- How to Use a 645 Election for Trusts and Estates
It’s easy to forget that income taxes are an important part of estate planning. But for executors and trustees, managing this tax burden is an essential part of handling the transfer of assets. The Section 645 Election is one tool that can significantly streamline this process. Section 645 of the tax code lets executors combine an… read more…
- What Is the California Spousal Property Petition?
The spousal property petition is a legal process in California that allows surviving spouses or domestic partners to affirm or assume full ownership of certain property without going through the full probate process. Probate can be a lengthy and costly procedure, and the spousal property petition offers a more streamlined alternative for eligible individuals. A… read more…
- How to Choose Between Wills and Trusts in New York Estate Planning
Estate planning is an important process for securing your legacy and ensuring that your assets are distributed according to your wishes after you die. In New York, wills and trusts are two common tools used in estate plans. Each has advantages and disadvantages, and understanding these differences can help you make an informed decision for… read more…
- How to Avoid Probate in North Carolina
A thorough understanding of how probate works in North Carolina can make estate planning much more manageable. Avoiding probate can help you pass your assets on to your beneficiaries while saving time and money. It’s important to break down the complexity of the probate process so that you can understand how to avoid it with… read more…
- How Tenancy By the Entirety Works in Florida
Tenancy by the entirety is a legal arrangement that provides rights and protections for married couples who jointly own property. This can help prevent individual creditors from seizing the property of one spouse to pay off debts. Here’s what you need to know about tenancy by the entirety in Florida. A financial planner can also… read more…
- How to Avoid Probate in Alabama
As you make your estate plans, if you are looking to avoid probate in Alabama, the most effective options will be to establish a living trust, hold major assets in joint tenancy, and add a payable-on-death designation to significant financial accounts. This can help you avoid the costs and time of having your estate handled… read more…
- How to Avoid Probate in South Carolina
Inheriting an estate in South Carolina can be simplified by avoiding the probate process. While probate serves an important legal function, it can also create unnecessary costs and delays for beneficiaries. Fortunately, South Carolina law provides several methods to bypass probate and ensure your assets pass directly to your chosen heirs. Partner with an experienced… read more…
- How to Avoid Probate in Washington State
Probate is a legal process that validates the will of a deceased person. It makes an inventory of assets, settles debts and distributes property under court supervision. Understanding how this process works in Washington state can help you navigate through potential challenges that can be time-consuming, stressful and expensive. Fortunately, you can use different strategies… read more…
- How to Avoid Probate in Illinois
The loss of a family member is a deeply personal and challenging experience. And the probate process can create further emotional turmoil, not to mention additional financial costs. Understanding how probate works in Illinois and the potential challenges that could arise is crucial for individuals who want to create a straightforward estate plan for their… read more…
- Can a Nursing Home Take Our Assets? We Have a $1 Million IRA and a Trust to Protect Us
As we age, many of us will need some form of long-term care, whether at home or in a facility. With nursing home costs averaging over $90,000 per year, long-term care expenses can add up quickly. While Medicaid can help you cover these costs, it has strict eligibility requirements that may require you to spend… read more…
- What Is Right of Survivorship and How Does It Work?
