You may hear that a will has to go through probate, and it is natural to assume that this is a simple process that is no big deal. A court rubber stamps the matter shortly after the death of the testator, and the assets are distributed to the people that are named in the will as heirs. This is a … [Read more...] about Why Avoid Probate?
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What Is Probate and Why Do People Avoid It?
Probate is the legal process of estate administration, and it is necessary if you use a will to transfer personally held assets. If you do not have any estate planning documents at all, the probate court would preside over the estate administration process. There are some exceptions to this rule … [Read more...] about What Is Probate and Why Do People Avoid It?
An Overview of the Federal Gift Tax
If there is a gift tax, is everyone breaking the law when they receive holiday and birthday gifts without reporting them to the Internal Revenue Service? Technically speaking, gifts are subject to taxation, but you need some background information to understand the situation. Federal Estate … [Read more...] about An Overview of the Federal Gift Tax
Will Your Estate Be Challenged?
When you are planning your estate, you are going to have to make choices with regard to how your resources will be distributed. This can be a simple matter for some people. For example, you and your spouse may decide to leave all assets to the surviving spouse. You can then leave each of your … [Read more...] about Will Your Estate Be Challenged?
This Looming Expense Can Consume Your Legacy
When you are planning ahead for retirement, you anticipate the expenses that you expect to incur. Since you will have Medicare, you can make reasonable projections about your medical expenses. A Medicare supplement can help to fill the gaps, and you should be protected. However, there is one … [Read more...] about This Looming Expense Can Consume Your Legacy
Life Estates for Transferring Home Ownership: A Good Way?
A life estate can potentially be used to facilitate the transfer of your home and other real property. There are some benefits, but there is also a major drawback, and we will provide the details in this post. Probate Avoidance If you establish a life estate, you would be called the “life tenant,” … [Read more...] about Life Estates for Transferring Home Ownership: A Good Way?
