to bring you two new features in January 2023!
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We're excited to give our clients more control over scheduling appointments with our office!
If you like the convenience of on-line calendaring, then bookmark this page:
We have been Beta testing this feature for a couple of months. There are still some types of appointments that need to be coordinated with our office (such as Signing Ceremonies since they involve extra personnel).
Of course, you can always call or e-mail us to schedule a visit.
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We will have a new, dedicated phone number just for texting with our clients: 833-260-2728.
We can accept text-only messages as well as photos, videos, GIFs, audio files, and basic .txt files. We cannot accept .pdf files or Word files. If you want to send documents for your case, you will need to e-mail us. Group texting is also not supported at this time.
If texting is your preferred way to communicate, be sure to add 833-260-2728 to your contacts.
For voice calls, please continue to use our office landline #: 919-678-5761.
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DO YOU SEE WHAT I SEE?
Be on the lookout for our 2022 Christmas card (coming soon to a mailbox near you). Can you spot our recurring annual theme?
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Our office will be closed
December 19 through January 2.
We look forward to connecting with you in 2023!
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