Wills & Estate Planning: Most Popular Articles
These articles are the most popular over the last month.
Estate Tax Exemption Chart
The exemption from federal estate taxes has increased over the past 13 years while the estate 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 estate taxes has increased over the past 13 years while the estate 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.
2011-2012 Estate & Gift Tax Laws
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.
Revocable vs. Irrevocable
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.
State Estate Tax Chart
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 2009, 2010 and 2011 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 2009, 2010 and 2011 estate tax exemptions for the states that collect estate taxes at the state level.
Future of Estate Tax
During this presidential election year, it is unlikely that any changes will be made to federal estate taxes, gift taxes and generation-skipping transfer taxes. So while we know what the federal estate tax rules will be for 2012, what will happen in 2013 and beyond is truly up in the air. So what is the future of federal estate tax laws?
During this presidential election year, it is unlikely that any changes will be made to federal estate taxes, gift taxes and generation-skipping transfer taxes. So while we know what the federal estate tax rules will be for 2012, what will happen in 2013 and beyond is truly up in the air. So what is the future of federal estate tax laws?
Inheritance Tax Chart
Currently the District of Columbia and a handful of states collect a state estate tax, while only a seven 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 Indiana, 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 seven 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 Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.
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.
Annual Exclusion Chart
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 2012.
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 2012.
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.
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 is the Gift Tax?
The federal gift tax is one of the most misunderstood and often ignored taxes assessed by the federal government. Two states also assess their own gift tax - Connecticut and Tennessee. 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. Two states also assess their own gift tax - Connecticut and Tennessee. Learn what the gift tax is and who is responsible for paying it.
Who Gets the Will?
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
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.
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.
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.
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.
What is the 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.
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.
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
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.
Gift Tax Exemption Chart
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 increases in the lifetime exemption and decreases in the gift tax rate from 1997 through 2012 and the sharp decrease in the exemption and sharp increase in the rate that are scheduled to take place in 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 increases in the lifetime exemption and decreases in the gift tax rate from 1997 through 2012 and the sharp decrease in the exemption and sharp increase in the rate that are scheduled to take place in 2013.
Exemption From Gift Taxes
Definition of Exemption from Gift Taxes
Definition of Exemption from Gift Taxes
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
How to Minimize Taxes
While the federal estate tax was originally repealed in 2010, it came back retroactively with a $5,000,000 exemption that will also be in effect in 2011 and 2012, and then on January 1, 2013 the federal estate tax exemption is scheduled to decrease to $1,000,000. 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 with a $5,000,000 exemption that will also be in effect in 2011 and 2012, and then on January 1, 2013 the federal estate tax exemption is scheduled to decrease to $1,000,000. 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 Calculate Gift Tax
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.
Death of POD Owner
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.
When is a Tax Return Required?
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.
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.
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.
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.
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.
Overview of Estate Tax Law
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
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.
Definition of Per Stirpes
Per Stirpes
Per Stirpes
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.
Exemption From Estate Taxes
Definition of Exemption From Estate Taxes
Definition of Exemption From Estate Taxes
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.
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.
Death/Estate/Inheritance 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.
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.
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.
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 Are 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.
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.
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 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.
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.
Wills vs. Trusts
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
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.
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
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.
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.
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.
GST Tax Exemption Chart
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.
Changing 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.
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.
States and Inheritance Taxes
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.
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.
Overview of 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.
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.
Definition of Joint Tenants
Joint Tenants With Right of Survivorship
Joint Tenants With Right of Survivorship
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.
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.
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.
No State Estate Taxes
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.
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
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.
Gift Tax Returns
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 you make during the course of any given year.
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 you make during the course of any given year.
What is an Annual Exclusion Gift?
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"
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?
Estate vs. Inheritance Tax
While the terms "estate tax" and "inheritance tax" are often used interchangeably when referring to death
While the terms "estate tax" and "inheritance tax" are often used interchangeably when referring to death
Estate Tax Liability in 2012
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 if your death occurs in 2012.
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 if your death occurs in 2012.
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.
Definition of Heir at Law
Heir at Law
Heir at Law
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.
States and Estate Taxes
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.
2012 Estate Tax Rules
In 2010 new laws governing federal estate taxes were introduced that affect the estates of decedents who die in 2010, 2011 and 2012. Learn when a federal estate tax return, IRS Form 706, is required to be filed for deaths that occur in 2012 and the applicable filing deadlines.