The right of survivorship is a legal concept that determines what happens to jointly owned property when one owner dies. In arrangements like joint tenancy or tenancy by the entirety, this right allows the deceased person’s share to automatically transfer to the surviving co-owner, bypassing probate. It’s commonly used for real estate, bank accounts and… read more…
- How to Avoid Probate in Michigan
Navigating the complexities of estate planning can be daunting, especially when it comes to understanding probate laws. Probate is a legal process in which a deceased person’s estate is settled and distributed. It can be a time-consuming and potentially expensive for those involved. Here is what you need to know about avoiding probate if you… read more…
- How the Lady Bird Deed Works in Florida
If you’re looking to transfer real estate property to a beneficiary when you die, a Lady Bird deed might do the trick. This powerful estate planning instrument is a popular choice among Florida homeowners. This state laws aims to safeguard properties from Medicaid estate recovery and circumvent probate. Let’s breakdown how a lady bird deed… read more…
- How to Amend a Living Trust in California
Living trusts are powerful estate planning tools that help California residents avoid probate and manage their assets. When circumstances shift, knowing how to amend a living trust in California becomes essential knowledge for trust holders. Unlike creating an entirely new trust, amendments allow you to make specific changes while keeping the original trust framework intact.… read more…
- How to Avoid Probate in California
Depending on the nature of any given asset, there are ways to avoid probate. Probate is the process of managing and distributing someone’s assets after they have died. For someone who dies with a will, the probate court will establish its validity, oversee distribution of assets, manage disputes, and handle any other necessary matters. For someone… read more…
- ‘Upstream Gifting’ Can Help You Avoid Estate Taxes and Preserve Your Stepped-Up Basis
Estate planning usually involves determining how to pass assets on to younger generations. But instead of leaving a piece of real estate, bank account or burgeoning stock portfolio to your children, the smarter tax move might be to leave those assets to your parents. That’s the crux of a clever tax minimization strategy known as… read more…
- How to Avoid Probate in Virginia
When a Virginian dies with assets such as a house, car, bank accounts and investments, these assets usually must go through probate before being distributed to heirs. The probate process ensures that assets are distributed according to the decedent’s wishes or applicable law, but can take over a year and incur fees. Virginia’s process can… read more…
- How to Avoid Probate in Texas
Having a probate court wade through your estate can be time-consuming, stressful, and expensive. It can also be a public spectacle if disputes develop. Fortunately, there are numerous strategies to sidestep probate, preserve assets and ensure a smooth transfer to loved ones. If you live in Texas, you can implement five key tools to avoid… read more…
- How to Avoid Probate in New York
Imagine you’ve just lost a loved one, and while you’re still grappling with the emotional loss, you find yourself trapped in the snares of the legal system trying to sort out their estate. This legal process is called probate and can add a daunting layer of complexity, time demands and expenses to an already challenging… read more…
- How to Avoid Probate in Arizona
Probate is a legal process triggered after a person’s death. It can be lengthy, expensive and public, potentially adding unnecessary stress during an already challenging time. However, thoughtful planning and an understanding of Arizona’s specific probate laws could potentially help your estate bypass this process, aiming to ensure that your assets are distributed according to… read more…
- Can a Nursing Home Take Our Assets? We Have a $500k IRA and a Trust to Protect Us
Can a nursing home seize your savings? What if your money is in a trust or a Roth IRA? For married and single retirees alike, these are important questions with nuanced answers. First for the good news: A nursing home cannot simply take your retirement accounts or savings. Short of legal action due to an… read more…
- How to Avoid Probate in Ohio
Probate is a critical legal process for handling someone’s assets when they pass away. The court oversees the allocation of assets, consuming time and resources. While this process serves as a vital framework for estate management, alternative estate planning options enable your estate to bypass probate. Doing so is advantageous because probate can experience delays… read more…
- Differences Between a Living Trust and a Will in Arizona
Understanding the differences between a living trust and a will in Arizona is essential for anyone looking to protect their assets and ensure their wishes are honored. Both legal documents serve as important tools in estate planning, but they function in distinct ways and offer unique benefits. A will is a traditional document that outlines… read more…
- Differences Between a Living Trust and a Will in Florida
Weighing whether you need a trust vs. will in Florida? A last will and testament is a basic building block for establishing an estate plan. You may, however, need to consider adding a trust to your plan if you have significant assets or a more complicated estate. There are some important differences between the two… read more…
- Differences Between a Living Trust and a Will in Texas
A living trust and a will serve different purposes in Texas estate planning, each with its own benefits and limitations. A living trust allows assets to bypass probate, offering a smoother transition of property to beneficiaries, while a will outlines asset distribution but typically requires probate court approval. Texas law recognizes both options, but factors… read more…