There are numerous tools in the estate planning toolkit, and one of them is the life estate. We will explain why people use life estates in this post, but first, we will share some background information to provide context. The Process of Probate A will is not administered by the executor independently without any supervision. … [Read More]
Five Key Facts About Trust Administration
Many people do not consider the possibility of creating a trust because they harbor misconceptions about the administration process. In this post, we will share five key facts that will help you understand the value and relative simplicity of living trusts. You act as the trustee. One of the most important things to understand about … [Read More]
Is an Inheritance Subject to Capital Gains Taxes?
We are going to look at the question of taxes on appreciated assets in this post. After we provide an explanation of the step-up in basis, we will conclude with an overview of the potential impact of the other types of taxes. Basis Reset Let’s say that your grandmother passes away and she leaves you … [Read More]
Why Is an Estate Plan Necessary?
The vast majority of American adults do not have estate plans in place, and some folks simply do not feel as though it is necessary. This is a mistake, and we will provide some food for thought in this post. Avoid Intestacy Some people that do not have plans intend to draw up a simple … [Read More]
Why Do Some People Avoid Probate?
When you are planning your estate, you should understand the estate administration process that will commence after your passing. This will sometimes involve probate, and we will provide some important facts about this process in this post. Court Supervision Most people are aware of the fact that an executor is the person that will eventually … [Read More]
Family Feud Was Fueled By DIY Planning Error
When you plan your estate on your own without any legal counsel, mistakes can be made that lead to problems later on. This is demonstrated by a court battle that was waged in Pennsylvania last year. Power of Attorney Debacle The person at the center of this imbroglio is a woman named Mercedes Goosley. She … [Read More]
Don’t Overlook These Estate Plan Details
There are some estate plan details that many people do not think about. This is one of the reasons why you should work with an attorney to develop your plan. In this post, we will look at some of the aspects that you may not consider. Child Guardianship and Asset Management You should definitely have … [Read More]
Can You Change Your Mind and Dissolve a Trust?
You may be reluctant to establish a trust if you are under the impression that you cannot revoke the trust after it has been created. After all, you do not have a crystal ball, and you may find that you need the assets yourself at some point. This is an understandable concern, and a lot … [Read More]
Follow These Steps to Create Your Estate Plan
Estate planning can seem complicated and overwhelming if you do not know anything about it, and this is understandable. In this post, we will break it down to some easy-to-understand steps to help you get started if you are currently unprepared. Evaluate Your Assets It is important to inventory your assets and tally up the … [Read More]
Pet Trusts Are Not Strictly for the Rich and Famous
You may have heard about the elaborate estate plans that have been created by some very wealthy people. As a case in point, a number of years ago, the estate of the “Queen of Mean,” billionaire Leona Helmsley, was in the news. She may have been mean to some, but she had an entirely different … [Read More]
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