- Does the Deed of Trust Show Ownership of a Property?
When buying or financing real estate, you may encounter a document called a deed of trust. In short, no, a deed of trust does not show ownership of a property. A deed of trust is a legal agreement that secures a loan, not a document that proves ownership. Instead, a separate document known as a… read more…
- How Much Money Can I Give My Grandchildren Without Triggering Gift Taxes?
Most households don’t have to worry about the gift tax. For 2025, you can give up to $19,000, per person, to as many people as you want without triggering any taxes. This is the annual exemption. Beyond this amount, you can give away up to $13.99 million in total over your lifetime without paying taxes… read more…
- California Living Trust Laws: Things to Consider
California living trust laws govern how residents can create and manage trusts to hold their assets, potentially bypassing probate—a court-supervised process for transferring property after death. Understanding these laws can help residents determine who will control their assets, manage distributions to beneficiaries and preserve privacy. Trust creators, known as grantors, typically retain control over their… read more…
- How Does a Living Trust Work?
A living trust is an estate planning tool that can allow you to maintain control over your assets, specify how they should be distributed and even protect them from legal challenges or financial mismanagement. Unlike a will, which requires probate court proceedings, assets held in a living trust can be distributed efficiently and privately. Working… read more…
- Can a Living Trust Avoid Probate?
Unlike a will, a living trust does not go through probate, which can save time and reduce legal costs. This can help streamline the process of distributing assets to designated beneficiaries without delays or expenses. To use a living trust effectively as part of your estate plan you will need to understand how it works.… read more…
- How to Fund a Trust: Step-By-Step Guide
Funding a trust requires moving your assets into the trust’s name, which is necessary for the trust to operate effectively. The process for transferring assets varies depending on the type, such as real estate, bank accounts and investments. Some assets are easy to transfer, while others are more complex and may need professional help. A… read more…
- How Tenancy By the Entirety Works in Pennsylvania
Owning property with a spouse in Pennsylvania comes with specific legal benefits, especially under tenancy by the entirety. This form of ownership is available only to married couples and offers protection from each spouse’s individual creditors. If you live in the Keystone State, knowing how tenancy by the entirety works is important for estate planning,… read more…
- How Tenancy By the Entirety Works in West Virginia
West Virginia is one of many states that does not recognize tenancy by the entirety as a property ownership structure. Married couples in the state can hold property as joint tenants with rights of survivorship or as tenants in common. This allows a surviving spouse to retain ownership of the property upon the death of… read more…
- Living Trusts vs. Revocable Trusts
When it comes to planning your estate, knowing the differences between living and revocable trusts is important. Both options can offer you ways to manage and distribute your assets while avoiding probate. But, they have distinct features that may impact your financial and legal strategy. Choosing the right trust depends on your goals. These can… read more…
- How a Pour-Over Will Works With a Living Trust
A pour-over will is paired with a living trust to manage assets after death. It transfers any remaining assets into the trust instead of distributing them directly. This method prevents state laws from deciding how these assets are distributed. Although assets moved with a pour-over will may go through probate, they ultimately join the trust,… read more…
- Testamentary Trusts vs. Living Trusts
When planning your estate, you should understand different trust options available, such as testamentary trusts and living trusts. A testamentary trust is created through a will and only becomes active after the death of the person who made it. A living trust, on the other hand, is established during an individual’s lifetime and assists in… read more…
- How to Utilize a Living Trust for a House
A living trust is a legal document that helps you pass down your assets to your beneficiaries when you die. So, what is a living trust on a house? Putting your house in a living trust lets you transfer ownership if you are incapacitated or pass on. The property you transfer into a living trust… read more…
- Can There Be Two or More Trustees for My Living Trust?
