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The Idaho Supreme Court recently affirmed a court’s award of damages for unjust enrichment. The case, Turcott v. Estate of Clarence D. Bates, concerned a woman and her husband who spent a substantial amount of time and money making improvements for the woman’s father with the assumption that the woman would inherit half of the father’s estate.

The father, however, changed his will and decided to leave nothing to his daughter. As a result, the daughter filed a lawsuit seeking compensation for the work that she performed. The district court subsequently determined that there was not any implied in fact contract between the woman and her father. The court, however, awarded damages under a theory of unjust enrichment.

This article takes a brief look at unjust enrichment claims in New York state as well as the various defenses that can be raised in response to these claims.

One of the most important decisions when contemplating retirement is deciding when to start claiming Social Security benefits. A major study found that almost all Americans take Social Security at the wrong time. This timing problem has cost retirees about $111,000 per household. Retirees typically claim Social Security benefits at 63, the earliest age a person may claim Social Security benefits is 62. Every year they wait to start drawing benefits means a larger Social Security payout. Their recommendation: start drawing Social Security benefits later in your retirement.

 Among the Report’s main findings are:

 

  •         Only 4% of retirees claim Social Security at the most financially optimal time.

If you are a parent with a special needs trust, you likely understand how critical it is to prepare for the future. After all, these trusts make sure that a child continues to receive financial support in case you die or become incapacitated. These trusts are also particularly helpful because directly transferring assets to a special needs child outside of a trust can result in the discontinuation of government benefits.

Deciding the amount of funds to place in a trust, however, can be difficult. That’s why this article reviews some of the important details you should consider when funding a special needs trust.

# 1 – Housing Costs

When Aretha Franklin passed away in 2018, she was not believed to have had any type of estate plan. Months after her death, however, several handwritten wills were located in the late singer’s home.

While some people think that handwritten wills are never valid, this is simply not true. Instead, handwritten wills play a unique role in the estate planning process.

This article takes a look at the role that handwritten documents can play in the estate planning process as well as the limited situations in which these documents are allowed.

Many people fail to engage in any type of estate planning. Statistics compiled by AARP suggests that approximately 60% of Americans lack a will or any type of estate planning.

Of the people who do decide to create plans for what happens in case they die or become incapacitated, many rely on only a will to determine how their assets will be divided.

In many cases, however, people benefit from the creation from other estate planning tools including trust, which have the potential to serve a number of unique purposes.

As time passes, an increasing number of people are finding out that they have digital assets as part of their estate plan. No matter if it’s audible content, digital documents, or social media page, however, it is often critical to appoint someone who can properly look over these assets in case something happens to you.

As a result, this article reviews some of the important steps that you should follow when selecting a person who will manage your digital assets.

# 1 – Understand the Importance of an Asset Guardian

In our last post we reviewed reverse mortgages as a way to cash out of the equity in your home while allowing you to remain in your home. As long as you are 62 and older, own your home, and plan to live in it, it is possible to convert the equity in your home into a monthly income, a line of credit, or a lump sum, with some restrictions on the latter with respect to timing of the lump sum distribution. At some point, however, the loan becomes due and payable, which begs the questions of when and who pays?

Triggering events

A insured home equity conversion mortgage (HECM) reverse mortgage loan becomes due and payable when a triggering event occurs. This means that the borrower owes the lender the total amount of money the lender has disbursed to the borrower, plus interest and fees accrued during the life of the loan. Triggering events include:

The Indiana Supreme Court recently upheld the removal of a father as the administrator of his deceased son’s estate. The son was killed in an accident in July 2007 when the vehicle that he was traveling in was struck by a bus.

The man’s surviving daughter was subsequently placed under the guardianship of her aunt. Several days after the accident, the deceased man’s father petitioned the state’s Superior Court to appoint him as a special administrator of his son’s estate for pursuing wrongful death compensation.

One day after petitioning for an appointment, the mother of the the deceased man’s other child petitioned for appointment as special administrator and her petition was also granted, which led to the woman commencing a wrongful death action in Marion County.

The adage, home is where the heart is, is a truism. Human beings have a need for shelter. Housing is a basic need. Much time, effort, and money are expended in our lifetime to obtain and keep a home. For many individuals entering retirement, their home is their most valuable asset. A sad truth of aging, however, is that you may not be able to care for yourself in your home as you age.

A big old house is harder to keep because it requires maintenance and repairs to maintain. Routine maintenance like mowing the lawn is impossible to perform if for example, you have a bad hip. Paying someone to do it also gets harder, because at the retirement stage in life, your income is fixed with little wiggle room to go off budget. Even more difficult is surviving a natural disaster and finding help to rebuild or repair your home. Paying for major repairs and obtaining qualified help without being ripped off is even more challenging. It’s not surprising that seniors turn to reverse mortgages to remain in their home as long as possible.

A brief overview on reverse mortgages

Each year, thousands of Americans rely on assisted reproductive technology to have children. While this advancement in the medical industry has allowed people who would have otherwise been unable to have children do so, it is not without its complications.

One of the frequently overlooked areas impacted by artificial reproductive technology is estate planning. This article takes a brief look at the role of assisted reproductive technology and how it impacts end of life decisions.

# 1 – Artificial Reproductive Technology Is Playing a Powerful Role

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