Category: Executor
“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families in America in 1916. They […]
“The personal representative (formerly executor) of the deceased’s estate may be responsible for filing a number of tax returns.” When a person dies, their assets are gathered, their debts are paid, business affairs are settled and assets are distributed, as directed by their will. If there is no will, the intestate laws of their state […]
“Does a Power of Attorney ever lapse? What happens if I change my mind and want to take the Power of Attorney back? Can the Power of Attorney refuse to return the authority?” These are all good questions, as Powers of Attorney (POA) are some of the most commonly used estate planning documents and they […]
“We all have witnessed how children have a difficult time understanding why one sibling was treated differently. To overcome this, parents will make the well-intentioned mistake that fair and equal are the same.” What may work fine when you are raising children does not always work in estate planning, as reported in The Press Enterprise’s […]
“While it’s not something many people think about until faced with the issue, obtaining a credit report for a deceased person is important. You may need to make sure the credit report is accurate and take stock of any creditors you need to notify of the death or see if there’s any unresolved debt that […]
“A No Contest clause is a paragraph that can be included in a Last Will and Testament or a Trust, which makes it clear that anyone who challenges the validity of the document or the way it distributes or manages the assets of the estate will receive less than what the document would have otherwise […]
“Although most people would not want a court proceeding on death, many people mistakenly think that a will avoids one.” A Will, also known as Last Will and Testament, is a legal document that is used in probate court if a person dies with assets that are in their name alone without a surviving joint […]
“The father of our country crafted a finely detailed and surprisingly personal will to protect his family and his legacy. Follow in his footsteps, by keeping these three principles in mind: communication, clarity and customization.” Estate planning for those you love can dramatically change your family for generations. Did you know that in his last […]
“You are still mourning the loss of a loved one and you just learned that you were cut out of the will. What should you do?” First, know that this happens quite a bit. A Forbes article, “5 Things You Should Know About Contesting A Will” says that disgruntled heirs frequently want revenge and their […]
It is a good idea to have a plan, just in case you do retire. Many business owners have worked for years to build up their business and don’t have any intention of retiring. However, that day is likely to come and it would be wise to have a succession plan, according to The Gardner […]
