Each state has the option to adopt or amend the UTMA for its residents.1For example, South Carolina has not adopted the UTMA for its citizens, and Florida passed a statute in 2015 that allows anypropertyto be held by the UTMA custodian until the minor is 25, if desired.5 Any earnings ...
What Is a Postnuptial Agreement? How It Works and What's Included A postnuptial agreement is created by spouses after entering into marriage in order to outline the division of financial assets in the event of a divorce. more Joint Owned Property: Definition, How It Works, Risks ...
Irrevocable trusts can also avoid probate and are private, meaning the public is not privy to their terms or to the assets held within them. Types of irrevocable trusts Irrevocable trusts come in two forms: a living trust, which is established while the grantor is alive, or a testamentary ...
Is Probate Necessary? Many times probate is not necessary. It depends on the type of assets, how the assets were owned, and the state decedent resided in. There are some assets that do not have to go through the probate process. These non-probate assets included life insurance policies wit...
“Revocable trusts are among the most common estate planning vehicles, particularly when there is a desire to avoid the costs and delays that can accompany probate in certain states,” says Bruce Colin, a certified financial planner with his own firm in Rancho Palos Verdes, California. ...
But if, during the five years before you apply for Medicaid, you use a traditional life estate deed to avoid probate, the value of your home will be an included asset and you may be disqualified from Medicaid. This does not happen if you use a Lady Bird deed, because it is not consid...
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probate before they can be distributed to the beneficiaries. When a beneficiary is designated on a life insurance policy orretirement plan, he or she generally receives the funds shortly after the death of the maker without being included in theprobate assetsof the estate. Also, a beneficiary ...
What Should Be Included in an Evergreen Retainer Agreement? Every legal situation is unique, and no two retainer fees are identical. While each retainer agreement is tailored to the specific case, most do contain a few of the same core components. ...