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Estate Planning

Jul 24, 2019 Estate planning can be a time-intensive process as you determine how to divide ownership of property and other assets. Joint tenancy may be a focal point of your estate planning discussions if you're married or own property with someone else. Understanding the basics of how it works is essential for protecting your assets and wealth during your lifetime and beyond. Read More...

Oct 06, 2020 iiii An irrevocable life insurance trust (ILIT) can provide peace of mind as you start your estate planning process. If you have a sizable estate or young beneficiaries, an ILIT can provide control over a life insurance policy that a last will and testament may not. The "irrevocable" part of that trust means that its creator, or grantor, can't amend it once it's set up. Such a trust has its benefits, but there are variable to consider before setting it in stone. A financial advisor can help with all your trust needs and more. Consider finding one with SmartAsset's free financial advisor matching service. Read More...

Aug 24, 2021 Dying may get you out of a lot of things, but not taxes. If you have a lot of property you want to leave to your children or other heirs, it may be subject to taxation. Federal estate taxes (and in a few states, state estate taxes) apply before your property is transferred. Some states also apply an inheritance tax, in which the beneficiary could also be taxed after the transfer is complete. Some people refer to estate and inheritance taxes as "death taxes." And if President Biden's proposed American Families Plan is enacted, that death tax will skyrocket for millions of Americans. A financial advisor can help you navigate the various death taxes and potentially limit your tax liability. Here's what you need to know. Read More...

Jun 28, 2019 A trustee is the individual appointed to administer assets or property for the benefit of a third party. A trustee could be appointed for the purpose of bankruptcy, a charity or certain kinds of retirement plans, but the most common is a trust. A trust is a legal agreement designed to control how an individual leaves an estate to their heirs. Many people choose to create trusts to protect the interest of their beneficiaries. Also, trusts help them avoid the costs of probate or working with the courts to transfer wealth. The owner of the trust, known as the grantor, must appoint a trustee to administer their wishes outlined in the trust. While it may seem like an honor to take on the role of a trustee, it comes with significant responsibilities. We’ve broken down what a trustee is, their responsibilities and duties, and how to appoint one. Read More...

Mar 24, 2020 An irrevocable trust can maintain your wishes after you die, but it will cost you some flexibility. While a last will and testament requires a probate court process to distribute your assets to heirs, most trusts avoid probate. However, your lifestyle and personal preferences will dictate whether an irrevocable trust or a revocable trust is best suited to your needs. Estate planning is a complex process. Find a financial advisor that can help you today. Read More...

Aug 27, 2021 Transfer on death (TOD) accounts can keep your estate planning intact while keeping your beneficiaries out of court. If you’re among the  57% of adults who don’t currently have a  will or  trust, your family is likely headed to probate court. Even estates with wills will likely need to go through  probate, which can burden your loved ones and create hostility between family members. A TOD account can avoid a legal mess by moving your assets without leaving them in your will. A financial advisor can help you set up a TOD account and give advice on a variety of estate planning issues. Read More...

May 29, 2019 By having a will in place when you pass away, you can detail how you want your affairs and assets to be handled. To ensure your will is valid, you'll need to crate a meticulous plan for how your possessions will be distributed once you pass. The sheer volume of possessions and assets you've accumulated during your life might make this seem rather daunting. Lucky for you, there are a number of websites that can help you get your will in order. Even if at the end of this you still have questions, perhaps you should contact a financial advisor. Read More...

Mar 18, 2020 Complete  estate planning includes setting up a medical power of attorney. This legal document - also called a healthcare power of attorney or  durable power of attorney for healthcare - authorizes the person you designate to make medical decisions for you in the event you become incapacitated. Typically, this power encompasses choosing doctors, treatments and care facilities as your designee or agent thinks you would choose and following the directions in your living will. It also generally mandates doing what's in your best interest. Your agent should have a copy of your medical power of attorney, as should your doctors. Having this paperwork in place can give you peace of mind, even if you don’t think you’ll need it. Read More...

Jul 18, 2019 A trust company is a legal entity that can serve as an agent or trustee on behalf of a trust.  They can be either stand-alone entities or divisions of commercial banks. If you're planning to use trusts as part of your estate planning process, a trust company can likely help by serving as trustee. They can also play a role in other aspects of your financial plan. Read More...

