AboutRichard Fritzler Expertise Comparing the advantages and requirements of traditional estate practices, and unconventional methods? Are Trusts a viable asset protection vehicle? Is there an alternative to buying life insurance to reduce the impact of the estate tax. Is the elimination of the estate tax during the next decade good for everyone? I can review the benefits and misinformation that exists.
Experience I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. We specialize in developing plans that eliminate the estate tax, not find a way to prepay it. Most small businesses do not survive the death of the principal. We want small businesses to not only survive, but flourish.
Organizations National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
Publications Contributing author to "The Corporate Standard Newsletter".
Question My mother is recently deceased. She owned a primary residence. We are both on title. State of Florida, at the closing I signed title doc's and the mortgage, not the 'NOTE' If the property is foreclosed on will I be responsible for the debt and will any Life insurance proceeds be at risk. A living will was in place.
Answer A "living will" handles donation of body parts, a "Living Trust" is used for estate issues, and avoids probate, provides for specific distribution, provides in case she becomes incompetent, and may reduce the estate tax for married couples. It does NOT provide any asset or liability protection.
I can't say what your liability may be regarding you signing the Mortgage documents and not the Note, you may have personally guaranteed, the note.
The Estate is obligated to satisfy all debts before distribution of assets. If the estate is the beneficiary of a life insurance policy, then those moneys would be used to pay debts, before the heirs receive any distribution.
Richard Fritzler http://www.owelesstax.com
http://www.nevadacorporateservices.com
phone 800 590-6612
