- What Is a Probate Sale? – Estate Planning
More often than not, people want to leave their assets and property behind to people they care about when they pass. But sometimes individuals don’t make a will or die with debts. In such cases (among others), their property has… read more…
- What Is the Cost Basis of Inherited Stock?
The cost basis of inherited stock refers to the value assigned to shares received from a deceased individual, typically based on the stock’s fair market value on the date of death. This valuation method, known as a step-up in basis, can affect capital gains taxes if the stock is later sold. Unlike gifted shares, which… read more…
- What Is Generational Wealth?
Generational wealth is wealth that gets transferred from one generation of a family to the next. It may consist of valuable assets such as cash, real estate, securities or ownership of a family business. Generational wealth may also take the form of education, contacts, ability to take greater risks and lucrative employment within a family… read more…
- How to Change a Power of Attorney
Power of attorney is an important legal planning tool. It is commonly used for estate planning, medical management, financial management and much more. It’s also a flexible tool. You have the right to change or revoke a power of attorney at absolutely any time. Moreover, changing or revoking a power of attorney is extremely simple (by… read more…
- Can a Power of Attorney Transfer Money to Themselves?
For many families with elderly people or engaged in estate planning, power of attorney is essential, especially if the elderly person’s mental abilities are compromised. Having someone who can take care of legal and financial matters can make this part of life far easier. However, power of attorney is a sweeping grant of authority. Depending on… read more…
- Strategies for How to Avoid Inheritance Taxes
When a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your own emotions. As is often the case though, money is a major part of the calculus of life when dealing with a recently deceased family member. When they pass, your family will have… read more…
- How to Prevent Elder Financial Abuse
Elder financial abuse is a broad term that describes the theft, fraud or otherwise misuse of an elderly person’s assets. Seniors can be targeted for fraud scammers but it can also happen within a caregiving or family setting. Elder financial… read more…
- What Is a Property Trust and Who Needs One?
Trusts are useful financial tools, often used for the purpose of planning an estate. A trust is essentially a legal framework into which ownership of assets can be placed. These assets can include financial products like stocks and bonds, or it can include real physical property, like land, jewelry or vehicles. There are a number… read more…
- Conservatorship vs. Power of Attorney
When it comes to making decisions for someone who can’t manage their affairs, two legal arrangements often come into consideration: conservatorship and power of attorney. These two options serve similar purposes but differ significantly in how they’re established, the authority they grant, and when they’re most appropriate. Understanding the distinction between conservatorship and power of… read more…
- How Do Probate Judges Administer Estates?
A probate judge is an official of the county court system and a judicial official of the state who decides civil court cases that involve the probate process. Probate is the process of proving wills for those who have died with one (testate cases). A probate judge also oversees cases where a will has not… read more…
- How Does a Pot Trust Work?
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs if something should happen to you. This type… read more…
- Explanation of the Medicaid Look-Back Period
Medicaid can help to cover the costs of long-term care for eligible seniors who meet requirements for income and financial assets. It may be necessary to spend down or give away assets to qualify for Medicaid and long-term care benefits. The Medicaid look-back period determines when those transfers need to take place in order to… read more…
- What Are the Laws for Intestate Succession?
Estate planning is part of comprehensive financial planning. It includes making a will. If you don’t make a will before your death, you will die intestate. In that case, your assets will be distributed by the courts according to the… read more…
- How to Find Probate Records Online
Probate is the process of proving a will left by an individual. The individual is called a decedent in the legal language of probate administration and estate planning. The decedent is the deceased individual. If a will was not left by a decedent, then that decedent is said to have died intestate or without a… read more…
- Trustor vs. Trustee: What’s the Difference?
Trusts are a useful tool for financial and estate planning, allowing a family to set assets aside to be passed on when someone dies. They can also help your family potentially avoid the headaches of the probate process. Some of the language around trusts, though, can be confusing to those who aren’t completely fluent in… read more…
- How Does a Credit Shelter Trust Work?
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes. Credit shelter trusts are also useful for avoiding probate, shielding assets from creditors and ensuring the wishes of a deceased spouse are carried out. While they are… read more…
- What Is a Business Trust and How Does It Work? – Definition
When it comes to trusts, most people are familiar with individual trusts, trust funds or family trusts that are connected to an individual or family. But another type of trust exists for entrepreneurs and companies called business trusts, which are… read more…
- Trust vs. LLC: What’s the Difference?
Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses. Trusts are primarily used to avoid taxation… read more…
- Where Can I Get a Power of Attorney Form?
When you assign someone power of attorney you give them the authority to make decisions for you and on your behalf. Whatever the agent, as this person is called, decides will be as binding as if you’d made the decision yourself, so only give power of attorney to someone you absolutely trust. While a specific form… read more…
- Healthcare Proxy vs. Living Will: What’s the Difference?
Failing health often robs people of their agency. Whether due to age or illness, many hospital patients can’t effectively communicate their own wishes. For legal matters, this is handled through matters such as medical power of attorney, trusts and estates. This… read more…
- Irrevocable Trust vs. Will: What’s the Difference?
Two of the possible ways for people making arrangements for the disposition of their assets after their death are wills and irrevocable trusts. Each one has unique strengths. Here’s how the two compare and contrast so you can determine if… read more…
- Revocable Trust vs. Will: What’s the Difference?
Estate planning is an important step in taking care of what matters most, your loved ones and the life you’ve worked hard for. Two of the options are a revocable trust and a will. But which one is the best… read more…
- In Trust For vs. Payable On Death: What’s the Difference?
When shaping an estate plan, one of the most important steps is deciding who has access to your assets. Specifically, that means who inherits bank accounts and other financial accounts when you pass away. In trust for vs. payable on… read more…
- Contesting Life Insurance Beneficiary – A Guide
Life insurance beneficiary designations allow the policyholder to decide who should receive a death benefit when he or she passes away. That doesn’t prevent someone from contesting life insurance beneficiary payouts, however. There are different reasons why someone may choose to dispute the beneficiary of a life insurance policy. If you believe you have a… read more…
- Pros and Cons: Payable on Death (POD) Accounts
Payable on death accounts can help streamline the process of transferring certain assets to loved ones after you pass away. Also referred to as a POD account or Totten trust, a payable-on-death account can be established at a bank or… read more…