Apr 09, 2021 As you grow older, it's important to have a secure estate plan in place so you know your assets and family will be taken care of when you're gone. This involves drawing up plenty of legal paperwork, which is when hiring an estate planning attorney can be especially beneficial. These lawyers specialize in many areas of estate planning, including federal and state laws regarding wills, taxes, trusts and power of attorney. In addition, you may especially need a lawyer if someone is likely to contest your will or your estate is otherwise complex. That said, if your estate is large, you'll probably also want to hire a financial advisor who can help you manage all of your assets, investments and other finances. Read More...

Apr 04, 2019 In business, having the right people in leadership roles is arguably the most important factor for success. That means that when a top executive or star employee retires or leaves for another role, there needs to be a contingency plan in place to replace her quickly and seamlessly. This is akin to having a support network for your small business. Ideally, you'll be able to replace the departing employee with another employee who has the experience and institutional knowledge to step into the role. This process is known as succession planning. Read More...

Jul 24, 2019 Traditionally, the process of planning for the transfer of assets to your loved ones after your death is known as  estate planning. As you approach this process, you might also hear another term: Legacy planning. The terms are in many ways synonymous, with some financial professionals using the phrase as a "re-branding" of the more traditional terminology. However, some argue that legacy planning encompasses a greater breadth of planning and activities.  Read More...

Apr 01, 2019 A comprehensive  estate plan often includes writing a last will and testament to transfer your assets to your beneficiaries. Once you've passed away, the executor of your will shepherds the will through the probate process. However, you may have things you'd like to communicate to your loved ones and beneficiaries that you don't want to include in the will itself. Often, these are informal instructions that will help your executor carry out your wishes. It might also include such informal elements as opinions about your funeral, the values you'd like to be remembered for or just a sentimental message to loved ones. Read More...

Mar 28, 2019 Medical issues bring about plenty of tough decisions about what treatments you do and don't want performed. Because you may be incapacitated in these situations, many people prepare ahead of time by creating  advance health care directives to record their wishes. In six states, you can record your wishes regarding life-sustaining measures in a uniform format using a medical order for life-sustaining treatment (MOLST) form. Using the MOLST form makes it easier to be sure that you're recording everything properly and complying with all the laws of your state. That way, you can rest easy knowing there won't be any hiccups when the time comes. Read More...

Mar 12, 2021 Having an estate plan in place can offer reassurance that your assets will be managed according to your wishes, both during your lifetime and after you pass away. While many people think of wills as the centerpiece of an estate plan, wills can be contested and have to go through a lengthy probate process. Instead, many people will use a trust to transfer assets to their loved ones. If you need to get your estate or inheritance sorted, a financial advisor can help you create an estate plan based on your needs and goals. Read More...

Mar 13, 2019 The executor of a will has a fiduciary duty to act in the best interest of the estate. This means that the law prevents you from acting in your own interest to the detriment of the estate. As an extension of this duty, executors also have several responsibilities to the beneficiaries of the will. We'll go through the most notable responsibilities executors have, as well as what they don't have an obligation to do. Read More...

Mar 13, 2019 When most people think of executing a will, they might think only of delivering inherited assets to beneficiaries. However, there are actually several steps of the probate process that the executor must complete before transferring any assets. As a beneficiary, it's natural to wonder how long it will take before the process ends and you receive any inheritance coming your way. Read More...

Apr 15, 2019 Even if you die without a will or without naming an executor in your will, someone still has to take charge of managing and closing your estate. The person who assumes this role is typically called an administrator rather than an executor. Each state has a way of determining who should act as administrator, so if you would like to volunteer, you’ll have to operate within your state’s probate process. While the minute details of the process will differ between probate courts, the broad strokes of the process will be the same. Read More...

Mar 12, 2019 The executor of a will is in charge of making sure the wishes of the deceased are carried out, as well as handling the final affairs of the estate. The executor has authority from the county probate court to act in this role, but that doesn't necessarily mean that the executor has the final say on all decisions regarding the estate. Read More...

Jul 24, 2019 One of the most crucial aspects of estate planning is appointing people you trust to step in for you when you can't act for your self. Two of the most prominent of these roles are the executor of your estate and your agent with power of attorney. The two roles may be filled by the same person, but the roles themselves are very different.  Read More...

Mar 12, 2019 When it comes to planning your estate, choosing who to name as your executor is an important choice to make. Your executor has a range of duties, including paying your debts, navigating your estate through the probate court and distributing your assets to your heirs. It's a big job, so you may consider splitting the responsibilities by naming two co-executors. However, doing so may complicate things more than it helps, depending on your situation. We’ll discuss why you may want to name co-executors, as well as the pros and cons of such a strategy. Read More...

