USCIS Bulletin - Updates to Forms I-865, I-601A, I-212, I-90, I-612 and G-884

It is really hard to tell a client their application was returned because it was filed on the wrong version of the USCIS Form. It is important to check the dates on the forms and the instruction page on the USCIS website to make sure you are using the most current form. If they are accepting the earlier forms, it will state that on the website. Here are some changes ...

Direct from USCIS:

"Updates to Forms I-865, I-601A, I-212, I-90, I-612 and G-884

07/28/2015

Last week, USCIS published the following:

• Update to Form I-865, Sponsor's Notice of Change of Address. New edition dated 07/17/15. (On Sept. 24, 2015, USCIS will accept only the 07/17/15 edition. USCIS will not accept editions dated 1/03/13 or 10/26/10 on or after Sept. 24, 2015.) The edition date can be found at the bottom of every page on the Form and Instructions.
• Update to Form I-601A, Application for Provisional Unlawful Presence Waiver. New edition dated 07/08/15. (On Sept. 24, 2015, USCIS will only accept the 07/08/15 edition. USCIS will not accept editions dated 03/04/13 or earlier on or after Sept. 24, 2015.) The edition date can be found at the bottom of every page on the Form and Instructions.
• Update to Form I-212, Application for Permission to Reapply for Admission into the United States After Deportation or Removal. New edition dated 06/30/15. On Sept. 24, 2015, USCIS will accept only the 06/30/15 edition. USCIS will not accept editions dated 03/12/14, 12/16/12, 09/11/11, or 11/23/10 on or after Sept. 24, 2015. The edition date can be found at the bottom of every page on the Form and Instructions.
• Update to Form I-90, Application to Replace Permanent Resident Card. New edition dated 06/30/15. You can also use the 12/29/14 edition. (The edition date can be found at the bottom of the page on the Form and Instructions.)
• Update to Form I-612, Application for Waiver of the Foreign Residence Requirement (under Section 212(e) of the Immigration and Nationality Act, as Amended). New edition dated 06/22/2015. (On Sept. 24, 2015, USCIS will accept only 06/22/2015 edition. USCIS will not accept the 2/28/13 or other previous editions on or after Sept. 24, 2015.) The edition date can be found at the bottom of every page on the Form and Instructions.
• Update to Form G-884, Return of Original Documents. New edition dated 06/15/15. You can use previous editions of this form.

For more, see our Forms Updates page."
 
If you want assistance, legal representation, or just want to know more about Mark Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

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Setting up a Trust - Why should I let someone else manage my money?

Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net

Many people find it hard to talk about the end of their life and how to handle their estate. Thinking about how to leave money to a child is generally a tough conversation. The idea of giving control of their life savings to a third party seems counter-intuitive. On top of that, there is generally a management fee that goes along with the trust. So why do it? Why not just give it to the children?
Well, did you see this headline on Yahoo Finance?

"22-year-old college student blows her $90,000 college fund and blames her parents" The article outlines a radio interview conducted by the Atlanta radio show “The Bert Show.” Excerpts from the article and interview:

"The woman, a 22-year-old college junior named Kim, ... she had managed to blow through a $90,000 college fund left to her by her grandparents. Kim has one year left of school and no way to cover her remaining $20,000 tuition balance."

...

“Maybe [my parents] should have taught me to budget or something. They never sat me down and had a real serious talk about it.”

...

“[My parents] said there was nothing they could do for me. They’re not being honest with me saying they don't have [money] because my dad has worked for like a million years and they have a retirement account.”

I truly do not believe this type of behavior is limited to our younger generation. The idea of creating Trusts has been around for quite some time. This case illustrates one good reason to consider creating a Trust rather giving the entire amount to a young adult.

If this young lady's grandparents would have placed this money in a Trust, they could have protected the girl from herself and provided her with the guidance she blames her parents for failing to provide her. They could have placed a mature individual or a financial institution to guide her and ensure she maximized the use of her gift for its intended purpose; school. The costs of managing the Trust may have been greater but the result would probably been more favorable.

 If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#Bucks_County #lawyer #lawyers, #MontgomeryCounty #Souderton #Law_Firm #Wills #Power-of-Attorney #Living_Will #Healthcare #Trusts 

Three Costly Mistakes Estate Executors Need to Avoid

Anyone without knowledge of estate administration and associated tax laws can easily make costly mistakes.

Failure to Value Assets Correctly.  

Valuing assets incorrectly can be costly, time-consuming and create personal liability for an Executor or Administrator. Selling the asset based on a value too low may cost the estate the difference in fair value versus the incorrect, low value. If the asset is valued low for Pa. Inheritance Tax but then sold for a higher, fair value, there will be income tax on the difference (gain) in value and the income tax rate will be higher than the Pa. inheritance tax rate. In both cases, the Executor or Administrator will have cost the estate heirs a loss. Valuing an asset too high can result in over payment of  Pa. inheritance tax and a delay in selling the asset. When the asset is finally sold after long delay and at a lower price, heirs will be frustrated by the over-payment of tax and disappointed by the final sale price. Obtaining accurate date-of-death value of assets requires both knowledge of the laws and regulations governing valuation and the correct sources to use to obtain accurate values.

