Timothy J. Erasmi, Esq. – Virtual Estate Attorney
Virtual Estate Attorney Newsletter Articles
What are Due on Sale Exceptions? A “due-on-sale clause” is defined by the United States code as a contract provision which authorizes a lender, at its option, to declare due and payable sums secured by the lender’s security instrument if all or any part of the property, or an interest therein, is sold or transferred […]
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What is an Inter Vivos Trust? Inter vivos trusts, also known as living trusts, are created during the grantor’s lifetime. Inter vivos means “between living people”. The alternative to them is a testamentary trust, which is created at the grantor’s death. Inter vivos trusts can be either revocable or irrevocable. Moreover, these powerful estate planning documents offer numerous
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What is an Irrevocable Life Insurance Trust? An irrevocable life insurance trust, or ILIT, is an estate planning tool used to shelter life insurance policies from estate taxes. ILITs are irrevocable, meaning their core provisions cannot be changed or amended. An ILIT, like every trust, involves a grantor, a trustee, and beneficiaries. The grantor is
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What is Wrongful Death Wrongful death is a legal cause of action that arises when an individual’s death is caused by the negligence, recklessness, or intentional misconduct of another party. This legal claim serves to compensate surviving family members who have suffered unimaginable harm from the loss of their loved one. These claims can occur
Reasons to Avoid Probate Probate Court is Time Consuming. Timeliness is the first of many reasons to avoid probate court in Massachusetts. Indeed, the decedent’s assets will freeze upon their death. These assets will remain inaccessible until the Probate Court issues letters of authority. This process usually takes 6-8 weeks from the date of filing depending
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Revocable Trusts When comparing revocable vs. irrevocable trusts it’s important to understand their foundations. There are two types of Revocable Trusts: an individual Revocable Trust and a “Joint” Revocable Trust. Each of them owns the property as if the Grantor or Grantors still owned it. They both use the Grantor’s social security number as it’s
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Registered vs. Recorded Land Do you understand the difference between registered vs. recorded land? If you have experience dealing with real estate in Massachusetts, then you may have heard of the terms. The most obvious difference between the two is that registered land is indexed with a certificate and document number. Whereas recorded land is indexed with
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Probate in Massachusetts The death of a loved one is an overwhelming and life-altering event which often causes an enormous amount of stress. Often, families are eager to complete this process as quickly as possible. They would prefer to be focusing on grieving for their loved one. Unfortunately, without a fully funded revocable trust, their
Probate is the legal process by which a decedent’s assets are distributed after any debts and expenses are paid. The most typical forms of probate are Formal and Informal. However, one should always use Voluntary Administration, a simplified form of probate, when the estate is eligible. What is Voluntary Administration? Voluntary Administration is the most simplified form of
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Form 1041 – Who and When to File If you are an executor for an estate or a trustee, you may need to file a Form 1041. Otherwise known as an estate income tax or trust income tax return. Every estate and most trusts that have a gross income of $600 or more in a
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