People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. Joint property is all perceived to be easy […]
Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They are thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” In that case, the specifics will vary depending on each […]
Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset protection. […]
On January 24, 2017, the Death Tax Repeal Act of 2017, or H.R. 631, was introduced to the U.S. House of Representatives by South Dakota congresswoman Kristi Noem. If passed, H.R. 631 would completely repeal the federal estate tax. A separate companion bill put before the Senate by South Dakota senator John Thune, S. 205, […]
Many people think estate planning means focusing on what will happen to their money and assets after they pass away. But that misses a significant consideration, the need to plan for long-term care.
The last thing any of us want to contend with when a health issue arises later in life is having to throw […]
Whether one condone or condemn it, the trend of couples living together without being legally married (cohabitation) is continuing to increase in today’s society. With more couples holding off on marriage for whatever the reason may be (i.e. personal preference, financial, testing the relationship, etc.), cohabitation is the norm in the U.S. today.
Unfortunately, the law […]
With Inauguration Day right around the corner, here’s what you need to know about planning your estate under the incoming Trump administration and Republican-controlled Congress.
President Trump’s tax plan
A new president usually means major shakeups in fiscal and tax policy, and Trump’s tax plan is no exception. Here are several of the proposed changes we will […]
There are many tools that a qualified attorney can use to keep your assets out of probate – for example, establishing joint ownership on bank accounts and real estate titles, designating beneficiaries for life insurance policies and certain accounts, and so on. However, setting up a revocable living trust is quite often the best, most […]
In my previous post, I provided some information on the pros and cons of the probate process. The focus of this post is to explain in detail why you may want to avoid probate. When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can […]
The word “probate” often comes with a negative connotation. However, the probate system was established to protect the property of the deceased and his/her heirs. In certain cases, the probate system may even work to an advantage. Below are the pros and cons of going through probate.
The Pros
For some estates, especially those in […]