In 2010 new laws governing federal estate taxes were introduced that affect the estates of decedents who die in 2010, 2011 and 2012. Learn when a federal estate tax return, IRS Form 706, is required to be filed for deaths that occur in 2012 and the applicable filing deadlines.
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.
State Estate Tax Gap
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.
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.
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.
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.
Last Will and Testament
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.
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.
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.
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
QPRT
A Qualified Personal Residence Trust , or QPRT for short, is a type of irrevocable trust that is designed
A Qualified Personal Residence Trust , or QPRT for short, is a type of irrevocable trust that is designed
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.
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.
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
Gifts to Your Spouse
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.
Historical Estate Tax Chart
The federal estate tax has been around in some shape or form since 1916. Here you will find a chart that shows historical estate tax exemptions and rates from 1916 through 1997.
The federal estate tax has been around in some shape or form since 1916. Here you will find a chart that shows historical estate tax exemptions and rates from 1916 through 1997.
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.
Funding Real Estate
Deeding real estate into your trust is an important step, particularly to avoid ancillary probate if you own real estate in more than one state.
Deeding real estate into your trust is an important step, particularly to avoid ancillary probate if you own real estate in more than one state.
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.
Tenants in Common
Definition of Tenants in Common
Definition of Tenants in Common
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.
Making a Valid Will
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.
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.
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.
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.
Gifts That Aren't Gifts
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.
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?
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
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.
Reasons to Avoid Probate
3. Ever Increasing Probate Fees With courts all across the country in a financial crisis and hurting
3. Ever Increasing Probate Fees With courts all across the country in a financial crisis and hurting
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?
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?
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.
Tenants by the Entirety
Definition of Tenants by the Entirety
Definition of Tenants by the Entirety
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.
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.
State Tax Chart
If you are looking to move to a new state or for the best place to retire, then understanding what taxes will be associated with your move or retirement city will be important since each state has its own tax laws. Here you will find a chart that shows which states collect an income tax, sales tax, death tax, and/or gift tax.
If you are looking to move to a new state or for the best place to retire, then understanding what taxes will be associated with your move or retirement city will be important since each state has its own tax laws. Here you will find a chart that shows which states collect an income tax, sales tax, death tax, and/or gift tax.
Fund an Irrevocable Trust
When it comes to funding an Irrevocable Living Trust, don't be confused because the trust is "irrevocable"
When it comes to funding an Irrevocable Living Trust, don't be confused because the trust is "irrevocable"
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 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 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.
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.
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 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.
Responsibilities of a Guardian
After a person has been determined to be mentally incapacitated and becomes a "ward" of the court, or
After a person has been determined to be mentally incapacitated and becomes a "ward" of the court, or
Fees for Estate Planning
"How much do you charge for estate planning documents?" or "How much does a will cost?" Often times these
"How much do you charge for estate planning documents?" or "How much does a will cost?" Often times these
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.
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.
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.
Creating Lifetime Trusts
When exploring the options for passing your property on to your beneficiaries, including your spouse and children, after you die, one option to consider is holding the property in a separate lifetime trust for each beneficiary. This will offer asset protection for your spouse and other beneficiaries by creating a legal barrier between the trust property and the beneficiary's creditors or a divorcing spouse.
When exploring the options for passing your property on to your beneficiaries, including your spouse and children, after you die, one option to consider is holding the property in a separate lifetime trust for each beneficiary. This will offer asset protection for your spouse and other beneficiaries by creating a legal barrier between the trust property and the beneficiary's creditors or a divorcing spouse.
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.
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.
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.
Annual Exclusion Gift
Definition of Annual Exclusion Gift
Definition of Annual Exclusion Gift
Funding Accounts
Funding bank accounts and investment or brokerage accounts into your Revocable Living Trust can be easy or complicated depending upon the rules followed by the institutions that hold your accounts.
Funding bank accounts and investment or brokerage accounts into your Revocable Living Trust can be easy or complicated depending upon the rules followed by the institutions that hold your accounts.
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.
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.
Essential Planning Documents
Estate planning is about legally organizing your affairs to deal with the possibility of mental incapacity and certain death. Depending on your current family and financial situations, your estate plan will include four or five essential legal documents.
