“Thought for the Day” #729 – by Stephen R. Elville, J.D., LL.M.

May 26, 2016

Problems associated with understanding how to correctly title assets at death to be in alignment with estate or elder law planning are usually related to the following client education-related issues: (1) failure to understand the probate process and the nature of probate assets; (2) failure to understand non-probate transfer techniques and devices; (3) lack of understanding of how wills and trusts work in relation to various types of assets at the time of death; (4) lack of understanding of the mechanics involved in retitling assets and designating beneficiaries; and (5) failure to understand how the titling of assets affects asset protection.