The article offers personal finance information related to estate planning, as of November 2013. It notes the importance of having a will and discusses the revocable living trust as a tool to carry out certain functions of a will while avoiding probate. It discusses the designation of ...
4. Avoiding Probate:A comprehensive plan covering how you will organize your assets and your estate so that your beneficiaries can have them transferred to them more timely and efficiently and in a way that the process of putting them through probate court will. Preserving Family Harmony: By cle...
The fundamentals of climbing this mountain are the same whether you invest in real estate or anything else. To reach the peak of the mountain faster, you simply have toincrease your savings rate. You can then invest those savings into your chosen assets, like real estate. I’ll suggest a ...
In a lot of states, there are laws in place that set out a statutory minimum of an estate people are entitled to receive. For example, let's say a parent has two sons. One son receives 100 percent of the estate under that parent's will and the other one receives nothing. The son ...
Businesses in probate Ownership in a business is an asset, which means it may need to pass through probate. However, using an irrevocable trust— such as a grantor retained annuity trust (or a GRAT) or an irrevocable life insurance trust (or an ILIT) — can ease the complexity surrounding...
Robert:Thank you, Helena. Some of the most common documents that can be ordered from states or counties are certificate of good standing, certified copies of formation or qualification, birth certificates, marriage certificates, or probate wills. So one thing to note are not all documents are pu...
NO DWI convictions or probate sentences in the last seven years. NO criminally negligent homicide convictions or probate sentences in the last seven years. Not having three or more moving violations or two or more moving violations that resulted in an accident in the past three years. ...
You’ll also have an advocate should the will have to go to probate court, which involves the last will and testament being validated by a court for authenticity. This could happen if there are prior wills, or if more than one person claims to be the executor. If your parent creates one...
Designating beneficiaries could be considered an act of kindness for your loved ones. It allows your assets to transfer outside of probate, a court process that is both time consuming and costly to your heirs. Replenish your emergency savings ...
Tax planning is another crucial part of the estate planning process. If an individual wishes to leave assets to family members or a charity, thetax implicationsof either gifting or passing them through the estate process must be compared. A common retirement plan investment approach is based on ...