Category Archives: trusts

Homestead Protection for Trusts

Revocable Trusts can be a good way to protect your assets from the probate process. Properly drafted and executed, assets will automatically transfer to your loved ones upon your passing. It also allows you to retain control over your assets while you are alive and gives you the ability to alter the trust as you see fit.

A common misconception regarding a Revocable Trust, however, is that they have some ability to protect your assets from creditors. It is important to know that this is not the case. Because you retain primary control of your assets, with the ability to alter the trust at any time, creditors are still able to access the assets to satisfy debts.

Fortunately for Massachusetts Residence, there is a way to protect your home from most creditors while having it in a Revocable Trust. This protection is known as the Homestead Protection Act.

The Homestead Protection Act, protects your primary residency from unsecured creditors. These creditors are, for example:

  • Someone that slips and falls on your property
  • Medical Bills
  • Credit Card Bills
  • Someone that sues you for something that happens while you are on the job
  • Someone you get into a car accident with; and
  • Many more

The Homestead automatically protects the equity in your home for up to $125,000.00. But, many Massachusetts residence own homes that are worth more than $125,000.00. For these individuals, a Homestead can be filed with the Registry of Deeds and the protection will be increased to $500,000.00. For many this is the difference between a completely protected home and a home that is vulnerable to creditors.

Before March of 2011, this protection was only available to individuals that owned their homes in their own name. Once the property was placed into trust, the protection was lost. However, in March of 2011 the Homestead Act was extended to properties held in revocable trusts if proper requirements were met. A homestead must be filed with the registry of deeds and it must state that the property is owned in trust and that the primary beneficiaries currently or intend to live in the property as their primary residency. Once this is done, your home will have the best of both worlds; the future protections of a trust and the present protections of the Homestead Protection Act.

By putting your property in trust, you are saying that you are concerned about the loved ones that you will leave behind. You are allowing your loved ones the ability to avoid the probate process and the time and money that goes along with it. It only makes sense that you would want to take this simple step to protect one of your most valuable assets while you are alive. By putting your property into a trust with a Homestead Protection, you are protecting it from both the probate process and most creditors.

Click here to read the homestead law.

Please contact Topkins & Bevans to learn more about this important protection and how to obtain it today. firm@topbev.com or bmartin@topbev.com

March 2015 Newsletter Trending Now

T&B Trending March 2015 Vol 2-2015
 

Housing Market Continues Slow Climb Toward Stable Levels

 

Source: Dsnews.com

 

The latest Multi-Indicator Market Index (MiMi) from Freddie Mac, released Wednesday, showed that the U.S. housing market showed continued stabilization for the fourth straight month in December.
Read more >>

 

 

Q4 2014 Commercial Real Estate Cycles from Dividend Capital

Source: Ted C. Jones

There is one blog topic that I write about quarterly that is preceded by several calls and emails as to when it is scheduled to be available – The Cycle Monitor – Real Estate Market Cycles from Dividend Capital, prepared by Dr. Glenn Mueller from the University of Denver. Read more >>

 

FHA launches historic homebuyer ‘care package’ for 2015

 

Source: Inman.com

 

After several years of lackluster participation in the housing market, first-time homebuyers are getting a boost from the Federal Housing Administration (FHA) this year.
Read more >>

 

March 2015 Newsletter Trending Now

 

Source: Topkins & Bevans Blog

 

This is the time of the year when all of us have no choice but to pour through our bank statements, credit card statements, checks and acknowledgments from charities regarding contributions….. While you are going through this data-producing exercise, you might want to consider your Will, and other elements of your Estate Plan, at the same time.
Read more >>

 

Topkins & Bevans

Offices in

Boston, Braintree and Waltham

rbevans@topbev.com

www.topkinsandbevans.com

Tax Time Considerations: Estate Plan? Yes

This is the time of the year when all of us have no choice but to pour through our bank statements, credit card statements, checks and acknowledgments from charities regarding contributions. Whether you prepare your own tax returns, or have a professional assist you, the first step is always to gather together data from the past year and assemble it into a form which will permit the preparation of an accurate tax return.

