- An Overview of Filial Responsibility Laws
Taking care of aging parents is something you may need to plan for, especially if you think one or both of them might need long-term care. One thing you may not know is that some states have filial responsibility laws… read more…
- How to Change the Executor of a Will
Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children, as well as… read more…
- Who Can and Can’t Witness a Will?
A will is an important part of your financial plan. When you write a last will and testament, you’re creating a legal document that determines where your assets will go after your death. You can also use a will to name… read more…
- Fiduciary Bonds: Definition, Types, Costs
A fiduciary bond, otherwise known as a probate bond, is a protective court bond that ensures a fiduciary will honor the expectations placed on them according to the law. The fiduciary bond upholds the interests and protection of the estate… read more…
- What Is a Fiduciary Deposit Account?
A fiduciary deposit account is an account that’s owned by one or more persons but managed by another. The owner is known as the principal, while the manager is known as the fiduciary. These accounts are sometimes used to handle… read more…
- A Guide to Schedule K-1 (Form 1041)
Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiary’s share of an estate, including income, credits, deductions and profits. Beneficiaries of an inheritance should… read more…
- Can I Inherit Debt?
When someone passes away leaving debts behind, you might be wondering if you have any personal liability to pay them. If you have aging parents, for instance, you may be worried about having to assume responsibility for their mortgage payments,… read more…
- What Is a Simple Will and How Do You Make One?
Creating a will is one of the most basic elements of estate planning. There are different types of wills you can choose from, including a simple will. Simple or basic wills let you spell out how you want your assets… read more…
- What Is a Joint Will, and How Does It Work?
A joint will is a will two people, typically spouses, create to handle the distribution of their assets once they pass away. Joint wills can simplify the will-making process to a degree, but they can sometimes result in mistakes or cause problems for the surviving spouse or will maker. It’s also worth noting that not… read more…
- How Much Do Cremation Services Cost?
When planning a funeral for a loved one, or for yourself, cremation may be presented as an alternative to burial. In terms of the expense involved, the average cremation cost can range from $1,500 to as much as $6,000. The… read more…
- How Much Does It Cost to Set Up a Trust?
A living trust is an estate planning vehicle that protects your assets against taxes and probate after you die. There are multiple types of trusts, like marital, bypass, generation-skipping and more. You can generally assign beneficiaries and make adjustments, unless your… read more…
- What Is a Prepaid Funeral Plan?
Planning a funeral can be an expensive prospect. The average funeral costs more than $8,000 and in many cases as much as $10,000 – or more, depending on the arrangements. Prepaid funeral plans offer a way to help manage those costs… read more…
- Understanding How to Gift Stocks
Gifting stocks is something you might consider if you want to help someone else build a portfolio. Or you could gift shares of stock you own to a charitable organization. There are different ways to gift stocks and it’s important… read more…
- What Is a Grantor Retained Income Trust (GRIT)?
Trusts can be useful in estate planning for passing on assets to your heirs. A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets while still benefiting from the income they generate.… read more…
- What Is a Life Estate and How Does It Work?
If you own a home, passing that property on to someone else — whether it’s a spouse, your children or someone else — requires planning ahead. That’s where a life estate comes in. A life estate is a legal way… read more…
- How Does Inheriting an Annuity Work?
Annuities can provide guaranteed income and be useful supplements to a traditional 401(k) plan or an IRA. Some even have more than one beneficiary, since annuities can include a death benefit that allows payouts to continue for a family member. Since there are multiple options for annuity payouts, it’s important to know how they work and… read more…
- How to Create a Living Trust in Wyoming
Estate planning can be a complex process, and relying on a will can put your heirs through the time and expense of probate court. A living trust can help simplify things. This arrangement can hold your assets and property in a… read more…
- How to Create a Living Trust in Rhode Island
A living trust is a viable estate planning tool for Rhode Island residents. Since they allow your families and loved ones to skip the time-consuming and expensive process of proving a will, creating one is a good idea for those with complicated… read more…
- How to Create a Living Trust in North Dakota
No matter where you live, it’s important to have a strong estate plan in place. One popular estate planning tool is a living trust, which offers a secure way to store your assets and property so that they can be easily… read more…
- How to Create a Living Trust in Maine
If you are considering an estate plan, there are many paths you can take. One way to protect assets for your family is to create a living trust. Probate and inheritance laws vary from state to state, which means that the… read more…
- How to Create a Living Trust in West Virginia
When planning your estate, you have different tools at your disposal to protect your assets for your loved ones. One such tool is a living trust, which many estate-planning experts consider to be a more iron-clad strategy than writing a will.… read more…
- How to Create a Living Trust in New Hampshire
If you’re thinking about your estate planning strategy, odds are you’ve heard about creating a living trust. A living trust can protect your assets and make life easier for your heirs. Residents of New Hampshire may particularly benefit from using a… read more…
- How to Create a Living Trust in Connecticut
As you approach the estate planning process, you have many tools at your disposal. One such tool is a living trust. By creating a living trust, you can protect your assets and property and save your family from having to go through… read more…
- How to Create a Living Trust in South Dakota
A living trust can help you establish a solid estate plan and protect your assets after your death. Every state has different estate and inheritance laws, but this guide will take a closer look at how to form a living trust in South Dakota, as well as whether you even need one. Whether it’s investing,… read more…
- How to Create a Living Trust in Pennsylvania
Estate planning gives you the opportunity to protect your assets and control how they’re handled after you pass, or if you become incapacitated. Once any outstanding debts and taxes are addressed, your remaining property can be passed on to family members, friends or charitable causes according to your wishes. One of the most common tools… read more…