Probate, by its very nature, occurs at the worst possible time—when you are processing the death of a loved one. Probate involves administrative duties that include filing your loved one’s Last Will and Testament with the court and determining how your loved one’s property and accounts should be distributed. While probate can be a costly, […]
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Families who operate a business or jointly own real estate or other assets may take advantage of a family limited partnership (FLP) or a limited liability company (LLC) to protect their family’s assets, reduce estate taxes, and transfer wealth between generations while maintaining control of the business or other assets. What is a family limited […]
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Do you have a Last Will and Testament? Only about half of U.S. adults have one, according to a Gallup poll. Writing a will is a great start in drafting an estate plan, but an estate plan is much more comprehensive than drafting a will or even having a trust. Consider for a minute the […]
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A qualified funeral trust (QFT) is a type of trust that is used to pay for funeral and burial expenses. It allows people to pre-plan and set aside money to pay for these end-of-life costs without worrying whether long-term care costs will go through all their assets before they are eligible for Medicaid. A […]
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Before heading off to your next great adventure, take a few minutes to review this quick checklist and identify an important estate planning issue you may need to address. Do you have a basic estate plan? Have you met with your estate attorney to create an estate plan: a set of instructions that are memorialized […]
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Often you hear the drawbacks of the probate system and how it should be avoided at all costs, but the probate system was established to protect the decedent’s accounts and property, and the financial security of the family, whenever possible. Probate is the legal process for dissolving an estate, whether the decedent has a last […]
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Key Points in Estate Planning Only 33% of Americans have a will or living trust, according to Caring.com. Of these, one in three believe they don’t have enough assets to leave behind. Many people think their estate planning is a single event. Once they have prepared a will, living trust, or other end-of-life documents, they […]
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The Harmless Error Statute Some states have adopted a harmless error statute that allows a document that does not meet the full legal requirements of a will to be considered valid and admitted to probate as long as you intended for it to be your will. Having a last will and testament is an estate […]
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When using trusts in your estate plan, it is essential to fund the trust. Transferring your real estate from personal ownership to the Trust is essential to avoid the expensive and time-consuming probate process. To retitle your real estate in the trust’s name involves recording a deed with the local recording authority. Retitling your real […]
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Most people use wills and trusts to pass accounts and property to their loved ones upon their death. These basic legal instruments can be used separately or together. For example, a revocable living trust can be used in place of a will, but the two are not mutually exclusive. A special type of will known […]
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