While you are going through this data-producing exercise, you might want to consider your Will, and other elements of your Estate Plan, at the same time. While your Estate Planning documents focus more on whom you would want to take charge of your assets, and to whom, and in what amounts you wish your assets to be distributed, preparation for getting your Estate Plan in shape is not that much different from getting your tax information together. Perhaps, you have an Estate Plan, but it was executed many years ago and the people you selected to serve as executors and trustees, or health care agents, are no longer living or have moved away. Maybe, your children have achieved a level of maturity where you can trust them to take care of things when you are no longer able. Maybe you have developed a relationship with a bank, or other financial institution, which you are comfortable with, and whom you want to get involved.

The point is just like your tax returns take some effort to gather information; your Estate Plan requires the same type of thinking and assembling. It matters not that you have located all the information concerning your income for 2014, if you do not get same on the return; you are in jeopardy with Federal and Massachusetts tax-collecting authorities. Similarly, even if you have located your old Will or Trust, your wishes will not be served unless you make the effort to meet with an attorney and inform him or her whom you want to be in charge, and to whom your assets should be distributed. Sometimes, all you need to do is “tweak” your current Will or Trust with a Codicil or Trust Amendment. Other times, you may need to prepare entirely new instruments, because the ones you have in place are so “dated”.

If you are one of that majority of Americans who have no Will or Trust in place, AT ALL, tax time may be the time that you climb off the fence and stop procrastinating with your family’s future. You really owe it to your spouse and children to put down in writing to whom you want your assets distributed, and which people you want involved in making it happen. Not everyone in your family will be happy with your choices, but no one will be able to say “Mom would have wanted this” or “Dad would have wanted that”. You do not have to rely on the laws of the Commonwealth of Massachusetts to distribute your wealth. You will have made it perfectly clear what you want.

Estate Planning Essentials: Your Age Doesn’t Matter

 

The current pace of our lives makes finding time to develop an Estate Plan more and more difficult. Please find below some moves you can make which are not complicated, or expensive, but which can improve your position, and let you sleep at night.

  1. Create or Update Your Will or Revocable Trust

    These documents are the cornerstone of your Estate Plan. They insure that your assets will be distributed exactly as you would like. Failure to keep these documents current may result in disinheritance or financial hardship for loved ones who depend on you.


  2. Review Beneficiary Designations. When you established life insurance or retirement plans, you were asked to name beneficiaries of these accounts who will receive the assets upon your death. It is important to review these designations regularly to ensure that your assets pass to the appropriate loved ones.
  3. Create or Update Your Health Care Proxy and Living Will You need a health care proxy to appoint your spouse, a trusted friend or family member to make medical decisions on your behalf in the event you are unable to make those decisions yourself. Your health care agent will work with your doctors and other health care providers to make sure you get the medical care which is best for you. A living will is a type of advance directive that gives you the opportunity to formalize your wishes as to prolonged health care in the event that your condition is terminal. NOTE: Living Wills give direction but are not legally binding
  4. Create a Durable Power of Attorney. Regardless of the size of your estate or your family circumstances, you should have a durable power of attorney. You may appoint your spouse, a trusted family member or friend to handle all of your financial affairs on your behalf in the event you are not able to do so, yourself.
  5. Establish Guardianships for Minor Children. Have you considered who would take care of your minor children in the event of the untimely passing of you and your spouse? If you do not finalize your wishes in your Will, a court will decide who will care for your children. Do not leave your children’s well-being in the hands of a court. Appoint a Guardian for you minor children in your Will.
  6. Encourage Your Adult Children to Create an Estate Plan. Whether your son or daughter is going off to college or beginning a career, encourage your child to set up an Estate Plan. If your adult child requires medical attention, you have no legal right to their medical records, nor can you participate in health care decision, without a duly executed health care proxy.
  7. Encourage Your Aging Parents to Create, or Update, Their Estate Plans. It becomes increasingly more difficult to discuss finances and health care decisions with your parents as they age. Encourage your parents to put an Estate Plans in place, or review their existing Estate Plans.

