- How to Amend a Pennsylvania Will With a Codicil
In Pennsylvania, one of the most efficient ways to amend a will is through a legal document known as a codicil. This tool allows individuals to make changes to their estate plans without the need to draft an entirely new will, saving both time and money. Whether you’re looking to update beneficiaries, change executors or… read more…
- What Is a Grantee Beneficiary?
A grantee beneficiary is an individual or entity designated to receive certain assets, often in a trust or transfer-on-death deed arrangement, after the original owner dies. Unlike traditional beneficiaries, grantee beneficiaries are frequently used in specific legal contexts to simplify the transfer of assets without the need for probate, which can help speed up the… read more…
- How to Amend a Georgia Will With a Codicil
In Georgia, an effective way to amend a will is through a legal document known as a codicil. A codicil allows you to make modifications without the need to draft an entirely new will, offering a flexible and efficient solution for small updates and amendments. When you experience life events that change your goals and… read more…
- How Do I Transfer Property to a Family Member Tax-Free?
Transferring property to a family member can be a thoughtful and strategic move, whether as a gift, part of your estate plan or a financial decision. However, it’s important to understand the potential tax consequences to ensure the transfer is both advantageous and compliant with tax laws. Many people look for ways to transfer property… read more…
- Deferred Sales Trust: What It Is, Examples, Pros and Cons
A deferred sales trust (DST) is an advanced tax strategy that allows investors to delay capital gains taxes on the sale of assets that have significantly risen in value, such as real estate or businesses. By selling the asset to a trust, the seller can receive payments over time, spreading out tax liabilities and allowing… read more…
- What Is a Codicil to a Will?
A codicil is a legal document used to make changes or additions to an existing will without rewriting the entire document. It allows the person creating the will, known as the testator, to update specific provisions, such as changing beneficiaries, appointing new executors or adjusting asset distributions. Like a will, a codicil must be signed… read more…
- How Much Does Probate Cost in North Dakota?
When a loved one dies, probate may be necessary. In North Dakota, probate costs vary depending on the estate’s size and complexity. Some estates may qualify for simplified probate, lowering costs, while others require a more detailed and costly process. Knowing how much probate costs in North Dakota can be helpful for anyone involved in… read more…
- 15 Estate Planning Tips for Residents in Ohio
If you live in Ohio, estate planning will require you to manage your assets in a way that complies with state laws. Ohio residents can use wills, trusts and powers of attorney to make sure that their property is managed and distributed according to their preferences. It is also helpful to understand Ohio’s probate process,… read more…
- How Long Does Probate Take in Arizona?
If you’re wondering how long probate takes in Arizona, the timeline varies depending on several factors. Simple cases with no disputes or complex assets can take as little as six months, while more complicated cases can extend over a year or more. While the timeline can be influenced by court availability and family disagreements, the… read more…
- 401(k) Beneficiary Rules to Know
Inheriting a 401(k) comes with a range of beneficiary rules that vary depending on the beneficiary’s relationship to the account owner. Spouses generally have more options for how to receive the funds, including rolling the 401(k) into their own retirement account or taking distributions over time. Non-spouse beneficiaries, on the other hand, are typically required… read more…
- 5 Estate Planning Tips for Those in Massachusetts
If you want to create an estate plan in Massachusetts, you will need to consider state-specific laws and guidelines. One example, the Bay State has a lower estate tax threshold when compared with the federal tax. Massachusetts also recognizes homestead protections and irrevocable life insurance trusts, which can affect your estate plan. A financial advisor… read more…
- How Much Does Probate Cost in Rhode Island?
Probate is the legal process of administering a deceased person’s estate, ensuring that their assets are distributed according to their will and that any debts are paid. If you’re in Rhode Island and preparing to go through the probate process, it’s important to understand both the steps involved and the costs that may be incurred.… read more…
- How Long Does Probate Take in Illinois?
