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CannonMurrayLaw, llc
Estate Planning, Elder Law, Medicaid-Long Term Care Planning,
Asset Protection Planning, Tax Planning, Real Estate,
Probate and Estate Administration |
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Our mission is to preserve and protect your assets. | |
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THE NUMBERS
More than 12,000 people in the U.S. have a definite diagnosis of ALS, for a prevalence of 3.9 cases per 100,000 persons in the U.S. general population, according to a report on data from the National ALS Registry. ALS is one of the most common neuromuscular diseases worldwide, and people of all races and ethnic backgrounds are affected. ALS is more common among white males, non-Hispanics, and persons aged 60-69 years, but younger and older people also can develop the disease. Men are affected more often than women.
In 90 to 95 percent of all ALS cases, the disease occurs apparently at random with no clearly associated risk factors. Individuals with this sporadic form of the disease do not have a family history of ALS, and their family members are not considered to be at increased risk for developing it.
About 5 to 10 percent of all ALS cases are inherited. The familial form of ALS usually results from a pattern of inheritance that requires only one parent to carry the gene responsible for the disease. Mutations in more than a dozen genes have been found to cause familial ALS.
Source: ALS Foundation, August, 2014 |
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CannonMurrayLaw, llc.
575 Turnpike Street #12
North Andover, MA 01845
Phone 978-989-9999
Fax 978-989-0089 and 85 Eastern Avenue Gloucester, MA 01930 Phone 978-473-1631 Fax 978-910-0302
ray@cannonmurraylaw.com
bridget@cannonmurraylaw.com
Admitted
Massachusetts Bar
Minnesota Bar
United States Tax Court
Federal District Court of MA
United States Supreme Court |
3 YEAR REVIEWS
We encourage you to take advantage of our free one-hour consultation to review your estate plan on your plan's third year anniversary.
Please call
978-989-9999
for an appointment.
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Please feel free to forward this Newsletter to your family, friends and associates who may be interested in a one-hour free consultation to discuss these topics.
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DOES JANE NEED TO PAY HER BROTHER'S DEBTS?
Jane called and asked me whether, as executor of her brother's estate, she would need to pay his debts.
I explained to Jane that when a person dies, the debts become an obligation of the person's estate. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt.
Usually your estate is responsible for paying any debts you leave behind. If the estate does not have enough money, the debts will go unpaid. In general, debt collectors may not try to collect payment from your relatives and heirs. However, there are some exceptions. Co-signers and guarantors of a particular debt are responsible for that debt, and someone who held property jointly with you would be responsible for any debts on the joint property.
Creditors are paid from the part of your estate that passes through probate, which means any property that passes through a will; or property held in the decedent's name solely if he or she died without a will. The person who is appointed personal representative or executor of your estate is responsible for making sure the creditors are paid. The personal representative uses estate assets to pay off the debts before any money passes to heirs. If you have significant debts, it is possible that your entire estate will be used to pay creditors.
Creditors cannot be paid from any assets that pass directly to a beneficiary. For example, a jointly held bank account would pass directly to the joint owner, or to a "pay on death" beneficiary or to beneficiary of an "in trust for" account. The funds in those types of accounts could not be used to pay creditors. Similarly, life insurance policies and IRA distributions pass directly to the beneficiaries, so creditors do not have access to those funds. Whether or not a creditor can access funds in a trust depends on state law as well as what kind of trust it is.
Lesson: You should always consult with an estate planning or elder law attorney when determining how you will leave assets under your will or your trust.
If you are new to the Jane Chronicles, you may read past issues by going to our website:
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The IRS continues to hear from taxpayers who have received unsolicited calls from individuals demanding payment and fraudulently claiming to be from the IRS.
To date the IRS has received 90,000 complaints, including 1,100 victims who have been scammed out of an estimated $5 million.
It is important for taxpayers to know that the IRS:
Never asks for credit card, debit card or prepaid card information over the telephone.
Never insists that taxpayers use a specific payment method to pay tax obligations.
Never requests immediate payment over the telephone and will not take enforcement action immediately following a phone conversation.
Taxpayers usually receive written prior notification of IRS enforcement action involving IRS tax liens or levies.
For more information or to report a scam, go to www.irs.gov and type "scam" in the search box.
Source: Kiplinger Tax Newsletter, August, 2014
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NORTH ANDOVER SENIOR CENTER Serving over 2,000 seniors in North Andover, the award winning North Andover Senior Center advocates for older adults, identifies their needs, helps meet their health, economic, social and cultural needs in order to encourage maximum independence and to improve quality of life. Programs include transportation, nutrition, wellness, health and safety, fitness and many more. For more information on how you can become part of this vibrant community, call 978-688-9560 or check out their website at NorthAndoverSeniors
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August 2014 heralds the twentieth anniversary of one of the most famous civil cases in American history: the Stella Liebeck McDonald's hot coffee case. Tried on August 8-12 and 15-17, 1994 in New Mexico state court, the case produced a verdict that has continued to reverberate throughout our culture. (Reminder: Liebeck was scalded when she spilled a cup of McDonald's coffee in her lap and was awarded $200,000 in compensatory damages, a number which was reduced to $160,000 as a result of a partial contributory negligence finding by the jury. She was also awarded $2.7 million in punitive damages, a figure which was later reduced to $480,000 by the court.). The case settled prior to the issuance of a formal appellate court opinion, and thus, there is no helpful formal account of the matter's factual and procedural history. |
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