There are quite a few taxes that come up in the field of estate planning: Estate Tax, Gift Tax, Inheritance Tax, Income Tax, Capital Gains Tax, and Generation-skipping Transfer Tax to name a few. Don’t understand these taxes and how they fit into your estate plan? Don’t worry, we do. We will discuss Estate Tax, Gift Tax, and Capital Gains … Read the rest
What is Probate?
Probate is the court-supervised legal process by which a decedent’s will is admitted (recognized) by the court and their assets are distributed to their beneficiaries. As with most court-involved processes, the probate process can be lengthy and confusing. Additionally, because probate records are available to the public, there isn’t any privacy in the process.
Unless an exception … Read the rest
Well, the answer is: it depends on your goals and specific circumstances. Will-based estate plans and trust-based estate plans can accomplish the same goal, which is to distribute your assets upon your death. That being said, will-based plans do have limitations that trust-based plans do not. Trust-based plans have more duties at the onset than a will-based plan. So, you … Read the rest
Many people have preconceived notions about trusts and believe that they are only for multi-millionaires who wish to leave large trust funds to their children. However, this is far from the truth; trusts can be invaluable tools in the estate plans of millions of individuals.
Trusts are simply an arrangement where one party holds property on behalf of another party. … Read the rest
Turning 18 years old is an exciting time for many. Most are getting ready to graduate high school and head out into the world to go to college, serve in the military, or join the workforce. Turning 18 is a pivotal moment in one’s life, and this moment comes with some legal considerations as well.
Many parents (and 18-year-olds) are … Read the rest
Having an estate is not limited to the Rockefeller’s, Vanderbilt’s, or extremely wealthy people. Believe it or not, you do have an estate. Since an estate consists of cars, real estate, bank accounts, and personal possessions among other things, practically everyone has an estate.
When someone passes away, his or her property must somehow pass to another person. In New … Read the rest
There is a common misconception that estate planning is only reserved for rich people with many valuable assets. The truth is that estate planning is appropriate for anyone with any number of assets, even minor ones with little to no monetary value.
Don’t wait until you’re old to create a last will and testament for your estate. We’d all like … Read the rest
A primary beneficiary must be named when you create a living trust, a retirement account, or take out a life insurance policy on yourself. This particular beneficiary is the first person entitled to receive your assets after you die. But if the primary beneficiary dies first or their whereabouts are unknown, your assets will transfer to the person you name … Read the rest
Are you planning to leave the property of your estate to family members or friends after you die? If so, you’ll need to prepare a document called a “last will and testament” or “will” so you can leave different parts of your estate to the people you care about the most.
A will lets you specify who you want to … Read the rest
More than 90 million Americans have pets in their households, but the vast majority of these individuals don’t think to make any kind of allowances for what should become of their pets in the event of their demise. Comprehensive estate planning should include some kind of provisions for care of your pet when you pass on, so those decisions … Read the rest