Wills & Estate Planning: Most Popular Articles
These articles are the most popular over the last month.
Exemption From Federal Estate
The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2013.
The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2013.
Lifetime Exemption From Federa
Over the years the lifetime exemption from federal gift taxes has gradually increased while the gift tax rate has gradually decreased. Here you will find a chart that shows the changes in the lifetime gift tax exemption and gift tax rate from 1997 through 2013.
Over the years the lifetime exemption from federal gift taxes has gradually increased while the gift tax rate has gradually decreased. Here you will find a chart that shows the changes in the lifetime gift tax exemption and gift tax rate from 1997 through 2013.
Revocable vs. Irrevocable Trus
When it comes to understanding trusts, knowing the difference between revocable and irrevocable trusts is crucial. If you ask for a revocable trust and get an irrevocable one, or vice versa, the legal and tax consequences will be significant.
When it comes to understanding trusts, knowing the difference between revocable and irrevocable trusts is crucial. If you ask for a revocable trust and get an irrevocable one, or vice versa, the legal and tax consequences will be significant.
How to Locate a Will
If you're looking for a copy of a deceased person's last will and testament, then here are the steps that you need to take to locate it.
If you're looking for a copy of a deceased person's last will and testament, then here are the steps that you need to take to locate it.
Overview of 2013 Estate Tax, G
On January 2, 2013, a new law was enacted that governs estate taxes for 2013 and future years. Here you will find a summary of what the laws provide for the estates of decedents who die in 2013 as well as the 2013 gift tax rules and 2013 generation skipping transfer tax rules.
On January 2, 2013, a new law was enacted that governs estate taxes for 2013 and future years. Here you will find a summary of what the laws provide for the estates of decedents who die in 2013 as well as the 2013 gift tax rules and 2013 generation skipping transfer tax rules.
Revocable Living Trusts
A Revocable Living Trust is a legal document that is created by an individual, called a Trustmaker, to hold and own the Trustmaker's assets, which are in turn invested and spent for the benefit of the Trustmaker by an individual or institution called the Trustee.
A Revocable Living Trust is a legal document that is created by an individual, called a Trustmaker, to hold and own the Trustmaker's assets, which are in turn invested and spent for the benefit of the Trustmaker by an individual or institution called the Trustee.
Annual Exclusion From Gift Tax
The annual amount exempt from the federal gift tax, called the annual gift tax exclusion, was indexed for inflation beginning in 1997 and has slowly increased over the years. Here you will find a chart that shows the increase in the annual gift tax exclusion from 1997 through 2013.
The annual amount exempt from the federal gift tax, called the annual gift tax exclusion, was indexed for inflation beginning in 1997 and has slowly increased over the years. Here you will find a chart that shows the increase in the annual gift tax exclusion from 1997 through 2013.
State Estate Tax and Exemption
Currently only a handful of states and the District of Columbia collect a state estate tax. Here you'll find a chart that lists the historical and current estate tax exemptions for the states that collect estate taxes at the state level.
Currently only a handful of states and the District of Columbia collect a state estate tax. Here you'll find a chart that lists the historical and current estate tax exemptions for the states that collect estate taxes at the state level.
What is the Gift Tax and Who P
The federal gift tax is one of the most misunderstood and often ignored taxes assessed by the federal government. One state also assess its own gift tax - Connecticut. Learn what the gift tax is and who is responsible for paying it.
The federal gift tax is one of the most misunderstood and often ignored taxes assessed by the federal government. One state also assess its own gift tax - Connecticut. Learn what the gift tax is and who is responsible for paying it.
State Inheritance Tax Chart
Currently the District of Columbia and a handful of states collect a state estate tax, while only a six states collect a state inheritance tax. Learn the difference between an estate tax and an inheritance tax and view a chart that summarizes the inheritance tax laws of Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.
Currently the District of Columbia and a handful of states collect a state estate tax, while only a six states collect a state inheritance tax. Learn the difference between an estate tax and an inheritance tax and view a chart that summarizes the inheritance tax laws of Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.
How is the Gift Tax Calculated
The federal gift tax applies to all gifts that you make during the course of your lifetime. However, every U.S. citizen is given a lifetime exemption from paying gift taxes. Thus, a gift tax will only be owed if the total value of all of the gifts that you've made exceeds your lifetime exemption from gift taxes.
The federal gift tax applies to all gifts that you make during the course of your lifetime. However, every U.S. citizen is given a lifetime exemption from paying gift taxes. Thus, a gift tax will only be owed if the total value of all of the gifts that you've made exceeds your lifetime exemption from gift taxes.
Who Gets a Copy of a Will Afte
When someone dies, you've probably watched in the movies or on TV or read in a book about "the reading
When someone dies, you've probably watched in the movies or on TV or read in a book about "the reading
Grounds for Contesting a Will
At least once a month I receive a call from a potential client who wants to contest the validity of a loved one's will, and at least once a month I explain the four legal reasons for challenging a will, how difficult it is to prove any one of the four, and how much it will cost to proceed. Most of the time I never hear from the potential client again. With that said, here are the four legal grounds for contesting the validity of a will.
At least once a month I receive a call from a potential client who wants to contest the validity of a loved one's will, and at least once a month I explain the four legal reasons for challenging a will, how difficult it is to prove any one of the four, and how much it will cost to proceed. Most of the time I never hear from the potential client again. With that said, here are the four legal grounds for contesting the validity of a will.
Pros and Cons of Trusts
When considering whether or not to include a Revocable Living Trust as part of your estate plan, you'll need to understand the pros and cons of using a trust instead of just a Last Will and Testament.
When considering whether or not to include a Revocable Living Trust as part of your estate plan, you'll need to understand the pros and cons of using a trust instead of just a Last Will and Testament.
Death of a Joint Owner
If your loved one has died and you're the surviving joint owner of an account held with rights of survivorship or as tenants by the entirety, then you'll need to understand the tax and other consequences of inheriting the account.
If your loved one has died and you're the surviving joint owner of an account held with rights of survivorship or as tenants by the entirety, then you'll need to understand the tax and other consequences of inheriting the account.
Locate Online Probate Dockets
If you are interested in reviewing the information about a probate estate and obtaining copies of probate court documents, many courts now have this information posted for free online. Here you will find the steps required to locate online probate court records and request copies of probate documents.
If you are interested in reviewing the information about a probate estate and obtaining copies of probate court documents, many courts now have this information posted for free online. Here you will find the steps required to locate online probate court records and request copies of probate documents.
How Long Will Probate Take?
One of the first questions I'm asked when I sit down with the Personal Representative of a new estate
One of the first questions I'm asked when I sit down with the Personal Representative of a new estate
When is Probate Necessary?