Massachusetts Court of Appeals rules that a deed notarized improperly is unenforceable?

The Massachusetts Appeals Court in Allen V. Allen ruled that a deed signed by a grantor but not acknowledged by the grantor before a notary was not enforceable. This was family transaction involving the family home in Lexington. The matriarch of the family Ethel began the process of moving from her Lexington home to live with one of her daughters, Nancy in 2001. Ethel’s son Harold claims that a deed from Ethel executed on July 23, 2001, conveyed the house to him and Ethel as joint tenants. This deed is the subject of the litigation. An Attorney prepared the deed and notarized it. The acknowledgement (notary) was dated July 23, 2001, and it read: “Then personally appeared the above named Ethel M. Allen and acknowledged the foregoing instrument to be her free act and deed, before me”. The attorney then recorded the deed on August 10, 2001.

Later that year, on November 30, 2001, Ethel established the Allen Realty Trust and executed a deed conveying the Lexington property to herself and to her daughter Deborah as co-trustees of the Trust, reserving a life estate for herself. Ethel specified in the trust that the property would be sold upon her death and the proceeds divided among several of her descendants, including Deborah. This deed was recorded on February 8, 2002. Ethel died on December 20, 2009. It was at this time that Harold revealed the July 23, 2001, deed. Neither Deborah nor her sister Nancy nor the attorney who prepared the November deed had discovered Harold’s deed. When the second deed was recorded no title examination was done. Deborah commenced a litigation in January of 2010. Her suit disputed Harold’s claim to the property and sought to declare the deed to him was unenforceable.

The judge at the trial found that Ethel’s signature on the July deed was authentic. But he determined that Ethel never appeared before the attorney/notary to acknowledge the deed. The judge found that Ethel had signed the deed in front of Harold; he then brought it to attorney/notary for his signature, and then the attorney had notarized the deed without Ethel in his presence.

The Land Court ruled that the deed was unenforceable because it was improperly notarized. It was not sufficient that Ethel had signed the deed. She had not confirmed before the notary that the deed had been her free act and deed. The deed because of the invalid acknowledgement was not entitled to be recorded as the Registry of Deeds. The Court stated “We therefore conclude that the latent defect in the certificate of acknowledgment of the July deed prevented it from giving constructive notice to Deborah of the prior conveyance.” The Appeals Court affirmed the Land Court’s findings in its decision.

There were other arguments made by Harold which all also failed. Always remember that a document cannot be notarized unless you are in the presence of the notary when you execute it or when you acknowledge that your signature was your free act and deed. Also whenever you have a document conveying an interest in real estate recorded, have the title checked for any other matters first and then record your document.

ray ban rb3364 noir ray ban sunglasses with prices in india

Which Celeb Should You Turn To For Choosing Sunglasses

Unlike women, men do not have a wide range of accessories to deck themselves up. In the list of the few things using which men can look cool and trendy, Sunglasses undoubtedly occupy a lion’s share. Simplicity guided Ray Ban here as well: the traditional curve at the end is minimal (this type of spectacles relies on pressure against the scull to keep the eyeweare firmly on its place), decorating an arch-like, structurally flat, but visually complex temple.

Ray Ban dedicate an entire section of their website to technology – explaining what they use, and how it benefits their sunglasses – Tech spectacles aggregate many of these features, and in a way become an embodiment of the virtual.

Taking into view, the top-selling models of Ray Ban Sunglasses for Men, the ray ban rb3364 noir Aviator, and the Wayfarer have a universal appeal, because their models have always ray ban sunglasses with prices in india been unique, stylish, good looking, and above all, do what they ray ban eyeglasses on models were designed for, filtering out UV and infrared rays.

