Probate Law

Estate Planning | Family Law | Probate Law
You May Not Want to Transfer Your Assets into Your Adult Child’s Name
ByParnell, Michels & McKay Law Offices November 8, 2023August 15, 2025
Many elderly persons consider putting their assets in their children’s names to bypass probate. While there can be valid tax reasons to transfer some assets while you are alive, there are many reasons why this may not be a good idea. Gifting assets to an adult child may create tax issues. Currently, when you give someone other than your spouse more than $17,000 in one year, you may need to file a gift tax return. Also, assets passing to adult children in probate or through a trust after your death are transferred to your beneficiaries with a stepped-up basis. In other words, a stepped-up basis means that your children’s basis for tax purposes would be the value of the asset upon your date of death….
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Estate Planning | Probate Law
What is the Difference Between a Revocable, Irrevocable and Testamentary Trust?
ByParnell, Michels & McKay Law Offices June 14, 2023August 15, 2025
A trust holds assets to be managed by a trustee for the benefit of the beneficiaries. Some common types of trust are a revocable trust (also called a living trust), irrevocable trust and testamentary trust. Before discussing the differences for these trusts and how they are used, it is helpful to understand the terminology. The individual who creates and funds the trust is called the grantor or settlor. The trustee is the person or financial entity who manages the assets placed in the trust by the grantor. The trust usually also names a successor trustee in case the original trustee is unable or unwilling to continue to act as trustee. The beneficiaries are the individuals or entities named to receive the assets from the trust…
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Estate Planning | Probate Law
How Do You Choose the Right Successor Trustee for Your Revocable Living Trust?
ByParnell, Michels & McKay Law Offices March 14, 2023August 15, 2025
A revocable living trust is an agreement between the owner of property which is placed into trust (the “Grantor”) and an individual or a professional fiduciary (the “Trustee”) who agrees to manage the property on behalf of the beneficiaries of the trust. Generally, you, as Grantor, are both the initial Trustee and the beneficiary of your revocable living trust. Once you are either deceased or no longer competent, the Successor Trustee steps in to manage all matters that relate to your trust. The Successor trustee would be tasked with managing the accounts and property owned by the trust, keeping all beneficiaries of the trust informed about the status of the trust, including what the trust owns, income that the trust has received and what expenses…
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Family Law | Probate Law
How Will Our Retirement Assets Be Divided in Divorce?
ByParnell, Michels & McKay Law Offices January 13, 2023August 15, 2025
When clients come in to talk with us about divorce, we are often asked many questions about retirement assets. Often, only one spouse has retirement assets and the other spouse is concerned that he/she will lose the right to a share of those assets if they get divorced. This is often the case with a stay-at-home parent, who gave up his/her career to raise the parties’ children. We hear from many of these potential clients that their spouse told them they had no right to their retirement assets if they get divorced because he/she did not contribute anything to those assets. This is simply not true. In New Hampshire, all assets are “marital assets”. This includes assets that are titled to one spouse individually and…
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Estate Planning | Probate Law
Is It Time to Get a Guardianship Over My Incapacitated Loved One?
ByParnell, Michels & McKay Law Offices October 19, 2022August 15, 2025
A guardian is a person who has been appointed by the Probate court to have care and custody of an incapacitated person (also called the “Ward”) by a court order. If there is a less restrictive means in place to assist the proposed ward, such as a health care power of attorney or a financial power of attorney signed by the proposed ward while competent, this is preferable than a guardianship. The guardian may be appointed over the person allowing the Guardian to determine the ward’s health care decisions and determining where a ward may live. And in some circumstances, with Court approval, the guardian may be able to admit the ward to a nursing home or other institution. A guardian can also be appointed…
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Estate Planning | Probate Law
October 20-26, 2018 Is National Estate Planning Awareness Week
ByParnell, Michels & McKay Law Offices October 1, 2018September 16, 2025
Congress has designated the third week in October as National Estate Planning Awareness Week (October 20-26, 2018).It is estimated that at least 60% of Americans do not have an estate plan. Most people think that only older adults need to have an estate plan. However, it’s important for younger people to have a Will, especially if they have minor children. A proper estate plan will provide for a guardian for your minor children to ensure that they’ll be cared for by the people you want as guardians in the event of your death or incapacity. Yet, based on a recent AARP survey, 78% of people age 18-36 and 64% of people age 37-52 do not have a will.Without an estate plan such as a Will…
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Family Law | Probate Law
Guardianship of Minors and the Opioid Crisis
ByParnell, Michels & McKay Law Offices January 2, 2018September 16, 2025
The Opioid Crisis has gripped our nation for several years. However, news agencies and governmental bodies have only begun taking steps in recent years to help stem the tide. This past summer, New Hampshire made waves for becoming the first state in the country to provide grandparents preferential treatment to obtain a guardianship over their minor grandchildren when the parents suffer from substance abuse. The law came into effect on January 1, 2018.The framework for Guardianship Law in New Hampshire can be found in RSA 463. New Hampshire Law provides for two forms guardianships: Person or Estate. Guardianship of another’s person means the Guardian is responsible for decisions ensuring the safety and well-being of the child as aligned in accordance with the child’s best interest….
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Estate Planning | Probate Law
Probate Law in NH – An Overview
ByParnell, Michels & McKay Law Offices January 1, 2018September 16, 2025
This article discusses the basics of probate procedures in New Hampshire. We will try to provide a broad overview of the process of probating an estate. You also can get a good overview of the process from the court’s perspective by going to the court’s website, www.courts.nh.gov/our-courts/circuit-court/probate-division. You will find a lot of “how-to” materials including checklists, forms, and a handbook on administering estates. In fact, the court’s online information may be all one needs for handling small and uncomplicated estates. However, as stated in the handbook, the information available “is not a substitute for legal advice”. Accordingly, should you find yourself in the position as the executor or administer of even a small uncomplicated estate, you should give serious consideration to meeting with a…
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Estate Planning | Probate Law
The Case of The DNR Order Tattoo
ByParnell, Michels & McKay Law Offices December 20, 2017September 16, 2025
Most of us have heard the story about the unconscious patient brought to an emergency room in Florida with “Do Not Resuscitate” tattooed across his chest. The seventy-year-old man had chronic obstructive pulmonary disease, in addition to other ailments. Getting a tattoo to express one’s wishes to not receive cardiopulmonary resuscitation (CPR) may hold some attraction. After all, the patient’s wishes would seem to be clear and there is no need for your loved ones to rush to the hospital with your DNR request or health care proxy. But, in fact, it has the opposite effect. Emergency medical responders would be faced with a dilemma. If just the letters “D.N.R.” are tattooed, the responders may not immediately see the tattoo or they may not be…
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Estate Planning | Probate Law
Revocable Trust v. Will: What Is The Best Choice for You and Your Family?
ByParnell, Michels & McKay Law Offices July 7, 2014September 16, 2025
We often get questions on whether a client should have a will or a trust, and what the benefits of each are. For each client, there are benefits to both types of estate plans.Wills are simple and can be much cheaper to complete then trusts. They direct where your property goes when you pass into the great beyond, and they can provide direction to your family when they deal with your passing. However, wills can sometimes be inefficient to deal with the property in a way that you want, and they require the will to be probated in Court. They are also public documents that can be viewable at Court, and for some more private people that can be a problem.Revocable trusts provide clients with…
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