A frequent question I'm asked as an estate planning attorney is "When is probate really necessary?" As
A frequent question I'm asked as an estate planning attorney is "When is probate really necessary?" As
Paying Off Debts
If your loved one has died and the medical and credit card bills have started piling up, then you'll need to understand who will be responsible for paying off all of these debts and in what amounts. Learn who will have to pay and how much.
If your loved one has died and the medical and credit card bills have started piling up, then you'll need to understand who will be responsible for paying off all of these debts and in what amounts. Learn who will have to pay and how much.
Exemption From Gift Taxes
Definition of Exemption from Gift Taxes
Definition of Exemption from Gift Taxes
Death, IRAs and 401ks
If your loved one has died and you're the beneficiary of a retirement account such as an IRA or 401(k), then you'll need to understand the tax consequences of inheriting the retirement account. The results will be very different if you're a surviving spouse or not.
If your loved one has died and you're the beneficiary of a retirement account such as an IRA or 401(k), then you'll need to understand the tax consequences of inheriting the retirement account. The results will be very different if you're a surviving spouse or not.
Joint Ownership
There are three basic ways that you can own property: in your individual name, in joint names with others, and through contract rights. Joint ownership comes in three forms: with rights of survivorship, as community property, and as tenants in common.
There are three basic ways that you can own property: in your individual name, in joint names with others, and through contract rights. Joint ownership comes in three forms: with rights of survivorship, as community property, and as tenants in common.
Probate Process Checklist
In conjunction with my step by step guide on how to probate an estate, here is a convenient checklist of the 6 steps involved in settling an estate.
In conjunction with my step by step guide on how to probate an estate, here is a convenient checklist of the 6 steps involved in settling an estate.
Gift Tax Exclusion: Annual Exc
What's the difference between the annual exclusion from gift taxes and the lifetime gift tax exclusion? Find out here.
What's the difference between the annual exclusion from gift taxes and the lifetime gift tax exclusion? Find out here.
What is Probate?
Probate is the court-supervised process of locating and determining the value of a deceased person's assets, paying the deceased person's final bills and taxes, and then distributing what's left to the deceased person's heirs.
Probate is the court-supervised process of locating and determining the value of a deceased person's assets, paying the deceased person's final bills and taxes, and then distributing what's left to the deceased person's heirs.
What is an AB Trust?
Married couples can maximize the use of both of their federal exemptions from estate tax by using AB Trusts as part of their estate plan. Here's how the AB Trust system works.
Married couples can maximize the use of both of their federal exemptions from estate tax by using AB Trusts as part of their estate plan. Here's how the AB Trust system works.
Per Stirpes vs. Per Capita
When it comes to estate planning terms, two that you'll need to be familiar with are per stirpes and per capita. These are Latin terms that are commonly used in Last Will and Testaments and Revocable Living Trusts to describe how your property is to be left to your beneficiaries.
When it comes to estate planning terms, two that you'll need to be familiar with are per stirpes and per capita. These are Latin terms that are commonly used in Last Will and Testaments and Revocable Living Trusts to describe how your property is to be left to your beneficiaries.
What Happens to a Payable on D
If your loved one has died and you're the beneficiary of a payable on death or similar type of account, then you'll need to understand the tax and other consequences of inheriting the account.
If your loved one has died and you're the beneficiary of a payable on death or similar type of account, then you'll need to understand the tax and other consequences of inheriting the account.
What is the Federal Estate Tax
While the federal estate tax was initially repealed as of January 1, 2010, on December 17, 2010 it was resurrected and applied retroactively back to January 1. The federal estate tax is collected on the transfer of a person's assets to his or her loved ones after death, but not all estates actually have to pay the tax. Find out why.
While the federal estate tax was initially repealed as of January 1, 2010, on December 17, 2010 it was resurrected and applied retroactively back to January 1. The federal estate tax is collected on the transfer of a person's assets to his or her loved ones after death, but not all estates actually have to pay the tax. Find out why.
How Much Does Probate Cost?
If you don't have an estate plan or have failed to completely fund your Revocable Living Trust, then your loves ones will be faced with probating some or all of your assets. The overall cost of probate will vary depending on the type and value of the property that's being probated.
If you don't have an estate plan or have failed to completely fund your Revocable Living Trust, then your loves ones will be faced with probating some or all of your assets. The overall cost of probate will vary depending on the type and value of the property that's being probated.
What is a Trust?
A trust is a legal agreement that has three parties to it: the Trustmaker, the Trustee, and the Beneficiary.
A trust is a legal agreement that has three parties to it: the Trustmaker, the Trustee, and the Beneficiary.
How to Calculate Your Estate T
Whether your estate will be liable for estate taxes depends on the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here's how to figure out an estimate of your estate tax liability.
Whether your estate will be liable for estate taxes depends on the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here's how to figure out an estimate of your estate tax liability.
Wills vs. Revocable Living Tru
A question that I'm often asked as an estate planning attorney is "How do I know if I need a trust instead
A question that I'm often asked as an estate planning attorney is "How do I know if I need a trust instead
Future of Estate Tax - 2012 & Prior Years
This article discusses the possible estate tax changes that Congress and President Obama could have made in 2012 and prior years.
This article discusses the possible estate tax changes that Congress and President Obama could have made in 2012 and prior years.
Personal Representative Fees
If you've been appointed to serve as the Personal Representative or Executor of an estate, then in most cases you'll be entitled to get paid for the services you provide on behalf of the estate. How much you'll receive and when you'll receive it depends on many factors.
If you've been appointed to serve as the Personal Representative or Executor of an estate, then in most cases you'll be entitled to get paid for the services you provide on behalf of the estate. How much you'll receive and when you'll receive it depends on many factors.
What's the Difference Between
NOTE: State laws change frequently and the following information may not reflect recent changes in the
NOTE: State laws change frequently and the following information may not reflect recent changes in the
How to Open a Probate Estate
In general, there are 8 steps that should be followed in order to open a probate estate with the appropriate state court, but some of the steps can be skipped if the decedent didn't leave a Last Will and Testament or left a pile of papers to sort through. Learn what these 8 steps are and how someone gets appointed to serve as a Personal Representative/Executor.
In general, there are 8 steps that should be followed in order to open a probate estate with the appropriate state court, but some of the steps can be skipped if the decedent didn't leave a Last Will and Testament or left a pile of papers to sort through. Learn what these 8 steps are and how someone gets appointed to serve as a Personal Representative/Executor.
What Gifts Are Subject to the
The federal gift tax applies to all gifts that you make during the course of your lifetime. Whether a gift will be taxable for gift tax purposes depends on three things. Find out what they are and if you have made any taxable gifts.
The federal gift tax applies to all gifts that you make during the course of your lifetime. Whether a gift will be taxable for gift tax purposes depends on three things. Find out what they are and if you have made any taxable gifts.
Who Pays the Bills?