While Ray Bans now have been adopted ray ban 4179 replica by the next generation of Hollywood ray ban vintage case style setters, and are being worn by many types of celebrates, from actors, to sports icons, to you name it… President Barack Obama has been seen sporting ray ban women’s highstreet wayfarer sunglasses tortoise a pair of Ray-Ban sunglasses around Washington DC. It appears he has made the Ray-Ban brand his personal choice when it comes to sunglasses.

buy ray ban sunglasses hut ray ban rx rx 5184 eyeglasses

USA Network Gears Up For Summer Season Finales With A Giveaway!

White Stuff was started in 1985, from very buy ray ban sunglasses hut humble beginings, by two British University students who had a passion for skiing. If the frame looks askew, if the logo on the sides of the glasses is crooked or missing entirely and if the lenses appear flawed, the glasses may be fake. Standing beside a store dumpster ray ban rx rx 5184 eyeglasses opening a box of cookies she just pulled from a nearby garbage rayban 3136 caravan ราคา can, Ginger Freebird is a breath of fresh air. Ginger says that once a friend of hers had noticed a clothing store was throwing away clothes and asked the manager for permission to donate the clothing. The majority of store dumpsters are emptied daily by sanitation trucks, so the contents are no older than 24 hours. Most ray ban boyfriend ebay of the dumpster contents were for sale on store shelves a couple hours earlier, so they can’t be too rotten!

If you don’t own a couple of ray ban aviator just yet, you are mislaid out on celebrities like Tom Cruise, Madonna and camouflage. Some believed it really was Ray and that he was indeed having a nervous breakdown… however it was just a (bad) joke.

Her work has appeared in "Her Sports & Fitness," "Maritime Life & Traditions" and "BMXer." Hignutt holds a USA Cycling Coaching License and works with athletes in addition to ray ban 3362 dimensions owning a small plant nursery.

Clues to the fake Baby Phat jeans can include stitching that lacks details, an atypical finish, and may be missing nameplates or leather accents. The real strip bears a holographic label and the fake one has a printed UL” label that the Chamber of Commerce identified as fake. There are many counterfeit products that are harmless in themselves but consumers must be very careful with the health risks of fake perfume. If you are really interested to buy ray ban sunglasses then this is ray ban wayfarer kl31 one of the best ways
.

ray ban rb4147 taille ray ban green lens review

History Of Aviator ray ban rb4147 taille Glasses And Ray Ban

If you have wanted to get designer eyewear or frames but you think the cost would be too high, ray ban green lens review I have an easy solution for your problem; buy online at an eyeglass store. Ray-Ban aviator is one of those brands that will always be prevalent because people like the truth that it has an interesting chronicle and the designs ray ban caravan online usa are fun, flattering, easy and very easy to display with a variety of looks and seamless for that thrown together chic variety.

They are providing x loop sunglasses which are not authentic but brain washing the customers that they are offering 100% original sunglasses. It is advisable for the customers to buy ray ban rx frames made in china the x ray ban website sale loop sunglasses after making sure that the one they will buy are authentic and will be bought from trusted sellers. In the summer days, we get improved and much ray ban 4037 more attractive styles of sunglasses for the forthcoming seasons. Usually manufacturers try to add something new every season by which they can promote their sunglasses. The scientists recruited a large sample of young women and had them wear pricey Chloe sunglasses.

Common techniques of incorporating polarization films into lenses by lamination (using adhesive to sandwich the film between lens layers) and drop forming (sandwiching then heating and pressing over contoured forms) can cause haziness and optical distortion.

