Estate and Elder Law Information Center
Is This Your Situation: You're Worried About Probate - When people die, their estates go through a process called probate, which is subject to a lot of misconceptions. Myth #1 — If you die without a will, the state gets everything. There are plenty of reasons to write a will, but worrying …
[Read more...] about Is This Your Situation: You’re Worried About Probate
Avoid These Top Trust Problems - Trusts can be used as an asset protection tool and to help your beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee. The property is deeded in the name of the trust and the trustee is tasked with administering …
Should I Leave My Child A Buck? - It is irresponsible enough that absent-minded parents occasionally manage to leave their children behind when they leave the park or get off the bus. Even so, it seems far more incomprehensible that parents could possibly forget to include one or more of their kids …
How To Manage An Estate During Probate - Executors have a high level of responsibility for as long as the probate process drags on — which can even be years in some cases. Your main objective? Prevent estate assets from being damaged or depreciated. You must make decisions based on the best …
How To Value Items At Death - If you're the executor of an estate, part of your job is to oversee the valuation of assets. Finding out how much the estate is worth and how that value is distributed will determine your approach to probate, the allocation of the assets among the heirs and how much the …
How To Plan For Estate and Gift Taxes - Federal estate tax in 2023 mostly remains an issue for the very wealthy — those with an estate valued at more than $12.92 million or $25.84 million for a married couple. Even with the generous exclusion, some estates may be subject to tax, i.e., you may be on …
Trusts: Types, Purposes and Benefits - A trust allows you to be specific about how, when and to whom your assets are distributed. They can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more …
Wills vs. Trust: Cost, Process and Uses - Wills and trusts ensure your assets pass to heirs according to your wishes. You may want to use a will if you're married, have kids or own property. Setting up a trust is an extra step that makes sense if you have a large or complicated estate and/or need …
[Read more...] about Wills vs. Trust: Cost, Process and Uses
Meeting Midway With Mediation - Are heirs at loggerheads over dividing an estate? Does it look like the dispute is going to turn into a lawsuit? It doesn't have to. Parties should try mediation. Indeed, many judges, who recognize the value of a structured compromise, even order the parties to …
Suppose it is your responsibility to designate the next owner of a true heirloom. Above all, you want to avoid family strife and resentment and ensure it lands in the hands of someone who will respect and care for it. The meaning of sentimental belongings Heirlooms like old photographs, deeds …
Contesting a will can be an expensive and painful struggle. But suppose the will has already been probated (accepted by the court as valid) and the assets distributed to the beneficiaries? Then a challenge becomes exponentially harder, especially as the assets may have been sold or disposed …
Probate: What Is It Anyway? - Probate is a series of legal processes that disposes of a decedent's estate. Like most legal processes, it can be imposing. But there are ways to make it easier and possibly even skip it altogether, if you prepare in advance. Probate includes taking note of a …
For Estate Planning, Try FIRE - Let's take a look at the Financial Independence, Retire Early (FIRE) movement. FIRE sets out a strategy for achieving that goal based on careful planning, determination, financial discipline and smart investing. Millennials have enthusiastically adopted these …
What Are the Different Kinds of Trusts? - Trusts are legal arrangements that ensure the administration of a deceased person's assets align with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence. Not all trusts are the same, however. The four …
[Read more...] about What Are the Different Kinds of Trusts?
Office hours
Map
The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.