When a person dies, one of the biggest concerns of the surviving family members becomes what bills they'll be responsible for paying and in what amounts. Learn who has to pay and why.
When a person dies, one of the biggest concerns of the surviving family members becomes what bills they'll be responsible for paying and in what amounts. Learn who has to pay and why.
What is an Annual Exclusion Gi
At the end of each year I get calls from clients who are ready to make their year end "estate planning"
At the end of each year I get calls from clients who are ready to make their year end "estate planning"
Exemption From Federal Generat
The exemption from federal generation skipping transfer taxes has increased over the years while the tax rate has decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2013.
The exemption from federal generation skipping transfer taxes has increased over the years while the tax rate has decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2013.
What is an Irrevocable Trust?
An Irrevocable Trust is one that by its design can't be amended, modified, changed or revoked. In other words, once an Irrevocable Trust has been created, the written terms of the trust agreement are generally written in stone and can't be tweaked for any reason in the future.
An Irrevocable Trust is one that by its design can't be amended, modified, changed or revoked. In other words, once an Irrevocable Trust has been created, the written terms of the trust agreement are generally written in stone and can't be tweaked for any reason in the future.
What Are Non Probate Assets?
Non probate assets are simply assets that won't need to be probated after you die. But will they be included in the value of your estate for estate tax purposes? Find out.
Non probate assets are simply assets that won't need to be probated after you die. But will they be included in the value of your estate for estate tax purposes? Find out.
What is a Trustee?
A Trustee is the fiduciary put in charge of overseeing the day to day management of property owned by a trust. A Trustee can be an individual, an institution, such as a bank or trust company, or a combination of both.
A Trustee is the fiduciary put in charge of overseeing the day to day management of property owned by a trust. A Trustee can be an individual, an institution, such as a bank or trust company, or a combination of both.
Understanding Death, Estate, a
There are two types of taxes that can be assessed against your property after you die - estate taxes and inheritance taxes, both of which are commonly referred to as death taxes.
There are two types of taxes that can be assessed against your property after you die - estate taxes and inheritance taxes, both of which are commonly referred to as death taxes.
When is a Federal Estate Tax R
A federal estate tax return, or IRS Form 706, is only required to be filed under very specific circumstances. Regardless, some estates may need to prepare IRS Form 706 strictly for state estate tax purposes or electing portability, while others should consider filing IRS Form 706 even if it is not required to be filed.
A federal estate tax return, or IRS Form 706, is only required to be filed under very specific circumstances. Regardless, some estates may need to prepare IRS Form 706 strictly for state estate tax purposes or electing portability, while others should consider filing IRS Form 706 even if it is not required to be filed.
ILITs
Many people are not aware that all of the proceeds from their life insurance policies will be included their estate for estate tax purposes. Learn how to remove life insurance proceeds from your estate by using an Irrevocable Life Insurance Trust, or ILIT.
Many people are not aware that all of the proceeds from their life insurance policies will be included their estate for estate tax purposes. Learn how to remove life insurance proceeds from your estate by using an Irrevocable Life Insurance Trust, or ILIT.
Bills and Life Insurance
If your loved one has recently died and you're the beneficiary of a life insurance policy, learn whether or not you'll have to use the life insurance proceeds to pay your loved one's final bills.
If your loved one has recently died and you're the beneficiary of a life insurance policy, learn whether or not you'll have to use the life insurance proceeds to pay your loved one's final bills.
New York Estate Tax Rules
If you live in New York, then you live in one of the remaining states that collects a state estate tax or a state inheritance tax. The estates of New York residents, as well as the estates of nonresidents who own real estate and/or tangible personal property located in New York, are subject to a state estate tax in addition to the federal estate tax under the guidelines listed here.
If you live in New York, then you live in one of the remaining states that collects a state estate tax or a state inheritance tax. The estates of New York residents, as well as the estates of nonresidents who own real estate and/or tangible personal property located in New York, are subject to a state estate tax in addition to the federal estate tax under the guidelines listed here.
4 Ways to Avoid Probate
Avoiding probate really isn't that difficult if you have the right tools and information. Learn the four ways to avoid probate and what may or may not work for you.
Avoiding probate really isn't that difficult if you have the right tools and information. Learn the four ways to avoid probate and what may or may not work for you.
Real Key to Good Planning
Each and every time I sit down with a new client, I ask what should be a simple question, but in reality it is usually one of the most difficult questions that the client must answer. Learn what this question is and why it is the one real key to good estate planning.
Each and every time I sit down with a new client, I ask what should be a simple question, but in reality it is usually one of the most difficult questions that the client must answer. Learn what this question is and why it is the one real key to good estate planning.
Trustee Fees
If you've been appointed to serve as the Successor Trustee of Revocable Living Trust after the Trustmaker has died, then in most cases you'll be entitled to get paid for the services you provide on behalf of the trust. How much you'll get paid and when you'll receive it depends on many factors.
If you've been appointed to serve as the Successor Trustee of Revocable Living Trust after the Trustmaker has died, then in most cases you'll be entitled to get paid for the services you provide on behalf of the trust. How much you'll get paid and when you'll receive it depends on many factors.
Who Can File a Will Contest?
A lawsuit that is brought to challenge the validity of a Last Will and Testament, referred to as a will
A lawsuit that is brought to challenge the validity of a Last Will and Testament, referred to as a will
Duties of a Successor Trustee
In setting up your Revocable Living Trust, you'll be asked to name a Successor Trustee to administer your trust after you die. Learn what a Successor Trustee is required to do when settling your trust after you die.
In setting up your Revocable Living Trust, you'll be asked to name a Successor Trustee to administer your trust after you die. Learn what a Successor Trustee is required to do when settling your trust after you die.
How to Minimize Estate Taxes
While the federal estate tax was originally repealed in 2010, it came back retroactively and remains in effect today. Many states also assess estate taxes and/or inheritance taxes. For people whose estates will be taxable at the state and/or federal level, they have several options for reducing their estate tax bill.
While the federal estate tax was originally repealed in 2010, it came back retroactively and remains in effect today. Many states also assess estate taxes and/or inheritance taxes. For people whose estates will be taxable at the state and/or federal level, they have several options for reducing their estate tax bill.
How to Probate an Estate
Most people have little experience dealing with what happens after their loved one dies and they get appointed as Personal Representative/Executor to settle the estate. The purpose of this guide is to provide a general overview of the 6 steps required to probate an estate.
Most people have little experience dealing with what happens after their loved one dies and they get appointed as Personal Representative/Executor to settle the estate. The purpose of this guide is to provide a general overview of the 6 steps required to probate an estate.
Joint and POD Accounts
There are two common and simple ways to avoid probate - using joint accounts and using payable on death accounts (POD), also called transfer on death accounts (TOD), as well as in trust for accounts (ITF), and Totten trusts.
