Smart Money: Attorney's knowledge helpful in collecting funeral payment

Dear Bruce: How enforceable is an unsigned contract? Our funeral home has a contract for about $7,000 for services and merchandise provided. The director in charge did not have the family sign the contract, which of course was an error on his part. I would think we'd have a difcult time collecting this balance, but I would appreciate your viewpoint. K.R., via e-mail

Dear K.R.: As you know, I am not an attorney. The fact that the contract was not signed does not obviate either party. The only transactions that must be reduced to writing are matters of real estate. If the services were rendered, the only argument that might be made is the dollar value of the services. Since the family did allow the services to continue, the estate would have responsibility. I would get on this right away. While no individual may be held responsible, the executor or the administrator of this estate does have responsibilities under the laws of your state. I would tell my attorney to make an immediate claim against the estate of the deceased. Before it's over you may have to negotiate the price but you certainly are entitled to something.

Dear Bruce: Is it possible to make a married daughter the beneciary of your will while excluding her husband? There are going to be many important works of art passed on to her, and I do not trust her husband in the event of a divorce, etc., to care for them properly. My husband and I have spent more than 30 years and many sacrices to be able to obtain these works of art and do not wish to have our son-in-law acquire them. L.K., Dayton, Ohio

Dear L.K.: If I were you, I would consult an attorney in your area familiar with inheritance laws and husband/wife property rights. It may very well be that you could protect these artworks by putting them into some sort of a trust where your daughter would have the ability at her own discretion to buy, sell or trade and be the beneciary, but not the owner. You must be certain under the laws of the state where your daughter lives that her husband doesn't acquire interest in the trust as well. This can be tricky and is a legal problem that needs to be addressed by a skillful practitioner in that state.

Dear Bruce: After having taught high school English for 16 years and getting completely out of debt, I went to law school at a total loan cost of about $74,000. I am deep in regret about my decision as I can earn more as an accomplished teacher than as a beginning lawyer. Lawyer jobs all seem to start at $30,000 and I don't have the money to set up shop on my own. In your opinion, should I maintain my law license even if I'm not practicing? It is a cost that is increasing. What is the best way to get out of debt? One option that I have considered is to nish an additional 12 graduate credits so I could work as a school superintendent. I hesitate doing this because this costs money, too. As a superintendent, I could make $70,000. Right now, I'm earning $53,000. Out of pride and embarrassment I have talked to no one about these problems. Thanks for any input you can give me. G.V., via e-mail

Dear G.V.: I don't know why you are so unhappy with yourself. You have two disciplines and that's great. I most surely would keep my law license current. I realize there are some fees involved in that, but have you considered continuing your teaching job and doing legal work on the side? You will not be the rst or the last to have done that. Chipping away at the debt in this fashion shouldn't be insurmountable. I do think that going back to school again would not be a good move at this time. Getting the credentials will in no way guarantee you the superintendent's job. With the two disciplines you should be able to retire the debt in a reasonable period of time.

Dear Bruce: You have made comments about buying property and to make sure you have a lawyer look over everything. Can one lawyer work for both the seller and the buyer? We are thinking about buying a home on two acres and wondered if one lawyer could handle all the contracts for us and the seller without it being a conict of interest as it would be his job to protect both of us? M.S., via e-mail

Dear M.S.: One lawyer, under most circumstances, could not represent both parties. For example, what happens if information comes to his attention that this property should not be purchased because of pollution problem? If he kills the deal, he does a disservice to the seller but a service to the buyer. On a very rare occasion, such as a parent selling to a child, one attorney might be comfortable in handling the transaction. Ordinarily, each of you should have your own since your interests are not parallel.

Dear Bruce: This is a second marriage for both my wife and me. We are 78 and 75 and have been married for ve years and do not own anything together. She has her own assets; I have mine. We each le our own individual tax returns. Of the $3,000 allowed for stock losses, can we each take the $3,000 or must it be divided at $1,500 each? N.K., via e-mail

Dear N.K.: You didn't indicate why you are keeping everything separate. I assume that you both have some substantial worth. There is a penalty for ling individually, as I'm sure your accountants have told you. You will likely be heavily taxed. You mentioned that you don't own anything together. Since you are ling your own return you can each take your own deductions. If you could get back to me, I'm really curious as to why it's so imperative to keep things separate. Maybe there are some good reasons.

Bruce Williams is a national radio talk show host and syndicated columnist.