If you are like a lot of people you have a to-do list. Passing away is certainly something that will be permanently etched at the bottom of the list. However, this does not mean that estate planning should be next-to-last. Estate planning is something that many people put on the back burner, and surveys indicate that most Americans have not executed all of the necessary estate planning documents. A significant majority of people who are under the age of 50 have not planned ahead for something …
What Is the Nomination of a Guardian?
The nomination of a guardian should enter the picture when you are planning your estate as a parent of a young child. Who would take care of your children if you and the other parent were to pass away together in an accident? What if you are a single parent? Who would become the caregiver if you were to pass away? You answer these questions when you nominate a guardian. This is something that is typically done when you create your last will. The court is not absolutely compelled to appoint the …
Can I Give Tax-Free Gifts to My Children?
You may be surprised to hear that gifts to your children, or to just about anyone else for that matter, are potentially taxable. The reason why you do not hear from the Internal Revenue Service when you give your children birthday gifts is because there are credits or exclusions. Annual Gift Tax Exclusion We have an annual gift tax exclusion that allows you to give most gifts free of the gift tax. The amount of this exclusion in 2014 is $14,000. As a taxpayer you can give as much as $14,000 …
DIY Last Wills: Don’t Be Fooled
The Internet provides us with a lot of great information, and it has certainly transformed the way that we live our lives both personally and professionally. You can indeed find out how to do many things on your own by doing some research online. But at the same time, it is important to make sure that you do not allow a little bit of information to become a dangerous thing. This enters into the equation when it comes to estate planning. Websites exist that sell you downloads and worksheets …
What Happens to a Living Trust When One Spouse Dies?
When you understand all of the facts you may decide that you would prefer a living trust to a last will. A revocable living trust will facilitate an efficient transfer of assets to your heirs outside of probate. Probate is a legal process that provides certain protections, but it can be time-consuming and costly. The public can access probate records to find out what went on during the process, and this loss of privacy is another concern for many people. The utilization of a living trust …
Large Inheritances Tend to Evaporate
The federal estate tax is considered by many to be an instance of double taxation. The critics contend that the assets that comprise your estate are accumulated after you pay taxes on your income or investment earnings. These assets are not taxable while you are alive by virtue of their very existence. But somehow the event of your death is viewed as a taxable one. And, a taxable one at a rather high maximum rate of 40%. A recent article in the Wall Street Journal talks about the pattern …
Are You Choosing a Trustee?
The anatomy of a trust involves the selection of a beneficiary or beneficiaries and a trustee. As the name implies, the beneficiary benefits from the resources that have been conveyed into the trust. The trustee is empowered to manage and administer the funds that have been placed into the trust. There are various different types of trusts, but we would like to look at the revocable living trust here. With these trusts you as the grantor may serve as both the trustee and the beneficiary while …
Will Forgery Is a Crime
During the probate process interested parties have the opportunity to challenge the validity of the will that has been presented. Sometimes an individual is simply disgruntled. A family member or some other interested party may feel as though he or she was not treated fairly. It is possible that an objective observer would agree with this perspective. At the same time, you can leave your assets to anyone you choose and leave out anyone you choose. The only way a will could be deemed invalid is …
Broader Estate Plan Addresses the Eventualities of Aging
People sometimes have the proverbial moment of clarity, and they realize that they should take action and put an estate plan in place. Estate planning is absolutely essential for all responsible adults, but you should also take the eventualities of aging into consideration when you are looking ahead toward the future. One of the eventualities of aging is the possible need for living assistance. If you are reasonably confident that you will live to the age of 65 as most of us are you should …
Can Someone Contest a Trust?
It is possible to contest a last will, and most people are aware of the fact that a will can be challenged. In fact, the system is set up in a way that makes it relatively simple to challenge the validity of a will. When you utilize a last will to express your final wishes the will must be admitted to probate. The probate court is charged with the responsibility of determining the validity of the will. As a result, a ready-made forum exists for anyone who wants to come forward presenting a will …
How Long Does the Probate Process in Smithtown NY Take?
Probate is the legal process of estate administration. There are entities out there that make the probate process sound like it is something that is totally negative. In fact, the American Bar Association does not concur with this somewhat out-of-balance and self-serving contention. Over the years the powers that be have made great strides. Probate provides certain protections that are very valuable on a number of different levels. If you have an interest in an estate that is being probated …
What Is Joint Tenancy With Right of Survivorship in Smithtown NY?
You have to beware of do-it-yourself estate planning solutions. Many people procrastinate when it comes to estate planning, though they know that they should have a plan in place. People who are in this position often decide to take matters into their own hands. With this in mind, let's look at joint tenancy with right of survivorship in Smithtown NY. Co-Ownership of Property When you use joint tenancy with right of survivorship you are adding a co-owner to the title of your property. This …
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