There are two common and simple ways to avoid probate - using joint accounts and using payable on death accounts (POD), also called transfer on death accounts (TOD), as well as in trust for accounts (ITF), and Totten trusts.
Pennsylvania Inheritance Taxes
Pennsylvania is one of seven states that collect an inheritance tax, as opposed to an estate tax, at the state level. Learn all about the Pennsylvania inheritance tax laws here.
Pennsylvania is one of seven states that collect an inheritance tax, as opposed to an estate tax, at the state level. Learn all about the Pennsylvania inheritance tax laws here.
Which States Collect a State I
Currently a handful of states and the District of Columbia collect an estate tax at the state level, seven states which are listed in this article collect an inheritance tax at the state level, and two states collect both an estate tax and an inheritance tax. Find out if your state collects an inheritance tax.
Currently a handful of states and the District of Columbia collect an estate tax at the state level, seven states which are listed in this article collect an inheritance tax at the state level, and two states collect both an estate tax and an inheritance tax. Find out if your state collects an inheritance tax.
Which States Do Not Collect a
Currently a majority of states do not collect an estate tax at the state level. Find out if your state is one of them.
Currently a majority of states do not collect an estate tax at the state level. Find out if your state is one of them.
Benefits of Trusts vs. Wills
When it comes to deciding whether or not you should set up a Revocable Living Trust as part of your estate plan, you'll need to understand the three main benefits that a Revocable Living Trust offers over a Last Will and Testament.
When it comes to deciding whether or not you should set up a Revocable Living Trust as part of your estate plan, you'll need to understand the three main benefits that a Revocable Living Trust offers over a Last Will and Testament.
What is an Estate Lawyer?
An estate lawyer is an attorney who, through years of mentoring, continuing legal education and experience, understands how to advise Personal Representatives/Executors and estate beneficiaries on settling all of the affairs of a deceased person.
An estate lawyer is an attorney who, through years of mentoring, continuing legal education and experience, understands how to advise Personal Representatives/Executors and estate beneficiaries on settling all of the affairs of a deceased person.
Trusts for Probate Avoidance
A common way to avoid probate is to establish and fund a Revocable Living Trust.
A common way to avoid probate is to establish and fund a Revocable Living Trust.
What Gifts Are Not Subject to
Not all transfers of property from one person to a nonspouse beneficiary where no cash or other monetary value is exchanged are taxable for federal gift tax purposes. Currently there are three types of such transfers that are not actually considered gifts at all for federal gift tax purposes. Learn about them here.
Not all transfers of property from one person to a nonspouse beneficiary where no cash or other monetary value is exchanged are taxable for federal gift tax purposes. Currently there are three types of such transfers that are not actually considered gifts at all for federal gift tax purposes. Learn about them here.
Overview of Current Federal Es
On January 1, 2010, the federal estate tax was officially repealed, but on December 17, 2010, it was
On January 1, 2010, the federal estate tax was officially repealed, but on December 17, 2010, it was
What is a POD Account?
Payable on death accounts, also known as POD accounts for short, are a popular way to avoid probate. Learn what a payable on death account is, who can establish a payable on death account, and what should be considered before you decide to establish one.
Payable on death accounts, also known as POD accounts for short, are a popular way to avoid probate. Learn what a payable on death account is, who can establish a payable on death account, and what should be considered before you decide to establish one.
What is a TOD Account?
Transfer on death accounts, also known as TOD accounts for short, are a popular way to avoid probate. Learn what a transfer on death account is, who can establish a transfer on death account, and what should be considered before you decide to establish one.
Transfer on death accounts, also known as TOD accounts for short, are a popular way to avoid probate. Learn what a transfer on death account is, who can establish a transfer on death account, and what should be considered before you decide to establish one.
California Estate Taxes
California, like all other states, did collect a state estate tax prior to January 1, 2005. Learn why things changed on this date and if it is possible for the California estate tax to come back.
California, like all other states, did collect a state estate tax prior to January 1, 2005. Learn why things changed on this date and if it is possible for the California estate tax to come back.
Debts and Probate
If your loved one has died and a probate estate will be required, then you'll need to understand how your loved one's final bills and other debts will be handled before and during the probate process. Learn who will be responsible for paying the bills and when.
If your loved one has died and a probate estate will be required, then you'll need to understand how your loved one's final bills and other debts will be handled before and during the probate process. Learn who will be responsible for paying the bills and when.
Essential Settlement Documents
After someone dies, the surviving family members will need to gather up all of the decedent's important papers. This will give the family members and/or attorney who will be assisting with settling the decedent's final affairs all of the pertinent information needed to complete the settlement process. Here's the list of documents that will be needed to settle an estate or trust.
After someone dies, the surviving family members will need to gather up all of the decedent's important papers. This will give the family members and/or attorney who will be assisting with settling the decedent's final affairs all of the pertinent information needed to complete the settlement process. Here's the list of documents that will be needed to settle an estate or trust.
Reading of the Will
After someone dies, when is their will read out loud to the heirs? Find this out and much more.
After someone dies, when is their will read out loud to the heirs? Find this out and much more.
What is a Codicil?
A Codicil is a legal document that changes specific provisions of a Last Will and Testament but leaves the other provisions unchanged. As long as you are mentally competent, you can change, modify, update, or completely revoke your Last Will and Testament at any time. But the question becomes, when should you make a Codicil and when should you write an entire new Last Will?
A Codicil is a legal document that changes specific provisions of a Last Will and Testament but leaves the other provisions unchanged. As long as you are mentally competent, you can change, modify, update, or completely revoke your Last Will and Testament at any time. But the question becomes, when should you make a Codicil and when should you write an entire new Last Will?
Funding a Trust
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply the sign trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. But what does this mean?
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply the sign trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. But what does this mean?
Reasonable Fees
There are many factors to consider when it comes to determining the reasonableness of an attorney's fees. Aside from the attorney's experience in handling legal matters similar to yours, local and even state wide business practices also influence what an attorney will charge for a particular matter. Here's a list of factors to consider when determining if the fees quoted to you by a qualified estate planning attorney are reasonable.
There are many factors to consider when it comes to determining the reasonableness of an attorney's fees. Aside from the attorney's experience in handling legal matters similar to yours, local and even state wide business practices also influence what an attorney will charge for a particular matter. Here's a list of factors to consider when determining if the fees quoted to you by a qualified estate planning attorney are reasonable.
Are Gifts to Your Spouse Taxab
Are gifts to your spouse taxable? The answer to this question depends on the answer to two other questions: (1) Is your spouse a U.S. citizen? and (2) Is the gift to your spouse a gift of a present interest or future interest?
Are gifts to your spouse taxable? The answer to this question depends on the answer to two other questions: (1) Is your spouse a U.S. citizen? and (2) Is the gift to your spouse a gift of a present interest or future interest?
