- How to Handle an Estate With This Settlement Checklist
Settling an estate after the death of a loved one can involve both legal and financial challenges. But having a well-organized settlement checklist can help streamline this process. Whether you’re an executor, beneficiary or simply planning ahead for your own estate, understanding the process of settling an estate is key for ensuring that it runs… read more…
- Do I Need to Worry About the Gift Tax If I Pay $60,000 Toward My Daughter’s Wedding?
For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax perspective. You could owe federal gift taxes if your lifetime gifts are over the lifetime exclusion amount, though, but the limit is set quite high. More specifically, for 2024 it sits at $13.61… read more…
- How Much Does It Cost to Make a Will?
Creating a last will and testament as part of your estate plan could cost anywhere from nothing to several thousand dollars. The actual price will vary depending on the method you use to create a will. Doing it yourself is least expensive, and can involve no cost at all. Hiring an estate attorney to do… read more…
- How to Avoid Probate in Pennsylvania
Pennsylvania residents who are planning their estates have a number of ways to avoid having to go through probate. Although the state’s inheritance laws are unusual in that it is one of just six that levies an inheritance tax, avoiding probate in Pennsylvania is mostly a matter of using techniques similar to ones in other… read more…
- How Much the Probate Process Costs in Ohio
The probate process in Ohio provides a judicial framework for the orderly distribution of a deceased person’s assets, the settlement of debts and the resolution of claims against the estate. It begins with the probate court validating the deceased’s will and concludes with the distribution of the remaining assets to the rightful beneficiaries. On average,… read more…
- Who Pays Probate Fees in California?
When an estate goes through probate in California, the money and assets a person leaves behind will inevitably pay for this court-supervised process. Unfortunately, California has one of the most expensive probate procedures in the nation, which includes administrative charges, state-mandated fees paid to the executor and/or attorneys, as well fees associated with a variety… read more…
- How Much It Costs to Create a Will in Texas
A will or a “last will and testament” is more than just a legal document – it’s a declaration of your wishes concerning the distribution of your assets and the care of your minor children after you pass away. In Texas, the absence of a will leaves your estate subject to state intestacy laws, which… read more…
- How Much Does It Cost to Amend a Trust?
Amending your trust can take multiple steps. You will first need to have a clear understanding of your trust, as well as the legal, statutory and financial factors that could weigh on the costs of making these changes. Here’s a general breakdown. If you need help with this process, consider working with a financial advisor.… read more…
- What to Know About Power of Attorney in Ohio
A financial power of attorney allows you to authorize a trusted friend or relative to pay your bills, access your accounts, talk to your bank, complete real estate transactions and otherwise handle your finances in the event you cannot do so yourself. Like other states, Ohio recognizes powers of attorney as legal documents. These documents… read more…
- How to Avoid Probate in Arkansas
Estate planning can help you avoid probate and ensure a successful transfer of assets from yourself to your beneficiaries. Probate can take a lengthy amount of time and cost your beneficiaries money if you don’t take steps to protect your estate. Here are four common ways you can avoid probate in Arkansas. For hands-on estate… read more…
- Types of Power of Attorney You Can Get in Texas
Extended travel, illness or unforeseen incapacitation, are common reasons why people create powers of attorney (POAs). These documents are a legal framework where you can grant a trusted individual to act as an agent on your behalf. Here are five types of POAs available in Texas. If you need specific financial advice or help with… read more…
- How Much Probate Costs in California
In the Golden State, the passing of a loved one not only brings emotional turmoil but also the complex and often misunderstood process of probate. Understanding the probate process is a pivotal aspect of estate planning that affects families and beneficiaries when they are most vulnerable. Unfortunately, California has one of the most expensive probate… read more…
- Understanding the 4 Types of a Power of Attorney
A power of attorney (POA) is a legal document that allows individuals to appoint someone they trust to make decisions on their behalf should they become unable to do so themselves. Whether it’s a young entrepreneur facing unexpected illness or an individual planning an extended trip abroad, understanding how different powers of attorney work can… read more…
- How to Write a Will in Texas
The creation of a last will and testament is an important undertaking that honors your legacy and protects your loved ones. The process of creating a will in the state of Texas is relatively straight forward, but there are specific rules and requirements you’ll need to adhere to in order to guarantee that your will… read more…
- How to Avoid Probate in Missouri
There are several strategies to avoid probate in Missouri. One common approach is to establish a revocable living trust, which will allow you to transfer your assets into the trust during your lifetime and effectively bypass the probate process upon death. Additionally, you can set up a joint ownership arrangement that allows assets to pass… read more…
- How to Get a Financial Power of Attorney in Missouri
A power of attorney can grant one person the authority to act on behalf of another. This legal document is typically used in situations when a person may be incapacitated or unavailable to manage their legal, financial or healthcare affairs. The process to obtain a financial power of attorney can vary by state. Here’s what… read more…
- Key Differences: Trusts vs. Wills in North Carolina
An estate plan is a strategic way to secure the legacy of your estate and ensure that your assets are distributed according to your wishes after you pass. In North Carolina, like in other states, wills and trusts are used as common estate planning tools. There are benefits and drawbacks to each, which makes it important… read more…
- Differences of a Revocable vs. Irrevocable Trust in California
Revocable and irrevocable trusts serve distinct purposes in estate planning. A revocable trust allows the grantor to maintain control over their assets, make changes or even revoke the trust as needed. An irrevocable trust, on the other hand, generally cannot be altered without the consent of beneficiaries once its established. Do you know which could… read more…
- How to Avoid Probate in Maryland
If you’re planning your estate, you may be wondering how to avoid probate – the court-administered process for validating a will, settling debts and distributing assets following someone’s death. In Maryland, like other states, there are strategies and estate planning moves you can make now to ensure your property bypasses probate and automatically transfers to… read more…
- Differences of a Living Trust vs. Will in Georgia
Estate planning in Georgia involves understanding the distinctions between wills and living trusts. While wills offer simplicity and the ability to appoint guardians for minor children, living trusts facilitate probate avoidance and offer enhanced asset protection. The choice between the two depends on factors like estate size, privacy preferences and the need for probate avoidance.… read more…
- How to Avoid Probate in Indiana
The probate process can be time-consuming, extending to several months or sometimes years. Additionally, it can be a costly due to court, attorney and executor fees. Plus, probate is a public process, meaning the deceased person’s estate details, beneficiaries and will, become part of the public record. These concerns drive many individuals to seek other… read more…
- How to Get a Financial Power of Attorney in Maryland
A power of attorney is a legal document that grants one person, termed the attorney-in-fact or agent, the authority to act on behalf of another, known as the principal. This authority allows the agent to make decisions of legal and financial importance, particularly when the principal is absent or incapable. The process of obtaining a… read more…
- Comparing Trusts vs. Wills in Virginia
Trusts and wills are essential tools in estate planning, each providing its unique framework for asset management and distribution after death. Trusts can help you avoid probate, as well as enhanced protection for your estate. Wills, on the other hand, can offer you simplicity and the ability to appoint guardians for minor children. Picking between… read more…
- How to Hold an Estate Sale
Estate sales can feel overwhelming, particularly when it’s tied to significant life events like the death of a loved one. But these sales can be an important part of settling a deceased family member’s estate. If you’re planning an estate sale, you have two general options for how to hold one: You can do it… read more…
- What Is an Estate Sale and How Does It Work?
While “estate sale” might sound like a phrase used in high society, it’s simply a large, organized sale of someone’s possessions, typically held after they’ve passed away or moved. Unlike your typical garage or yard sale, an estate sale is far more extensive, often covering the entire contents of a household. This might be necessary… read more…