Estate planning is about legally organizing your affairs to deal with the possibility of mental incapacity and certain death. Depending on your current family and financial situations, your estate plan will include four or five essential legal documents.
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.
Inheriting Tenants in Common
If your loved one has died and you and your loved one owned property as tenants in common, then you'll need to understand who will inherit the deceased owner's portion of the property.
If your loved one has died and you and your loved one owned property as tenants in common, then you'll need to understand who will inherit the deceased owner's portion of the property.
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.
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.
Definition of Inheritance Tax
Definition of Inheritance Tax
Definition of Inheritance Tax
Definition of GSTT
Generation Skipping Transfer Tax
Generation Skipping Transfer Tax
Connecticut Estate Tax Rules
If you live in Connecticut, then you live in one of only two states that keeps track of taxable gifts at the state level (the other is Tennessee). Connecticut residents, as well as nonresidents who own real estate and/or tangible personal property located in Connecticut, are also subject to a state estate tax in addition to the federal estate tax under the guidelines you'll find here.
If you live in Connecticut, then you live in one of only two states that keeps track of taxable gifts at the state level (the other is Tennessee). Connecticut residents, as well as nonresidents who own real estate and/or tangible personal property located in Connecticut, are also subject to a state estate tax in addition to the federal estate tax under the guidelines you'll find here.
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.
Interviewing Your Attorney
Once you've located a prospective estate planning attorney, you need to ask the attorney this list of important questions before you hire him or her as your attorney and trusted advisor.
Once you've located a prospective estate planning attorney, you need to ask the attorney this list of important questions before you hire him or her as your attorney and trusted advisor.
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.
Calculating Net Worth
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.
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.
Individual Ownership
There are three basic ways that you can own property: in your individual name, in joint names with others, and through contract rights. Whether or not a particular asset that you own at the time of your death will need to be probated will depend entirely upon how it's titled.
There are three basic ways that you can own property: in your individual name, in joint names with others, and through contract rights. Whether or not a particular asset that you own at the time of your death will need to be probated will depend entirely upon how it's titled.
What is Guardianship?
Guardianship, or conservatorship as it's called in some states, is the legal proceeding in a state court where a person, called the “Guardian” or “Conservator,” is appointed to exercise some or all of the legal rights of the incapacitated person, called the “Ward.”
Guardianship, or conservatorship as it's called in some states, is the legal proceeding in a state court where a person, called the “Guardian” or “Conservator,” is appointed to exercise some or all of the legal rights of the incapacitated person, called the “Ward.”
Paying Estate Taxes
If your estate will owe federal estate taxes, then they will be due and payable nine months after your date of death, and the IRS won't accept a piece of real estate, diamond ring, or stock in your business for payment. Thus, your Personal Representative or Successor Trustee will be faced with the challenge of determining where the cash will come from to pay the taxes.
If your estate will owe federal estate taxes, then they will be due and payable nine months after your date of death, and the IRS won't accept a piece of real estate, diamond ring, or stock in your business for payment. Thus, your Personal Representative or Successor Trustee will be faced with the challenge of determining where the cash will come from to pay the taxes.
10 Steps to an Estate Plan
Estate planning is a process that consists of ten distinct steps. Learn what these steps are so that you, along with help from your estate planning attorney, can create a good estate plan.
Estate planning is a process that consists of ten distinct steps. Learn what these steps are so that you, along with help from your estate planning attorney, can create a good estate plan.
Protect Your Assets
With the U.S. economy in distress and property foreclosures at all time highs, lately asset protection has become a hot topic. But what exactly is it, and how can you protect your assets?
With the U.S. economy in distress and property foreclosures at all time highs, lately asset protection has become a hot topic. But what exactly is it, and how can you protect your assets?
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,
Changing Your Trust
One of the benefits of a Revocable Living Trust is that it gives you the flexibility to make changes to the terms of it at any time. But how do you make changes to your trust that will be legally valid? Find out.
One of the benefits of a Revocable Living Trust is that it gives you the flexibility to make changes to the terms of it at any time. But how do you make changes to your trust that will be legally valid? Find out.
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.
QPRT Tax Reduction
The main benefit of a Qualified Personal Residence Trust , or QPRT for short, is the removal of the value
The main benefit of a Qualified Personal Residence Trust , or QPRT for short, is the removal of the value
Definition of Gift Tax
Gift Tax
Gift Tax