Death Planning
What will happen to your property if you don't make a will and estate plan before you die? What does it mean to die “intestate?” How does a Revocable Living Trust fit into an estate plan? Learn this and more.
What will happen to your property if you don't make a will and estate plan before you die? What does it mean to die “intestate?” How does a Revocable Living Trust fit into an estate plan? Learn this and more.
Florida Estate Taxes
Florida, like all other states, did collect a state estate tax prior to January 1, 2005. Learn why things changed on this date and if it is possible for the Florida estate tax to come back.
Florida, like all other states, did collect a state estate tax prior to January 1, 2005. Learn why things changed on this date and if it is possible for the Florida estate tax to come back.
Do You Have to Report Gifts or
If you are a U.S. citizen or resident alien and you receive any gifts or bequests from nonresident aliens, then you may have to report the gifts or bequest to the IRS. Learn about the filing requirements for IRS Form 3520 here.
If you are a U.S. citizen or resident alien and you receive any gifts or bequests from nonresident aliens, then you may have to report the gifts or bequest to the IRS. Learn about the filing requirements for IRS Form 3520 here.
Overview of Ownership
There are only three ways to own property - in your individual name, in joint names with others, or by contract rights. Here you'll find a summary of what each type of ownership means for you and your family.
There are only three ways to own property - in your individual name, in joint names with others, or by contract rights. Here you'll find a summary of what each type of ownership means for you and your family.
When is a Gift Tax Return Requ
One of the most misunderstood taxes is by far the federal gift tax. Learn what the federal gift tax is and if you will need to file a federal gift tax return, or IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, with regard to gifts that were made in 2009, 2010, 2011 or 2012.
One of the most misunderstood taxes is by far the federal gift tax. Learn what the federal gift tax is and if you will need to file a federal gift tax return, or IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, with regard to gifts that were made in 2009, 2010, 2011 or 2012.
Creditors and Living Trusts
Does transferring your assets into a Revocable Living Trust protect them against creditors, lawsuits, and divorce? The answer to this question is a resounding no - a Revocable Living Trust offers absolutely no asset protection for your property. Find out why.
Does transferring your assets into a Revocable Living Trust protect them against creditors, lawsuits, and divorce? The answer to this question is a resounding no - a Revocable Living Trust offers absolutely no asset protection for your property. Find out why.
Who Gets the Trust?
When someone dies, you've probably watched in the movies or on TV or read in a book about "the reading
When someone dies, you've probably watched in the movies or on TV or read in a book about "the reading
Is Your Last Will and Testamen
When it comes to creating a Last Will and Testament, it's very important for you to observe all of the formalities required by the laws of your state in order to make the Last Will legally valid and binding on your heirs at law.
When it comes to creating a Last Will and Testament, it's very important for you to observe all of the formalities required by the laws of your state in order to make the Last Will legally valid and binding on your heirs at law.
Which States Still Collect a S
Currently only a handful of states and the District of Columbia still collect an estate tax at the state level. Find out if your state is one of them.
Currently only a handful of states and the District of Columbia still collect an estate tax at the state level. Find out if your state is one of them.
What is a Trust Amendment?
A Trust Amendment is a legal document that changes specific provisions of a Revocable Living Trust but leaves the other provisions unchanged, while an Amendment and Restatement of Trust completely replaces and supercedes all of the provisions of the original Revocable Living Trust.
A Trust Amendment is a legal document that changes specific provisions of a Revocable Living Trust but leaves the other provisions unchanged, while an Amendment and Restatement of Trust completely replaces and supercedes all of the provisions of the original Revocable Living Trust.
New Jersey Inheritance Taxes
If you live in New Jersey, then you're lucky enough to live in one of the two states that collects both a separate state inheritance tax and state estate tax (Maryland is the other). Here you will find a summary of current New Jersey inheritance tax laws.
If you live in New Jersey, then you're lucky enough to live in one of the two states that collects both a separate state inheritance tax and state estate tax (Maryland is the other). Here you will find a summary of current New Jersey inheritance tax laws.
Estate Tax Asset Values
When calculating the value of a gross estate for federal estate tax purposes, there are two different
When calculating the value of a gross estate for federal estate tax purposes, there are two different
Gross Estate Assets
The first step in figuring out if your estate will be liable for estate taxes is to determine what is included in your gross estate. Here's how.
The first step in figuring out if your estate will be liable for estate taxes is to determine what is included in your gross estate. Here's how.
No State Estate Taxes in 2013
Currently a majority of U.S. states do not collect an estate tax or an inheritance tax at the state level. Find out if your state is one of them.
Currently a majority of U.S. states do not collect an estate tax or an inheritance tax at the state level. Find out if your state is one of them.
Portability of Exemption
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization,
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization,
Definition of Joint Tenants
Joint Tenants With Right of Survivorship
Joint Tenants With Right of Survivorship
Exemption From Estate Taxes
Definition of Exemption From Estate Taxes
Definition of Exemption From Estate Taxes
Can an Irrevocable Trust Be Ch
By its design an Irrevocable Trust is just that, irrevocable, and so as a basic rule an Irrevocable Trust can't be amended, modified, changed, or revoked. But with that said, here are some things to consider if you think that you're stuck with the terms of an Irrevocable Trust.
By its design an Irrevocable Trust is just that, irrevocable, and so as a basic rule an Irrevocable Trust can't be amended, modified, changed, or revoked. But with that said, here are some things to consider if you think that you're stuck with the terms of an Irrevocable Trust.
Definition of Form 709
Form 709
Form 709
Changing Your Will
As long as you're mentally competent, you can change, modify, update, or completely revoke your Last Will and Testament at any time. But how do you make changes to your Last Will that will be legally valid? Find out.
As long as you're mentally competent, you can change, modify, update, or completely revoke your Last Will and Testament at any time. But how do you make changes to your Last Will that will be legally valid? Find out.
Overview of Taxes that Affect
When preparing or updating your estate plan, you will need to have a basic understanding of the different types of taxes that can affect your estate - gift taxes, estate taxes, inheritance taxes, generation skipping (or GST) taxes, and income taxes.
When preparing or updating your estate plan, you will need to have a basic understanding of the different types of taxes that can affect your estate - gift taxes, estate taxes, inheritance taxes, generation skipping (or GST) taxes, and income taxes.
Establish Florida Residency
If you are thinking about becoming a Florida resident, then follow the steps listed in this article to make your change of residence official.
If you are thinking about becoming a Florida resident, then follow the steps listed in this article to make your change of residence official.
Estate Tax Liability in 2013
Whether your estate will be liable for estate taxes depends on the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here you will find a quick way to determine an estimate of your estate tax liability if your death occurs in 2013.
Whether your estate will be liable for estate taxes depends on the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here you will find a quick way to determine an estimate of your estate tax liability if your death occurs in 2013.
