You may see advertisements for websites that sell do-it-yourself legal documents. They contend that you simply fill in the blanks and you can plan your estate for yourself without any legal assistance. There is a difference between the words “can” and “should.” Yes, you can use a boilerplate … [Read more...] about DIY Estate Planning Can Cause Family Feuds
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?
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?
How Can You Limit Your Estate Tax Exposure?
Estate planning for high-net-worth individuals will involve wealth preservation. The federal estate tax carries a 40 percent maximum rate, so it can consume a significant portion of your legacy. There are steps that can be taken to reduce your exposure if the tax will be a factor for your family. … [Read more...] about How Can You Limit Your Estate Tax Exposure?
