Frequently Asked Questions
Although joint property passes to the surviving joint tenant by right of survivorship, we would still recommend that you have a Last Will and Testament. Such Will should make provision for the division of your estate in the event that you and your spouse die more or less at the same time as a result of a common disaster, such as a motor vehicle accident.
Frequenly asked questions about Massachusetts wills
A power of attorney is a written instrument by which one person (the principal) designates someone as his or her agent or attorney in fact to perform certain acts. If it is "durable," it continues in effect even if the principal becomes incompetent. This can be very important if you or your spouse becomes incompetent. It can avoid the appointment of a guardian or conservator for the management of assets.
Elizabeth G. Bourlon, P.A. - Attorney at Law - FAQ - Frequen...
Yes. Joint ownership is no substitute for a carefully drafted Will. You may have property in your sole name which you have forgotten; you may inherit from others; you and your joint owner may die in a common accident; or a number of other reasons make it prudent to have a Will.
Frequently Asked Questions
Assuming that you are the sole or primary beneficiary of your spouses estate, what happens if you survive your spouse but die within a relatively short period of time after his or her death? For example, your husband dies at the scene of a motor vehicle accident, and you succumb to injuries sustained in the same accident a short period of time thereafter before having had the opportunity of making your own Last Will and Testament.
Welcome to Macey & Aleman
If all or most of the debts are in your name only, your spouse may not have to file. Creditors usually cannot pursue a non-filing spouse, unless he or she is legally a co-debtor on the debt. Additionally, the bankruptcy should not be reflected on the non-filing spouse's credit report. The law does vary, however, from state to state so make sure you speak with a Macey & Aleman bankruptcy attorney about whether or not your spouse has to file.
Sheri Gonyea - Bankruptcy Attorney, Clarksville, TN
If both you and your spouse want to be released from the obligation of paying joint debts, you will both have to file. Otherwise, if just one spouse files, only that person is discharged on the debt. The other spouse will remain liable on the debt. However, a spouse has the right to file solely, without the permission of his or her spouse, regardless of the other spouse's obligation on joint debts.
What if your assets are less than $30,000 so that your spouse would still receive everything anyway?Madden Tufano Law
Even then you will need a will if your spouse and you pass away at the same time, such as in the event of a motor vehicle accident. In that instance and if you have no issue, your estate would be split among your parents with each receiving 50% of this estate. It is in this instance that you may have some conflict among the parents and therefore, a will could help avoid the conflict and distribute your assets in a manner that you would like.
Gouldsboro, ME CPA / Barnes Accounting Services, LLC
Assets held jointly with right of survivorship will transfer by law to the joint holder. Insurance policies or retirement accounts with a designated beneficiary will go to that beneficiary. Assets owned solely by the decedent will transfer according to state law. This is known as intestacy. These laws vary by state, but generally give preference to the spouse and children.
Bankruptcy, Filing Bankruptcy, Bankruptcy Law, and other ban...
No. Only assets owned by the bankrupt are included in the bankruptcy. If assets are jointly owned with a spouse, then the bankrupt's portion may have to be sold and distributed to the creditors. It is important to make the Trustee aware of joint assets so that each case can be reviewed individually.
What assets can ASG find. - Asset search and locate experts ...
Yes. Our search is limited to the individual you requested we investigate. If you need us to investigate someone else, including a spouse, it means double the work for us. Accordingly, we confine our efforts to the subject of the investigation only.
Douglas L. Hilkert, P.A. - Frequently Asked Questions
This is very important and frequently misunderstood. Also, please see the comments in the questions discussing joint ownership above. The provisions of your Will affect only those assets in your own name. You cannot will your joint bank account or other assets you do not own as individual and sole owner. Thus, assets owned jointly (with right of survivorship), joint bank accounts or certificates of deposit, including those designated "In Trust For . . .
Walter Metzen: Detroit Attorney, Bankruptcy, Chapter 7, Chap...
If your married the law recognizes you as one entity and can file either together as a couple (jointly) or either spouse (husband or wife) can file on their own. The law does not require that both file.
Surekha Vaidya, CPA
You sometimes may benefit from filing separately instead of jointly. For example if one spouse has large medical expenses, miscellaneous itemized deductions, or casualty losses and the two spouses' incomes are about equal. We always prepare returns both ways and determine which is the most advantageous.
Double 'D' Acctg & Tax Svc
It depends on your tax situation. Sometimes you may benefit from filing separately instead of jointly but only if certain criteria are met. One example would both spouse have similar income and expenses but filing joint may cause certain of these expenses to be limited, then filling separately maybe an option. We always look at this filing separate issue for all our clients.
Affidavit Form I-864 - Income
Assets of the intending immigrant may be used if he or she has been a member of your household for at least six months.
Personal Bankruptcy&Consumer Credit Counseling - Edmonto...
No. Both your spouse's and your assets are not included in the proposal because assets do not vest with the Trustee when a proposal is filed. Similarily your spouse's debts are not affected by your proposal.
MEDICAID: FREQUENTLY ASKED QUESTIONS
No. As of January 1, 2006, the spouse who is still living at home may keep the larger of the following: up to $19,908 of the couple's combined assets, or, one-half of the couple's combined assets up to $99,540. Also, the couple's home will be exempt from the count of combined assets as long as the spouse lives at home.