- Naming an Estate as the Beneficiary of an IRA
When people pass away, their wealth is generally passed on. In the case of passing on your individual retirement account or an IRA, you have two choices. You can name a beneficiary or multiple beneficiaries to receive the income from… read more…
- What It Means to Break a Trust
Breaking a trust refers to one party unilaterally dissolving a trust and distributing its assets, either back to the original donor or to the trust’s beneficiaries. This can only happen at the direction of the trust’s creator. If a third… read more…
- What Is the HEMS Standard in Estate Planning? Definition and Examples
The HEMS standard is used in estate planning to guide trustees in how and when they should release funds to a beneficiary. By including HEMS language in a trust, you can exert greater control over how the trust’s assets are… read more…
- What Are Siblings’ Rights After a Parent’s Death?
The death of a parent can be emotionally trying, especially if the passing was unexpected. It can also be a test of your patience if there are complicated estate issues to sort out. If you have siblings, for example, there… read more…
- How Long Does Probate Take?
If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course. But sometimes, people don’t pen a will or trust before they pass. Or, if… read more…
- What Is a Gift in Trust?
You’ve worked hard your entire life and you’re hoping to pass the fruits of your labor onto your children or grandchildren and not the Internal Revenue Service. If that’s the case, you may be interested in a gift in trust,… read more…
- How Much Does a Living Will Cost?
Confronting our health and what might happen to us someday is not an easy task. Even though estate planning is emotionally challenging, it’s a necessary step to protect yourself. Not only that, without any plans, your loved ones might face… read more…
- Estate vs. Trust: What’s the Difference?
Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Each works in critically different ways. Estates make a one-time transfer of your assets after death. Trusts, meanwhile, allow you to create an ongoing… read more…
- Filing a Small Estate Affidavit in Texas
Texas allows the heir of a person who has died without a will to avoid probate by using a summary administration process with a small estate affidavit. A small estate affidavit can allow an heir to claim bank accounts and… read more…
- Filing a Small Estate Affidavit in Indiana
Indiana lets qualifying heirs of a person who dies without a will avoid probate through a small estate affidavit. Beneficiaries of a small estate can usually claim bank accounts and other estate assets faster and cheaper than going through probate.… read more…
- Filing a Small Estate Affidavit in Virginia
Virginia allows an heir of a person who has died to avoid probate by following a summary administration process using a small estate affidavit. With a small estate affidavit, an heir can usually claim bank accounts and other estate assets… read more…
- Settling a Small Estate in Florida
Florida provides two ways to settle small estates without going through the often time-consuming and costly process of probate. A procedure called Disposition of Personal Property Without Administration allows beneficiaries to quickly and inexpensively settle a very small estate that… read more…
- Filing a Small Estate Affidavit in Illinois
Illinois allows someone with a claim to assets in the estate of a person who has died to collect them without going through formal probate by using a summary administration process employing a small estate affidavit. With a small estate… read more…
- Filing a Small Estate Affidavit in California
California allows a person with a claim to assets in the estate of someone who has died to collect them without going through formal probate by using an affidavit for collection of personal property, elsewhere called a small estate affidavit.… read more…
- What Is a Small Estate Affidavit?
A small estate affidavit is a sworn legal document that may allow an estate to avoid going through probate. Small estate affidavits are permitted in many states, as long as the value of the estate is small enough. Using one… read more…
- 10 Best Estate Planning Books for 2025
Whether you’re young or old, it’s important to have a plan for what happens to your assets when you die. Estate planning is an essential part of financial planning. It pays to do your research when planning your estate. We’ve… read more…
- What Happens to a Bank Account When Someone Dies Without a Beneficiary?
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a “beneficiary,” meaning that you have named the person who will take possession of any given… read more…
- Family Trust vs. Living Trust: What Are the Differences?
One of the common estate planning tips for investors is to get a trust to protect their assets. However, that advice is hardly specific enough. There are many types of trusts, and each has its unique pros and cons. In… read more…
- Income in Respect of a Decedent (IRD)
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress. While most people know that you need to file a final tax return for the deceased, most people… read more…
- What a Pet Trust Is and How It Works
When it comes to pets and estates, there are two main rules to understand. First – and sadly for the eccentric among us – you cannot leave money to your pet. The law says that animals are property, and one piece… read more…
- How the Rule Against Perpetuities Works
Property law can be complex and arcane, even for lawyers and judges. The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property rights. Well-meaning grantors create wills defining their wishes… read more…
- Using Survivorship Life Insurance in Estate Planning
Survivorship life insurance, also called second-to-die insurance, may be attractive for married couples with a high net worth. When the second policyholder passes away, the policy pays out a death benefit. So how are survivorship policies helpful in estate planning?… read more…
- Crummey Power: Gift Tax Exclusion
Establishing a Crummey trust is something you might consider if you’d like to leave assets to your heirs while avoiding gift taxes. One unique provision of this type of trust is the Crummey power, which allows the trust beneficiaries a… read more…
- Crummey Letter: Trust Definition and Requirements
Crummey trusts can be a useful estate planning tool for high-net-worth individuals who are hoping to minimize gift and estate taxes. The Crummey power confers the right to withdraw assets from the trust to its beneficiaries, though this power isn’t… read more…
- Guide to Roth IRAs and Estate Taxes
Tax planning for your retirement accounts is an important part of setting your beneficiaries up to maximize the benefit of what you leave behind after you die. If you have a Roth IRA, you can effectively avoid estate tax issues… read more…