- How Do You Determine the Fair Market Value of Inherited Property?
Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it’s worth. Specifically, you’ll need to know the property’s fair market value (FMV) to calculate your cost basis for tax purposes. How do you determine the fair market value of inherited property? There are a few ways… read more…
- Are Online Wills Legal?
In our increasingly digital world, online wills have emerged as a convenient and cost-effective means for basic estate planning. However, their legal validity can vary wildly based on state laws and complexities related to individual assets and wishes. To navigate the intricacies of estate planning, it may be beneficial to consult with a professional, such… read more…
- Want to Leave Assets to Heirs? IRS Rule Change Should Have You Rethinking Your Irrevocable Trust
Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting… read more…
- How Much Does a Notary Cost?
While notary fees generally don’t make people jump out of bed in the morning, they are vital to the certification and authentication of crucial documents, such as loan papers and wills. Notaries are impartial witnesses when you sign important documents, ensuring their legal validity and preventing fraud. While notary fees are typically necessary, there are… read more…
- How to Find and Obtain a Will Online
When someone dies, he or she may have a will or a document outlining their wishes for the disposition of their assets. You may need to track down this will for a number of reasons, from finding out what happened to their assets to understanding more about someone for genealogical research. It doesn’t have to… read more…
- What Happens to Your Debt When You Die?
Understanding what happens to your debt when you die can empower you to make informed decisions and relieve future financial burdens on loved ones. As U.S. household debt reached a record high of $17.05 trillion in the first quarter of 2023, it’s vital to understand the types of debt that can be inherited and know… read more…
- Comprehensive Guide to Advance Directives for Health Care
Advance directives are legal documents that allow individuals to maintain control over their health care decisions in the event that they become incapacitated. These documents are governed by laws and regulations that can differ across counties and states. There are several types of advance directives, including living wills, durable powers of attorney for health care,… read more…
- What Is the Average Inheritance?
People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will. If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to… read more…
- What Happens If You Inherit a House With a Mortgage?
Inheriting a house with a mortgage requires making some decisions about what to do with the property. One option is to sell the home and pay off the loan with the sale proceeds. If you keep the home, you can… read more…
- What Happens to Your 401(k) If You Die Without a Beneficiary?
If you die without naming a beneficiary for your 401(k) account, the rules for your retirement plan will likely require that funds in the account be considered part of your estate and have to go through probate. The probate process… read more…
- How Long It Takes for Beneficiaries to Get Notified After Death
You may not always know it if you have an inheritance coming. And in some cases, you may not even know the individual has passed on. This is particularly common with intestacy, if a relatively distant family member dies and you… read more…
- What Happens to an Inheritance If a Beneficiary Has Died?
If your heir dies, what happens next? This is an issue that comes up in estate law. If not frequent, it is certainly not rare. After you write your will, what happens if your heirs die before they can inherit?… read more…
- Understanding the Role of a Power of Attorney After Death
There is no power of attorney after death. Power of attorney is what’s known as a principal/agent relationship. This means that the individual who holds power of attorney serves as the agent for the individual who assigned it to them,… read more…
- Can a Minor Be a Beneficiary?
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies. The significant exception to this rule is trusts. You can name a legal minor as the beneficiary… read more…
- Differences Between Healthcare Proxy and Power of Attorney
Part of estate planning is preparing for when you are incapacitated or other cases when you might still be physically present but have mentally declined. Hopefully, that will not happen. Many people remain sharp and present throughout their entire life,… read more…
- Does an Irrevocable Trust Protect Assets from Nursing Homes?
Paying for a nursing home can seriously deplete your retirement savings. The government-funded Medicaid program can pay some or all nursing home costs, but it’s restricted to people of very limited financial means. You may be able to qualify for… read more…
- How Much Does an Inheritance Advance Cost?
If someone leaves you money in their will but you don’t want to wait until probate ends to claim it, you might consider getting an inheritance advance. An advance against an inheritance allows you to collect money that’s set to… read more…
- What Happens If the Executor of a Will Dies?
When someone passes away, it’s up to their executor to handle the probate process. But what happens if the executor of a will dies? While that’s a rarity, it can create complications as someone else will need to fill the… read more…
- How Does an Inheritance Advance Work?
Taking an inheritance advance is something you might consider if you expect to receive money from an estate, but don’t want to wait for probate to conclude. An inheritance advance, also called a probate advance or probate cash advance, allows… read more…
- What Is a Probate Loan and How Do You Get One?
If you’re expecting an inheritance, you may be wondering how long it will take to receive it. You might consider a probate loan if you need funds sooner rather than later. A probate loan, also referred to as an estate… read more…
- Does a Will Override a Trust?
Wills are an essential part of estate planning, leaving instructions for how to distribute your assets and possessions after you die. Trusts are a common tool in estate planning as well, serving as a way to manage assets both before… read more…
- Pros and Cons of an Irrevocable Funeral Trust
An irrevocable funeral trust is a way of setting money aside to pay for your funeral and burial expenses. While an irrevocable funeral trust can help your loved ones pay for potentially expensive end-of-life costs, it locks up your money… read more…
- 8 Investments That Can Generate Monthly Income
Bills for utilities, mortgages, auto loans and similar expenses usually arrive monthly, while many investments generate income only quarterly, annually or even less often. However, there are a number of assets that pay income on a monthly basis. Options include… read more…
- How to Protect Trust Assets From a Beneficiary’s Divorce
Trusts can be a useful estate planning tool for passing on wealth to heirs. When naming beneficiaries, it’s important to consider how their spouses may fit into the picture. Specifically, you may wonder how to protect trust assets from a… read more…
- How to Protect Assets From Stepchildren
Parents in second marriages may want to leave assets to their own children while ensuring that stepchildren do not inherit. When stepchildren inherit, it can create resentment leading to legal disputes that can cost the estate significantly in delay and… read more…