Category: Probate
We get it: Nobody wants to contemplate his or her own mortality. Estate planning is going to hurt, at least a little bit—right? The notion of planning for one’s death is not exactly a walk in the park. But CNN says that is doesn’t have to hurt. In a recent online CNN Money article, “10 […]
Estate Planning, Wills, Probate, Inheritance, Power of AttorneyAccording to a report from BMO Wealth Institute, Canadians list conflict (54%), unpleasant surprises (37%) and financial or taxation issues (33%) as the pitfalls to avoiding the legacy conversation. Although you won’t be around to witness the drama, here are five ways to avoid a Dynasty-worthy brawl over […]
The first thing you need to have is a will. Without one, your assets will be divvied up according to the laws in your state. “It isn’t necessarily what you think or want,” warns California-based financial adviser Ted George. Do you really need a will? One word: Yes! If you don’t have a will, then […]
“It used to be when someone passed away, there were all these clues — a paper trail around the house about what the deceased person owned and owed,” says Karin C. Prangley, an estate attorney at Krasnow Saunders Kaplan & Beninati in Chicago. “Now there is no more paper trail. All of that is digital. […]
“An estate tax is primarily based on the total value of a decedent’s estate compared to the state’s estate tax exemption amount,” Schoenbrodt said. “By contrast, an inheritance tax is primarily based on the identity of a decedent’s beneficiaries, their relationship to the decedent, and the amount passing to certain classes of beneficiaries.” What is […]
The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful. Many would agree that selling a home is a stressful process, maybe […]
A will may say to divide an estate equally among three children. But if a particular account is titled to pass to just one, only that beneficiary will get the account. Your Last Will and Testament is the legal document to put your wishes in writing and get it all straight, right? Not necessarily. The […]
Can a bank collect a credit card debt owed by your deceased parent or spouse? The answer depends on a range of factors, from whether it was a joint account to where the deceased person lived. Although probate can put some undo stress on an already stressful family situation, probate can be utterly necessary and […]
If you’re thinking of relocating, compare the taxes in potential retirement states to those in your current state. Wherever you retire, you may be eligible for senior-related breaks on retirement income, property taxes and sales taxes. Where do you want to spend your golden years? Regardless of where you decide to retire, make sure you […]
Should it be maintained for close relatives? Will the next generation use it together or separately? Is it the site of family reunions? If not, will it be available to friends or even renters? Few places prove to be so powerfully uniting for a family as the family vacation home. Cabins, beach houses, you name […]