An important estate planning decision that you could face when setting up a living trust is choosing a trustee or trustees to oversee it. Appointing multiple trustees can enhance the management of your trust by combining diverse skills and perspectives to make well-rounded decisions. However, having more than one trustee can also be complicated. Here’s… read more…
- Bypass Trusts vs. Marital Trusts
When it comes to building an estate plan, trusts are a common tool used to manage assets, minimize taxes and set things up for a smooth transfer of wealth. Two trusts you may come across in the estate planning process include bypass trusts and marital trusts, both of which can protect assets and provide financial… read more…
- How a Durable Power of Attorney in Healthcare Works
A medical power of attorney is a legal assignment that gives someone the authority to make medical decisions on your behalf if you are incapacitated. By definition, you must make this a durable power of attorney grant. Although power of attorney is an important part of planning for your estate and aging, medical power of… read more…
- My Dad Left Me $675k in an IRA, but I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals?
There are different rules for inherited retirement accounts. When you build your own retirement account, you can contribute new money into that portfolio. You can also leave it in place until you need it, subject only to RMDs (Required Minimum Distributions) that kick in around age 73 for pre-tax portfolios. When you inherit a retirement… read more…
- How to Create a Financial Power of Attorney in Texas (TX)
In Texas, a financial power of attorney can allow someone to manage your financial and legal tasks, like paying your bills and signing contracts, but not making medical decisions or changes to your estate. You can choose to give someone broad authority or specify exact powers and limitations. A financial advisor can also help you… read more…
- Types of Power of Attorney in Ohio
Power of attorney in Ohio is substantially similar to most other jurisdictions. This means that there are two types of power of attorney you can assign in Ohio: statutory (otherwise known as financial) and medical. Within those categories, there are several different ways that you can structure your grant of authority. Here’s what you need to know… read more…
- How Much Does the Average Estate Sale Make?
According to EstateSales.net, a company that services the industry, the average estate sale brings in more than $18,000. Commissions and fees could be around 35%, which would leave the seller with just under $12,000. Estate sale companies oversee many sales, helping to organize, catalog, price and display items as well as advertise and conduct the… read more…
- My Mom Wants to Add Me to Her $40k Savings Account So I Won’t Owe Taxes When She Passes. Will This Work?
Unfortunately, this scenario may not play out as intended, but it does have some potential benefits. Taxes on gifts and estates are governed by the same section of the tax code, a joint tax known as the gifts and estate tax. This tax applies to any unilateral transfer, which is defined as giving someone assets without… read more…
- What Is a Survivor’s Trust and How Does It Work?
A survivor’s trust is a type of trust that is used in estate planning as part of a joint trust arrangement. It is typically established between spouses and comes into play upon the death of the first spouse. This trust allows the surviving spouse to retain control over the assets in the trust. The trust… read more…
- Who Can Override or Revoke a Power of Attorney?
A power of attorney (POA) grants an appointed agent the legal authority to act on behalf of the principal. The principal can revoke this authority at any time, provided they are mentally competent. If the principal is incapacitated and the agent is suspected of misconduct, family members can petition the court to override the POA… read more…
- I Want to Give $65k to My Daughter and Her Husband. Will We Have to Pay Taxes?
It is very rare for an ordinary household to owe money on gifts. The gift tax has a somewhat complicated two-tier structure. Each year you can give up to an annual amount (the “annual exclusion”) without paying, or even reporting, anything on your taxes. Then, over your lifetime, you have a significantly higher amount that… read more…
- Joint Tenancy on a Deed: What Does It Mean?
Joint tenancy on a deed is a form of property ownership that enables two or more individuals to hold equal shares of a property, subject to specific rights and conditions. This kind of ownership is often used by married couples or family members, as joint tenancy provides a way for co-owners to share ownership equally,… read more…
- If You’re Not Married, Who’s Next of Kin for Your Estate?
If you’re not married, determining who is next of kin for your estate can become more complex. When there is no will, the rules governing next of kin can ultimately determine who is legally entitled to inherit assets, though the specifics vary depending on local inheritance laws. Typically, next of kin refers to the closest… read more…