What is a Fiduciary?
A fiduciary is a person or institution given the power to act on behalf of another in situations that require great trust, honesty and loyalty. When it comes to estate planning, you'll be selecting a variety of fiduciaries to act on your behalf. Here's a list of the fiduciaries you'll need to choose for your estate plan.
A fiduciary is a person or institution given the power to act on behalf of another in situations that require great trust, honesty and loyalty. When it comes to estate planning, you'll be selecting a variety of fiduciaries to act on your behalf. Here's a list of the fiduciaries you'll need to choose for your estate plan.
What is a Will Contest?
A will contest is a type of lawsuit that is brought to challenge the validity of a Last Will and Testament and can be filed at one of two points during the probate process.
A will contest is a type of lawsuit that is brought to challenge the validity of a Last Will and Testament and can be filed at one of two points during the probate process.
Can You Disinherit Your Spouse
With modern estate planning comes unique estate planning challenges because today's families are different - from same sex and unwed couples raising children, to estranged parents who stay married to raise their children, to married couples who live completely separate lives but nonetheless remain legally married. The latter two groups beg the question - can a spouse be disinherited?
With modern estate planning comes unique estate planning challenges because today's families are different - from same sex and unwed couples raising children, to estranged parents who stay married to raise their children, to married couples who live completely separate lives but nonetheless remain legally married. The latter two groups beg the question - can a spouse be disinherited?
Costs of Guardianship
Once a person has been determined to be mentally incapacitated and the court establishes a guardianship or conservatorship, various fees and costs will be incurred on behalf of the ward. In fact, guardianship or conservatorship is a costly business.
Once a person has been determined to be mentally incapacitated and the court establishes a guardianship or conservatorship, various fees and costs will be incurred on behalf of the ward. In fact, guardianship or conservatorship is a costly business.
What is a Last Will and Testam
A Last Will and Testament is a legal document that is the first building block to your estate plan. After determining that you need an estate plan, your estate planning attorney will recommend either a will-based plan or a trust-based plan. Your Last Will and Testament will take on significantly different roles depending upon the type of plan that is recommended.
A Last Will and Testament is a legal document that is the first building block to your estate plan. After determining that you need an estate plan, your estate planning attorney will recommend either a will-based plan or a trust-based plan. Your Last Will and Testament will take on significantly different roles depending upon the type of plan that is recommended.
American Taxpayer Relief Act
To avoid the so-called fiscal cliff, Congress and President Obama acted in the early hours of 2013 to pass the American Taxpayer Relief Act. Find out what this new law means for estate taxes, gift taxes, generation skipping transfer taxes and income taxes for 2013 and beyond.
To avoid the so-called fiscal cliff, Congress and President Obama acted in the early hours of 2013 to pass the American Taxpayer Relief Act. Find out what this new law means for estate taxes, gift taxes, generation skipping transfer taxes and income taxes for 2013 and beyond.
Annual Exclusion Gift
Definition of Annual Exclusion Gift
Definition of Annual Exclusion Gift
Time for Settling a Trust
How long it will take to settle a Revocable Living Trust after the Trustmaker dies depends on many factors.
How long it will take to settle a Revocable Living Trust after the Trustmaker dies depends on many factors.
Revocable Trust Myths
Throughout my years practicing as an estate planning attorney, I've run across some common misconceptions that people have about Revocable Living Trusts. In some situations they believe that a Revocable Living Trust will do something that it really doesn't, and in other situations they believe that a Revocable Living Trust won't do something that it actually does. Learn what these common myths are and if you've fallen for any of them.
Throughout my years practicing as an estate planning attorney, I've run across some common misconceptions that people have about Revocable Living Trusts. In some situations they believe that a Revocable Living Trust will do something that it really doesn't, and in other situations they believe that a Revocable Living Trust won't do something that it actually does. Learn what these common myths are and if you've fallen for any of them.
What Are Probate Assets?
When a deceased person's estate owns certain types of assets, called probate assets, then the estate will be subject to a probate court proceeding in order to get the probate assets out of the deceased person's name and into the names of the rightful heirs. Here you will find a description of the three different types of probate assets.
When a deceased person's estate owns certain types of assets, called probate assets, then the estate will be subject to a probate court proceeding in order to get the probate assets out of the deceased person's name and into the names of the rightful heirs. Here you will find a description of the three different types of probate assets.
What Does a Personal Rep Do?
In setting up your estate plan, you'll be asked to name a number of fiduciaries to act on your behalf in various situations. One such fiduciary will be your Personal Representative, also called an Executor/Executrix or Administrator in some jurisdictions, named under your Last Will and Testament. Learn what a Personal Representative is required to do when administering your estate.
In setting up your estate plan, you'll be asked to name a number of fiduciaries to act on your behalf in various situations. One such fiduciary will be your Personal Representative, also called an Executor/Executrix or Administrator in some jurisdictions, named under your Last Will and Testament. Learn what a Personal Representative is required to do when administering your estate.
Overview of 2011 and 2012 Esta
On December 17, 2010, a new law was enacted that governs estate taxes for the 2010, 2011 and 2012 tax years. Here you will find a summary of what this new law provides for the estates of decedents who die in 2011 or 2012 as well as the gift tax laws for 2011 and 2012.
On December 17, 2010, a new law was enacted that governs estate taxes for the 2010, 2011 and 2012 tax years. Here you will find a summary of what this new law provides for the estates of decedents who die in 2011 or 2012 as well as the gift tax laws for 2011 and 2012.
Death of Insured
If your loved one has died and you're the beneficiary of a life insurance policy, then you'll need to understand the tax and other consequences of inheriting the insurance.
If your loved one has died and you're the beneficiary of a life insurance policy, then you'll need to understand the tax and other consequences of inheriting the insurance.
New Jersey Estate Tax Rules
In addition to a state inheritance tax, New Jersey also imposes a separate state estate tax which has been decoupled from the federal estate tax laws. Find out what this means for New Jersey residents.
In addition to a state inheritance tax, New Jersey also imposes a separate state estate tax which has been decoupled from the federal estate tax laws. Find out what this means for New Jersey residents.
Princess Diana's Will
Diana, Princess of Wales, died on August 31, 1997, at the young age of 36. Her last will and testament was signed several years before her death and the first and only codicil to the will was signed about a year and a half before her death. But in the end the will and codicil did not dictate what happened to Princess Diana's estate. Here you will find out why and who inherited her estate.
Diana, Princess of Wales, died on August 31, 1997, at the young age of 36. Her last will and testament was signed several years before her death and the first and only codicil to the will was signed about a year and a half before her death. But in the end the will and codicil did not dictate what happened to Princess Diana's estate. Here you will find out why and who inherited her estate.
