Do You Have to Go through Probate When Someone Dies?
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
What Power Does an Executor Have?
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
What Estate Planning Documents Should Everyone Have?
This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.
How Does a Charitable Trust Help with Estate Planning?
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
What Happens to IRAs and 401(k) when Spouse Dies?
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
Who Should I Name as Trustee?
You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
Do Gifts Count Toward Estate Taxes?
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
What Is the First Thing an Executor of a Will Should do?
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
What a Will Won’t Accomplish
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
Do I Need to Update My Estate Plan?
Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people’s to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color?
