Typically, estate probate cases are a straightforward procedure, especially when an experienced attorney handles the probate. It does get more complicated if a beneficiary contests the Will. Although the legal aspects of probate are not complicated, probate can be an emotionally taxing and lengthy process your loved ones must endure during an already difficult time in their lives. Some of the most common questions people ask include: Q. How long do probate proceedings take? A. … [Read more...] about Common Probate Questions
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Estate Tax Return In The Offing
In 2010 we had a one year respite from the estate tax, and most people view any tax relief as a positive. However, there is an intrinsic inequity existent in a temporary repeal that makes a relative few immune to a tax the rest of us must address. A good case in point involves the former owner of the fabled New York Yankees, the mercurial George Steinbrenner who died in July of 2010. Forbes magazine estimated the overall worth of his estate at $1.1 billion. The estate tax exclusion amount in … [Read more...] about Estate Tax Return In The Offing
What Are Pay On Death Accounts?
You hear a lot of legal and financial terms when you start planning your estate that you may not be familiar with, and they come with an alphabet soup of acronyms attached to them that can make deciphering the jargon all the more difficult. One of these is the POD account, and when it is being used in an estate planning context the acronym POD stands for "pay on death." You may alternately see the initials TOD, and these stand for "transfer on death," but they both refer to the same types of … [Read more...] about What Are Pay On Death Accounts?
Are You Aware Of The Veterans A & A Pension?
When you are engaged in the process of estate planning you invariably recognize that it is important to prepare for the inevitable eventualities that you will face during your twilight years. Many people find it increasingly difficult to take care of their day to day personal needs as they advance in age, and they often reach the point where they need assistance with things like cooking, bathing, shaving, eating, etc. Some seniors will require in-home care givers to help them out, and others may … [Read more...] about Are You Aware Of The Veterans A & A Pension?
Are You Responsible For Your Parents' Debt When They Die?
When a parent falls seriously ill or dies, there are enough emotions riding high without throwing in financial worries that accompany these situations. But money troubles too often come part and parcel with aging parent issues. A frequent concern of adult children is whether they are going to be responsible for their parents' debts after they die. The answer is probably not, but there could be a couple of situations in which you are. The elderly, living on a fixed income, may use up all of … [Read more...] about Are You Responsible For Your Parents' Debt When They Die?
Estate Planning for Gay, Lesbian, Bisexual, and Transgendered Persons
Gay, lesbian, bisexual, and transgendered persons typically have to be proactive and more vigil in their long term care and estate planning than do heterosexuals. This is because GLBT persons don't have the same rights under federal law and sometimes even in private society. A major area of discrimination is that GLBT persons are typically denied rights, benefits, and protections that come with marriage. The Defense of Marriage Act allows federal law to discriminate against same sex couples, … [Read more...] about Estate Planning for Gay, Lesbian, Bisexual, and Transgendered Persons
Do Small Estates Have To Go Through Probate?
Fortunately, no, small estates in Indiana do not have to go through probate, which is good, because that saves a lot of time and money. There are some restrictions on what makes an estate small, however. In Indiana, a small estate is one where the gross estate, less liens and encumbrances, does not exceed $50,000, the costs and expenses of administration, and reasonable funeral expenses. In such cases, the personal representative for the estate may immediately disburse and distribute the … [Read more...] about Do Small Estates Have To Go Through Probate?
Can I Avoid Probate?
Yes, you can avoid probate with a little advance planning. Many people are interested in how to set up their assets in order to avoid probate (court proceedings to transfer their property to their beneficiaries) after their death. These vehicles will help you achieve that goal: Insurance policies—insurance proceeds will go directly to a beneficiary and avoid probate, unless the beneficiary is your estate401Ks—money from a 401k will go directly to beneficiaries, avoiding probateLiving … [Read more...] about Can I Avoid Probate?
How Do I Update My Will?
Any time there is a major change in your life—marriage, divorce, birth of a child—it is a good idea to update your will. Or there may come a time when you want to change your beneficiaries, or add or subtract property to be devised. For minor changes such as changes to specific bequests or a name change or change in personal representative, you would probably just want to make a codicil. With a codicil, you can make specifics changes to certain items while leaving the rest of the will … [Read more...] about How Do I Update My Will?
What’s Keeping You from Writing Your Will?
Death is a touchy subject for almost everyone. In order to think about writing your will, you have to think about death. This is one reason why so many people put off writing a will; there tends to be an emotional block around the subject of death. Of course there is more to it than just fear of death—there are fears about the future of your family, too. If you find that you cannot think of death because you are afraid of what your family will do without your income, or you are having … [Read more...] about What’s Keeping You from Writing Your Will?