Summer sun glare, go out more and more people choose to wear sunglasses ray ban uk sale to protect the eyes but also can be used as a finishing touch of decoration. Wear sunglasses fake ray bans to protect the eyes is a way of summer the lowest cost, most convenient. Now the market is generally colored mercury coated sports ray ban cats 5000 are used, the price is more expensive. Check for lightweight: Take your Ray Ban sunglasses in your hand and toss it around in your hand to check for the weight
.

ray ban made in china son originales ray ban rb2140 original wayfarer 1132 85

Cheap Price For Replica Ray Ban Sunglasses

Google has been showing off its wearable technology ray ban made in china son originales with a demonstration of Google Glass ray ban rb2140 original wayfarer 1132 85 at the SXSW show in Texas. Not many people are aware of it, but in fact if you buy any old cheap sunglasses you could be doing your eyes more harm than good. Whether it is ray ban sunglasses you want or any other type of designer brands for that matter, buy from a specialist and you won’t regret it. Aviators – this is another brand by the famed Ray Ban group, which is shaped like an oversize ray ban knockoffs canada teardrop having thin frames. In and around that area and on the nearby streets is where the reporter bought some of the fake merchandise that is pictured below.

With that being said, if neon is your thing that’s cool and I get why you need the Ray Bans. There are no windows, a White Castle across the street and a little liquor store around the corner with no real hours. Hence, a committee chaired by Justice P.N. Bhagwati was appointed in November 1995 to review the 1994 Takeover Code.

De charles eames lounge chair Place is een van de essentiële iconische meubels ouderwets via Ray Eames en natuurkundige. This young American country and western singer is destined to emulate Johnny Ray as the teenagers’ delight’. These included Terry Dene, Dickie Pride (Richard Knellar), Duffy Power (Ray Howard), Johnny Gentle (John Askew) and Georgie Fame (Clive Powell).

The Ray ban Wayfarer, Also be on in person before you make any dust ray ban rb3025jm 001 4m and dirt off the best equipment about how the sun had ray ban wayfarer usa price faded, like every fad does, in a hard defense situation. These sunglasses had become the next big thing especially after Lieutenant John MacCready had commented about the Ray ban aviator sunglasses are that you covet, seek online for a cheaper value. If you are looking for a fashionable brace of sunglasses that will safeguard your eyes, try the Ray ban 3025 When you make you fortunate ray ban never hide poster for the Ray ban Wayfarer sunglasses. Today like any other time since this brand is created, the Ray Ban aviator is one of the most versatile and most widely known and imitated sunglasses designs you can see.

ray ban clubmaster zagreb ray ban jak poznat fake

Have You Bought A Black Gucci Wallet Yet?

Sunglasses have ceased in being fashion accessories but have now been considered an essential item to bring and wear every day. It is a good idea to buy your Ray Ban sunglasses from the authorized retailers, and you can find the authentic retailers name through the internet. You can also buy the Ray Ban sunglasses from the large department stores for they are officially authorized. Also, there are numerous pairs of Ray Ban sunglasses at online auction site, such as eBay. Then you should take particular care when buying them, be sure to check the feedback ratings especially the negative feedback, as some people may not know the Ray Ban any better.

This is an awesome example of tech revolutionizing the shopping experience, like Ray Ban’s virtual mirror Online shopping becomes more real, eliminating the need for you to ever have to leave your ray ban clubmaster zagreb home, while cutting out the middle-man (i.e. LensCrafters) who just adds to your costs as a customer.

If you find ray ban jak poznat fake a great pair of Ray Bans for a price just too good to be true…well, they probably belong to the fake Ray Ban variety. Ray ban sunglasses win the hearts of fashion icon with its large frame and dazzling and stunning color. The style of Clubmaster series is more suitable for Asian face, and the design is also sharp pos and more personal, which make you cooler. Ironically, the square” image is brought ray ban green vs gray out by an orbicular shape – Ray Ban knack for reversing and subverting ideas makes itself evident here as well. ray ban outdoorsman ii driving tortuga Whether it is fact or rumor, for sure she is also a Ray-Ban wearer sporting the Ray-Ban 3316 Clubmaster.

The more colors Ray Ban introduced into this collection, the wider the doors of parties, ray ban wayfarer ii rb2132 clubs, and discotheques opened before the wearers. Many of the articles on the internet credit Ray Ban, a division of Bausch & Lomb, with ray ban sunglasses wayfarer uk creating the first aviator sunglasses back in 1936
.