Page 18 - The Jewish Voice - April '24

Page 18, The Jewish Voice

Lifestyles from page 17 2024. If Bob passes away on January 16, 2024, the PR would The content of this article is general and should not be
need to determine if Julie was current on her payments, collect relied upon without review of your specific circumstances by
someone owed money to the deceased person — can be used any monthly payments she owed at the date of Bob’s death competent legal counsel. Reliance on the information herein
to establish the existence and terms of the debt. Alternatively, (including interest), and monitor future payments. is at your own risk, as it expresses no opinion by the firm
if the deceased person had records, books, or canceled checks Once the PR or trustee is aware of a debt that is owed to the on your specific circumstances or legal needs. An attorney
showing the existence of a debt and that someone was making deceased person’s estate, they must provide a formal written client relationship is not created through the information
regular payments to them, this documentation can be used as notice to the debtor that the deceased person has passed away provided herein.
evidence for the PR or trustee to establish the existence of a and the date of death, that the estate is their new creditor, and To comply with the U.S. Treasury regulations, we must
debt. Although written evidence is considered more reliable, that future payments should be made to the estate via the PR inform you that (i) any U.S. federal tax advice contained in
the trustee or PR may also rely on witnesses who heard the or trustee. The notice should also include the PR or trustee’s this newsletter was not intended or written to be used, and
deceased person and the debtor discussing a loan or other name, address, and any other information needed to facilitate cannot be used, by any person for the purpose of avoiding
business transaction to establish the existence and terms payment of the debt. The PR or trustee should make efforts to U.S. federal tax penalties that may be imposed on such person
of the obligation. Similarly, debtors themselves may make collect any past due amounts and to facilitate the payment of and (ii) each taxpayer should seek advice from their tax
statements to the trustee or PR acknowledging the debt. amounts that will be due in the future — for example, rental advisor based on the taxpayer’s particular circumstances.
What Happens After the Debt Is Discovered? payments for the remaining term of a lease agreement that
The PR or trustee who discovers that a debt was owed to the extends beyond the date of death. Financial Focus
deceased person should first ascertain if there are any amounts What If the Debtor Will Not Pay the Amount Due?
outstanding, that is, amounts that were due at the date of death. Although a PR or trustee will initially attempt to collect a What Should You Know About
For example, consider a situation in which Bob made a loan debt by contacting the debtor and requesting payment of the Long-Term Care?
of $5,000 to his friend Julie, who was obligated under the loan amount due, if those collection efforts are not successful, ask
agreement to make monthly repayments of $250 on the fifteenth the attorney representing the PR to send a demand letter to By Sally Sima Stahl
of each month until the loan was repaid in full in December the debtor or file a lawsuit on behalf of the estate to collect We all hope to remain
the amount owed. If there is no PR but there is a trust, the healthy and independent
trustee should consider hiring an attorney to represent them. throughout our lives – but
We Can Help life can be unpredictable. If
If your loved one has passed away, we can help guide you were ever to need some
you through the probate process if you are the PR of their type of long-term care,
will or wish to be appointed as PR of their estate. Likewise, would you be financially
if you are the successor trustee, we can help you administer prepared?
your loved one’s trust. Long-term care
One of the important duties of a PR is to collect, protect, encompasses everything
and prepare an inventory of all the assets in the deceased from the services of a home
person’s estate, including the debts owed to them, so they health aide to a stay in an assisted-living facility to a long
can be distributed to the beneficiaries of the estate. Trustees residence in a nursing home. You may never need any of
similarly have a duty to maintain records relevant to and to these kinds of care, but the odds aren’t necessarily in your
collect debts owed to the deceased person’s trust. Seeking favor: Someone turning age 65 today has almost a 70 percent
help from an experienced estate planning attorney can help chance of needing some type of long-term care services
put your mind at ease by ensuring that you fulfill all your and support in their remaining years, according to the U.S.
duties during what is likely a stressful and emotional time Department of Health and Human Services.
following the death of your loved one. If you would like help, And all types of long-term care can involve considerable
call us today to set up an appointment. financial expense. The median annual cost for a home health
If you have questions about this or your estate plan and aide’s services is more than $60,000 per year, and it’s more
what documents are necessary, schedule a free consultation than $100,000 per year for a private room in a nursing
today by calling our office at 561-694-7827, Anné Desormier- home, according to Genworth, an insurance company.
Cartwright, Esq., Elder and Estate Planning Attorneys PA,
480 Maplewood Drive, Suite 3, Jupiter, FL 33458. Lifestyles on page 19

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Respectful of Jewish Traditions.

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