Failure to Liquidate Assets Timely. 

The duty of the Executor or Administrator is to preserve asset value for the heirs. Holding an asset, like stock which is subject to fluctuation of value, is dangerous and can often result in loss of value. In one estate the Executor delayed in liquidating the stock for over 90 days and the stock went down in value by $50,000. This caused significant problems for the Executor. If the Executor or Administrator is found to have delayed in liquidating the asset without a proper reason, he may be held personally liable for the loss.

Failure to Apportion Taxes Properly Among Heirs. 

Executors and Administrators need to carefully follow the estate and inheritance tax allocation language of the will, or if there is no provision for it, then must follow the law for distribution of tax liability among heirs. Improper allocation will, at best, create unhappy heirs and, at worst, impose liability on the Executor or Administrator if final distribution to heirs was made without proper releases or court order.

If you want assistance, legal representation, or just want to know more about R. Kurtz Holloway or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#Bucks_County #lawyer #lawyers, #MontgomeryCounty #Souderton #Law_Firm #Wills #Power-of-Attorney #Living_Will #Healthcare 

Bankruptcy - mortgages and rebuilding credit - a brief conversation with a banker ...

In time, there is credit after bankruptcy ...

          and it may be shorter than you think ...

Image courtesy of digitalart
at FreeDigitalPhotos.net

As some people who know me know, I am an adjunct professor at DeVry University at the Philadelphia campus and also with Keller Graduate School of Business. I just started a Keller course this session. One of my students is a branch manager for Wells Fargo. He told me he has been involved with both mortgage lending and retail banking. I had the opportunity to talk to him about bankruptcy and rebuilding credit.

I tell my clients, generally mortgage companies will make some things difficult for them if they do not reaffirm their mortgages but will not attempt to take their home as long as they are current on their payments.  Mortgage companies cannot foreclose on a home loan that is being paid in accordance with the loan agreement. But that doesn't mean they have to make it easy for the homeowner and I heard of debtors having real problems trying to refinance their home loans with their mortgage companies. My student admitted Wells Fargo does not refinance mortgages that were not reaffirmed. He also agreed that it doesn't prevent other mortgage companies from lending to the same homeowner when their credit score increases enough to permit the refinancing.

We also spoke about credit building after bankruptcy. I tell my clients it will take a couple years. He told me it can be as short as a year to normalize credit. We spoke about secured credit cards. He told me Wells Fargo's lowest limit secured credit card is $300. He also talked about applying for a small secured loan 6 - 9 months after discharge, which the lowest amount Wells Fargo will lend is $3,000. He doesn't recommend using it; just borrowing it and paying it back over time. The bottom-line of our conversation: the biggest factor to rebuilding credit after filing for bankruptcy is paying all your bills on time.

While none of this information was really new to me, it was nice to talk to someone in the banking and lending industry. It is always comforting to find people who have information to support what you believe. In time, there is credit after bankruptcy.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out our website at www.medveskylaw.com.

#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania

So They Could Stay Together - The Importance of a Power of Attorney

So They Could Stay Together

The importance of a power of attorney

One day a realtor acquaintance, Bert, called me from the home of an elderly couple, Hank and Martha Smith, who had contacted him about selling their house to move into a nearby senior living facility. They needed the money from their house to afford that. During the meeting, Bert realized Martha did not understand the conversation. When he had a chance to pull Hank aside, he asked him if Martha was capable of signing a listing contract. Hank admitted Martha had Alzheimer’s disease, but he assumed he could sign everything for both of them since he had no trouble signing his name on checks for their joint checking account and the house was in joint names.  Bert explained to Hank that he could not sign documents on Martha’s behalf to sell their house without a POA.

Hank sighed and said, "We’ve been married for 60 years and have never lived apart, but Martha needs specialized care soon. I can’t take care of her myself, as much as I want to do so. We need to sell our home, so we can stay together and she can get the care she needs."

Bert wanted to help this nice couple sell their house and knew they needed legal help so he called me from their house. After explaining the situation to me, Bert put Hank on the phone. I told Hank I could help them so he made an appointment.

When we met, Hank asked me if I could prepare a POA for this wife to sign. I explained in order for a POA to be valid, a person must have the mental capacity to fully understand what it means to grant someone the power to sign legal documents for her, including those needed to sell her property. This is known as being legally competent. A person who is not legally competent cannot make a valid power of attorney, and it is ethically improper for an attorney to knowingly facilitate this.

I told Hank about the several instances in the past when I declined to prepare POAs because I believed the person did not have the necessary mental capacity, but if Hank believed Martha was competent, he could ask her doctor to write a letter stating this and then I could prepare the POA.  Hank said that he knew Martha's mind was too confused to understand things. He then asked me what he could do.

I explained, "You could be appointed guardian for Martha but for that to happen you will have to...read more

If you want assistance, legal representation, or just want to know more about R. Kurtz Holloway or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#Bucks_County #lawyer #lawyers, #MontgomeryCounty #Souderton #Law_Firm #Wills #Power-of-Attorney #Living_Will #Healthcare