Definition of Heir at Law
Heir at Law
Heir at Law
What Can't Go Into a Trust?
If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think
If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think
Fund Your Trust Now
When it comes to funding your Revocable Living Trust, this step is just as important as setting up your trust.
When it comes to funding your Revocable Living Trust, this step is just as important as setting up your trust.
Trusts for IRAs
If you have assets valued at $200,000 or more in an IRA, then you should consider setting up a type of revocable living trust that's specifically designed to be the beneficiary of your IRA, commonly referred to as an IRA Trust, IRA Living Trust, IRA Inheritor's Trust, IRA Stretch Trust, or IRA Inheritance Trust.
If you have assets valued at $200,000 or more in an IRA, then you should consider setting up a type of revocable living trust that's specifically designed to be the beneficiary of your IRA, commonly referred to as an IRA Trust, IRA Living Trust, IRA Inheritor's Trust, IRA Stretch Trust, or IRA Inheritance Trust.
Life Insurance Beneficiaries
Learn what to consider when choosing the beneficiaries of life insurance policies so that the beneficiary designations will compliment the terms of your Revocable Living Trust.
Learn what to consider when choosing the beneficiaries of life insurance policies so that the beneficiary designations will compliment the terms of your Revocable Living Trust.
Checklist to Open an Estate
In conjunction with my step by step guide on how to open a probate estate, here is a convenient checklist of the 8 steps involved in opening a probate estate.
In conjunction with my step by step guide on how to open a probate estate, here is a convenient checklist of the 8 steps involved in opening a probate estate.
Using TOD or Beneficiary Deeds
How a transfer on death (or TOD) deed or affidavit, also called a beneficiary deed or affidavit, can be used to avoid probate is fairly straightforward. Learn how this type of deed or affidavit works here.
How a transfer on death (or TOD) deed or affidavit, also called a beneficiary deed or affidavit, can be used to avoid probate is fairly straightforward. Learn how this type of deed or affidavit works here.
Do You Need a Trust Attorney?
Many people believe that if they have a revocable living trust, then the process of settling their final affairs will be simple and won't require the assistance of an attorney. In my experience this is true for only a limited number of trusts. Here you will find a list of things to consider when determining if an attorney will be required to assist you with settling your loved one's revocable living trust.
Many people believe that if they have a revocable living trust, then the process of settling their final affairs will be simple and won't require the assistance of an attorney. In my experience this is true for only a limited number of trusts. Here you will find a list of things to consider when determining if an attorney will be required to assist you with settling your loved one's revocable living trust.
Death and Credit Card Debt
If your loved one has died and owes credit card and other debt, then there are steps that you will need to take in order to prevent harassment by your loved one's creditors and legal trouble from happening in the future.
If your loved one has died and owes credit card and other debt, then there are steps that you will need to take in order to prevent harassment by your loved one's creditors and legal trouble from happening in the future.
Trust Settlement Costs
A common misconception about Revocable Living Trusts is that there's little or no cost involved in settling the trust after the Trustmaker dies. This is absolutely not true. While the overall cost of settling a Revocable Living Trust should be less than settling an estate through the probate court, there's plenty of fees involved in settling a trust. Learn what they are.
A common misconception about Revocable Living Trusts is that there's little or no cost involved in settling the trust after the Trustmaker dies. This is absolutely not true. While the overall cost of settling a Revocable Living Trust should be less than settling an estate through the probate court, there's plenty of fees involved in settling a trust. Learn what they are.
Understanding the State Estate
The state estate tax exemption gap refers to the difference between a state's estate tax exemption and the federal estate tax exemption. Learn what the gap is and how to avoid the state estate tax exemption trap.
The state estate tax exemption gap refers to the difference between a state's estate tax exemption and the federal estate tax exemption. Learn what the gap is and how to avoid the state estate tax exemption trap.
Indiana Inheritance Taxes - 2012
Indiana is one of seven states that collect an inheritance tax, as opposed to an estate tax, at the state level. Learn all about the Indiana inheritance tax laws that are in effect for 2012.
Indiana is one of seven states that collect an inheritance tax, as opposed to an estate tax, at the state level. Learn all about the Indiana inheritance tax laws that are in effect for 2012.
What is a Probate Judge?
A probate judge is the judicial official who is in charge of overseeing all aspects of probate estates in his or her jurisdiction. A probate judge's role in the administration of an estate will vary based upon whether or not the decedent died testate or intestate, whether or not the Personal Representative, heirs at law of the decedent, and the beneficiaries named in the Last Will and Testament get along, and whether or not a will contest is filed.
A probate judge is the judicial official who is in charge of overseeing all aspects of probate estates in his or her jurisdiction. A probate judge's role in the administration of an estate will vary based upon whether or not the decedent died testate or intestate, whether or not the Personal Representative, heirs at law of the decedent, and the beneficiaries named in the Last Will and Testament get along, and whether or not a will contest is filed.
State Estate Taxes in 2013
In 2013 less than half of the U.S. states still collect an estate tax or an inheritance tax (or both) at the state level. Find out if your state is one of them.
In 2013 less than half of the U.S. states still collect an estate tax or an inheritance tax (or both) at the state level. Find out if your state is one of them.
Testamentary or Living
When you're putting your estate plan together, you'll need to understand the difference between testamentary trusts and living trusts.
When you're putting your estate plan together, you'll need to understand the difference between testamentary trusts and living trusts.
Personal Representatives
A Personal Representative, also referred to as an Executor/Executrix or Administrator in some jurisdictions, is the fiduciary put in charge of settling a deceased person's estate.
A Personal Representative, also referred to as an Executor/Executrix or Administrator in some jurisdictions, is the fiduciary put in charge of settling a deceased person's estate.
2013 Estate Tax Rules
The 2013 tax year ushered in some changes to the laws governing federal estate taxes. Learn when a federal estate tax return (IRS Form 706) is required to be filed for deaths that occur in 2013 and all of the applicable filing deadlines.
The 2013 tax year ushered in some changes to the laws governing federal estate taxes. Learn when a federal estate tax return (IRS Form 706) is required to be filed for deaths that occur in 2013 and all of the applicable filing deadlines.
No Will, Then What?
If you fail to make a Last Will and Testament before you die, then your estate will be divided up based on the intestacy laws of the state where you live at the time of your death and the intestacy laws of any other state where you own real estate and/or tangible personal property.
If you fail to make a Last Will and Testament before you die, then your estate will be divided up based on the intestacy laws of the state where you live at the time of your death and the intestacy laws of any other state where you own real estate and/or tangible personal property.
Illinois Estate Tax Rules
If you live in Illinois, then you live in one of a handful of states that still collect a state estate tax or a state inheritance tax. The estates of Illinois residents, as well as the estates of nonresidents who own real estate and/or tangible personal property located in Illinois, are subject to a state death tax in addition to the federal estate tax under the guidelines listed here.
