Many people form a false impression about the way that an estate is administered when a last will was executed by the decedent. They think that the will is read to family members by the executor, and after everyone knows what it contains, the executor distributes the resources.In reality, this is not the way that it works. The will would be admitted to probate, and the executor would handle the estate administration tasks under the supervision of the court.Probate DrawbacksProbate gives … [Read more...] about Why Do People Avoid Probate?
When you plan your estate, you should see the big picture. Yes, you have to decide exactly how you want your assets to be distributed after you are gone. At the same time, it is wise to consider the process of estate administration, because it can impact your decisions.In this post, we will provide some useful information that may help you make the right choice.Wills and ProbateIf you use a last will as your vehicle of asset transfer, you would name an executor or personal representative … [Read more...] about Estate Administration: Efficiency Is Key
It is important to think about the way that your wishes are going to be carried out after you pass away when you are planning your estate. Unfortunately, far too many people fail to see the big picture.We are not trying to compare a holiday to the afterlife in a flippant sense, but the following is a useful analogy.Let’s say that you are going on vacation for a month, and you have a friend that is going to take care of things while you are away. You are not simply going to say, okay, … [Read more...] about What Is a Letter of Final Instructions?
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread.Read on to learn more. … [Read more...] about Preparing for Coronavirus
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need.How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.Income Tax Basis … [Read more...] about Income Tax Basis
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more.Tax Tips after New Year … [Read more...] about Tax Tips after New Year
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important