Christopher S. Nudo's blog

Trust administration varies in complexity based on the complexity of the estate. For estates with a net worth between $750,000 and about $3.5 million, trust administration tends to be rather simple. The process begins by reviewing the trust itself and determining whether sub-trusts should be created for minor children, whether a business needs to be sold, and what assets comprise the trust (e.g. cash accounts, real estate, rental real estate, income-producing assets).

Every law firm handles real estate closings differently, but I’d like to think our firm handles them in the best way. We don’t permit our sellers to attend closings; we have them pre-sign all of the documentation and provide us with a power of attorney to attend the closing. This is because there’s very little for a seller to do at the closing table, and they can sometimes talk out of nervous energy and say something that will cause problems. By keeping them away from the closing table, we avoid unnecessary drama between buyers and sellers.

A special needs trust is for a person with some sort of special need or disability, and it supplements any government benefit the special needs person has. The trust supplements the money that the person is receiving through government programs such as Social Security. A properly drafted special needs trust allows the person with special needs to continue receiving their government benefits, such as Medicaid, Medicare or Social Security, while still receiving some money from the trust.

The goal of estate planning is to efficiently transfer a person’s assets upon their death to individuals or organizations that are important to them (e.g. family members, church, charity). These assets include real estate, retirement accounts, collectibles, and personal assets.

Not moving by the scheduled closing date is not really an option; the seller is going to have to figure out a way to move, as the consequences of not moving by the scheduled closing date can be rather severe. First and foremost, a buyer can hold the seller in breach of contract, and would have numerous remedies available to them. One such remedy is specific performance, which is an action brought to essentially evict a seller and demand that they sell the property as per the terms of the contract. A number of damages would also be available to the buyer, including storage fees.

How Delegating Parental Powers Can Be Critical

With summer vacation time upon us, even with our Covid-19 world, many people are hitting the road or jumping on a plane.

It is not uncommon to have minor children go on vacation with another family or go on a trip with a sports team or marching band.

What Happens When the Unexpected Happens?

Family of Four Waving goodbye in front of a packed car

1. Full Transparency

1. Don’t Procrastinate!

With all the talk in Washington about healthcare reform, I started thinking about what practical things we could do to ensure that we are protecting ourselves and the ones we love. It seems that we all put off the need to prepare or update our will or trust. However, when a crisis occurs it is often too late to make last-minute updates and you wish that you hadn’t procrastinated so much.