If you live in Illinois, then you live in one of a handful of states that still collect a state estate tax or a state inheritance tax. The estates of Illinois residents, as well as the estates of nonresidents who own real estate and/or tangible personal property located in Illinois, are subject to a state death tax in addition to the federal estate tax under the guidelines listed here.
How Do I Calculate My Net Wort
One of the very first steps in assessing your need for an estate plan is to determine your net worth. Here is a basic guide to calculating your net worth so that you can see where the value of your estate falls for both federal and state estate tax purposes. Once you've added everything up and subtracted everything out, don't be surprised if you're net worth is more than you had anticipated.
One of the very first steps in assessing your need for an estate plan is to determine your net worth. Here is a basic guide to calculating your net worth so that you can see where the value of your estate falls for both federal and state estate tax purposes. Once you've added everything up and subtracted everything out, don't be surprised if you're net worth is more than you had anticipated.
Procedures to Fund a Trust
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply sign the trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. There are three general procedures that should be followed in order to properly fund a Revocable Living Trust.
In order for a Revocable Living Trust to function properly, it's not enough for the Trustmaker to simply sign the trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust. There are three general procedures that should be followed in order to properly fund a Revocable Living Trust.
Why Probate Takes So Long
For many estates probate can take from several months to several years to complete. Find out why.
For many estates probate can take from several months to several years to complete. Find out why.
Definition of Inheritance Tax
Definition of Inheritance Tax
Definition of Inheritance Tax
Inheritance of an Adult
When deciding who you want to inherit your estate after you die, aside from figuring out who will get what, you'll need to determine how and when they'll get it. For adult beneficiaries, there are three options for giving them their inheritance: outright, in stages, or in a lifetime trust.
When deciding who you want to inherit your estate after you die, aside from figuring out who will get what, you'll need to determine how and when they'll get it. For adult beneficiaries, there are three options for giving them their inheritance: outright, in stages, or in a lifetime trust.
What is Ancillary Probate?
Owning real estate or tangible personal property in several different states will pose a unique challenge when planning your estate. This is because the laws of the state where the property is physically located will govern what will happen to it after you die, not the laws of the state where you live at the time of your death. This, in turn, will lead to ancillary probate.
Owning real estate or tangible personal property in several different states will pose a unique challenge when planning your estate. This is because the laws of the state where the property is physically located will govern what will happen to it after you die, not the laws of the state where you live at the time of your death. This, in turn, will lead to ancillary probate.
Definition of Per Stirpes
Per Stirpes
Per Stirpes
What is an ABC Trust?
When planning to reduce federal estate taxes, married couples can make use of the AB Trust system to effectively transfer two times the federal estate tax exemption to their heirs free from federal estate taxes. But in most states that collect their own separate estate tax, AB Trust planning can cause part of the B Trust to be taxed when the first spouse dies. In response, the ABC Trust system of estate planning was created.
When planning to reduce federal estate taxes, married couples can make use of the AB Trust system to effectively transfer two times the federal estate tax exemption to their heirs free from federal estate taxes. But in most states that collect their own separate estate tax, AB Trust planning can cause part of the B Trust to be taxed when the first spouse dies. In response, the ABC Trust system of estate planning was created.
Paying a Minor's Inheritance
When deciding who you want to inherit your estate after you die, aside from figuring out who will get what, you'll need to determine how and when they'll get it. If your plan will involve a minor beneficiary, legally they can't inherit property, so anything left outright to a minor will either end up in a court-supervised guardianship or in a restricted account as dictated by a judge. Thus, you'll need to plan carefully for minor beneficiaries.
When deciding who you want to inherit your estate after you die, aside from figuring out who will get what, you'll need to determine how and when they'll get it. If your plan will involve a minor beneficiary, legally they can't inherit property, so anything left outright to a minor will either end up in a court-supervised guardianship or in a restricted account as dictated by a judge. Thus, you'll need to plan carefully for minor beneficiaries.
What Can Go Into a Trust?
If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think
If you've created a Revocable Living Trust to plan for mental disability and avoid probate and you think
Gift Tax Returns 2013
One of the most misunderstood taxes is by far the federal gift tax. Learn what the federal gift tax is and if you will need to file a federal gift tax return, or IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, with regard to gifts that are made in 2013.
One of the most misunderstood taxes is by far the federal gift tax. Learn what the federal gift tax is and if you will need to file a federal gift tax return, or IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, with regard to gifts that are made in 2013.
Living Will vs. Living Trust
Many people confuse Living Wills with Living Trusts, and yet these legal documents serve two completely different purposes. Learn what a Living Will is, what a Living Trust is, and how to never confuse these two documents ever again.
Many people confuse Living Wills with Living Trusts, and yet these legal documents serve two completely different purposes. Learn what a Living Will is, what a Living Trust is, and how to never confuse these two documents ever again.
Minor's Inheritance
If property is left directly to a minor beneficiary through joint ownership, a payable on death account, the laws of intestacy, or an improperly drafted Last Will and Testament or Revocable Living Trust, the minor won't have the legal authority to take control of the property. What will happen to the minor's inheritance depends on the laws of the state where the minor lives when the inheritance is received.
If property is left directly to a minor beneficiary through joint ownership, a payable on death account, the laws of intestacy, or an improperly drafted Last Will and Testament or Revocable Living Trust, the minor won't have the legal authority to take control of the property. What will happen to the minor's inheritance depends on the laws of the state where the minor lives when the inheritance is received.
Considerations for IRAs
If you have any of your assets held in a qualified retirement plan, such as a 401(k) or IRA, then before updating your beneficiary designations to compliment the terms of your Revocable Living Trust, you'll need to consider the following.
If you have any of your assets held in a qualified retirement plan, such as a 401(k) or IRA, then before updating your beneficiary designations to compliment the terms of your Revocable Living Trust, you'll need to consider the following.
Do it Yourself Wills
Should you write your own will? This question has already been asked in the Wills & Estate Planning Forum and aside from my own comments several others, including estate planning attorneys and non-attorneys alike, chimed in with their own feedback. The resounding answer was - NO, do not attempt to write your own estate planning documents. Here's a summary of the reasons why not.
Should you write your own will? This question has already been asked in the Wills & Estate Planning Forum and aside from my own comments several others, including estate planning attorneys and non-attorneys alike, chimed in with their own feedback. The resounding answer was - NO, do not attempt to write your own estate planning documents. Here's a summary of the reasons why not.
Community Property
Community property is a type of joint ownership of property between married couples that is recognized in the following states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
Community property is a type of joint ownership of property between married couples that is recognized in the following states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
Tenants in Common
Definition of Tenants in Common
Definition of Tenants in Common
Definition of GSTT
Generation Skipping Transfer Tax
Generation Skipping Transfer Tax