In Illinois, the length of probate depends on the estate’s size, complexity, if there is a valid will and whether there are any disputes among beneficiaries. Probate usually takes six months to a year and begins when the executor files the will with the probate court. An estate planning attorney can help speed up the… read more…
- 6 Estate Planning Tips for Those in Georgia
Estate planning helps ensure your assets, financial matters and healthcare decisions are handled according to your wishes after you pass away or become incapacitated. For residents of Georgia, there are specific state laws and regulations that can affect how your estate is managed. Whether you’re just beginning the estate planning process or fine-tuning an existing… read more…
- How Long Does Probate Take in Pennsylvania?
Probate in Pennsylvania is likely to take at least several months and not uncommonly more than a year. Many factors can influence the time required to usher an estate through Pennsylvania. The timeline can vary significantly depending on the complexity of the estate, the presence of a will and the efficiency of the court system.… read more…
- 5 Estate Planning Tips for Those in Utah
Estate planning can help you manage and distribute your assets. In Utah, you can use common estate planning tools like living trusts and beneficiary designations. But, you must follow specific state requirements, such as having witness signatures on wills. There are many different estate planning strategies that can help you and your family save time… read more…
- 5 Estate Planning Tips for Those in Illinois
Estate planning is an important step in securing your financial future and making sure that your assets are distributed according to your wishes. In Illinois, this can involve creating a will, a trust, powers of attorney and healthcare directives. Whether your goal is to reduce estate taxes, protect assets, or care for loved ones, a… read more…
- How Much Does Probate Cost in Hawaii?
Probate can follow after a loved one dies, which could cost beneficiaries time and money. This legal process settles the estate of a deceased person. As with other states, probate expenses in Hawaii–including court fees, attorney fees and administrative costs–can quickly add up, depending on the complexity of the estate. Hawaii’s specific legal rules and… read more…
- How to Fund a Special Needs Trust
A special needs trust provides financial support for a disabled person without affecting their eligibility for benefits like SSI or Medicaid. Families or caregivers can fund the trust with cash, investments, life insurance and other assets. The trust covers expenses not paid by government programs, such as education, housing and personal care. A financial advisor… read more…
- Estate Planning Tips for Those With a Disability
Estate planning for individuals with a disability often involves setting up a special needs trust, appointing a legal guardian and choosing a healthcare proxy. These steps help manage assets while protecting eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). It also includes creating clear instructions for medical and financial decisions through powers… read more…
- How to Create an Advance Healthcare Directive in Missouri
An advance healthcare directive provides clear instructions for family members, reducing confusion and stress when making medical decisions on your behalf in the event that you are unable to make them. This legal document can outline your preferences for medical treatment and designate a healthcare proxy to make those decisions. A financial advisor can work… read more…
- Completing a Small Estate Affidavit in Wisconsin
After a loved one passes, probate can be long and costly. But, beneficiaries could avoid this process with a small estate affidavit if the estate meets certain requirements. In Wisconsin, heirs can claim the property of the deceased without formal probate when the value of the estate is less than $50,000. No matter the size… read more…
- 9 Ways to Speed Up the Probate Process
Probate can be a lengthy and complex process, leaving executors eager to find ways to expedite it. Familiarizing yourself with the legal procedures and documentation required to settle an estate efficiently is key to understanding how to speed up probate. A financial advisor can work with you to manage and distribute your estate. Here’s a… read more…
- Do All Wills Go Through Probate?
Probate is the legal process that happens after someone dies. It distributes the assets and pays any debts or taxes. If there’s a will, you might wonder if probate is needed. Sometimes, probate is required to validate the will and settle the estate, while in other cases, it can be avoided. You should understand your… read more…
- Who Pays Probate Attorney Fees in Texas?
Probate is the legal process of validating a will and distributing assets, which often requires legal aid. Many families worry about covering these attorney costs. But, in Texas, the estate typically covers probate attorney fees. If you’re concerned about probate for your beneficiaries, a financial advisor can work with you to create an estate plan.… read more…