Jul 18, 2019 Setting up a trust can be great way to control how your assets are distributed to your heirs after you pass away. Trusts are in many ways more flexible than wills in managing an estate's assets. When you've passed, the successor trustee - effectively the "executor" of your trust - is responsible for managing your trust and its assets. Read More...

Mar 11, 2019 Serving as the executor of a will can be a time-consuming endeavor that takes up a lot of mental bandwidth. It can be hard to keep straight the various forms, procedures and duties. To make the process just a bit more straightforward, we've assembled a checklist of the most important steps in the probate process. Keep in mind, though, that every estate is different, which means every executor's experience will be a little different. Read More...

Mar 11, 2019 Executors have broad authority from the courts to navigate an estate through the probate process. However, there are limits on what executors can do. These limitations stem mostly from an executor's fiduciary duty to the estate. We'll dive in to what fiduciary duty is, what it keeps executors from doing and what can happen if they fail. Read More...

Mar 08, 2019 When you serve as the executor of a will, you'll need to grapple with a lot of paperwork as you coordinate the distribution of  assets and property. Rest assured that whatever step of the probate process you’re working through, there’s likely a form for it. We’ll go over some of the most important forms here. Read More...

Mar 08, 2019 Serving as the executor of a will can be a bigger time commitment than many people might expect. Not only do you need to oversee the transfer of assets to the proper beneficiaries, but you also need to pay debts, close accounts and wrap up other miscellaneous affairs for the deceased. Many executors are attorneys or accountants who may not know the deceased very well. However, many times the executor is a close relative or spouse of the decedent (the person who has died). In these instances, the executor of the will may also be one of the beneficiaries named in the will. While that might seem strange, it's actually a fairly common occurrence. Read More...

Mar 08, 2019 A power of attorney is a legal document that transfers control of some of your personal responsibilities to another person. There are a few basic types of power of attorney, one of which is a durable power of attorney. With a durable power of attorney, you immediately transfer the power, legally allowing the agent to start making decisions on your behalf right away. The agent's decision-making power continues if the grantor becomes incapacitated. A durable power of attorney can be useful, but make sure you fully understand what you are doing before you sign one. Read More...

Mar 08, 2019 The executor of a will plays a very important role in the process of closing a deceased individual's estate. Although many think of executors as simply the people who inform heirs of what they've inherited, the job is actually quite wide-ranging. An executor is in charge of all the necessary tasks that come with carrying out a will and managing an estate. The executor must handle all the debts, loose ends, bequests and more that come with an estate. Every estate is different, so a complete list of duties is hard to come by. However, there are several steps of the process that will come up just about every time. Read More...

Aug 28, 2020 Probate is the court-supervised process of validating the will of a deceased person, or decedent. It involves identifying the person’s final assets, paying their last debts and distributing their estate's property to the proper heirs. State probate laws vary, but the process is very similar across the country, with lawyers doing most of the heavy lifting. It's helpful, though, to know what's involved, whether you're writing your will or you're an executor or beneficiary. For more hands-on guidance with estate planning, consult with a financial advisor in your area. Read More...

Mar 04, 2019 Some people may feel guilty about taking money for serving as the executor of a will. This is understandable, as the people you’ll be working with will undoubtedly be grieving. (Indeed, you may be grieving as well.) However, being an executor can be a time-consuming job that can take weeks or even months. That’s why most executors are entitled to receive some sort of payment for their services, either through the terms of the will or by state law. Read More...

Feb 28, 2019 Although it’s never fun to think about, estate planning is an important part of life, especially as we grow older. Many people choose to create a last will and testament to dictate how to bequeath their property and other assets after they pass away. Inevitably, though, it’s impossible for you to make sure people adhere to your will when the time comes. That’s where the executor of a will comes in. Read More...

Sep 01, 2020 The power of attorney (POA) authorizes another person to sign legal documents and otherwise act on your behalf in the eyes of the law. This power, however, does not apply to making changes to a will. It ends when you die -- or earlier. It can never be invoked after your death. You can limit the power in scope or to a certain timeframe or event (such as your becoming incapacitated). You can also revoke it. Whether you're planning your estate or simply planning ahead, here's what you need to know when giving or assuming POA. If you need more help sussing out the nuances of power of attorney and how it can apply to financial documents and decisions in your life, consider enlisting the help of a financial advisor. Read More...

Oct 08, 2020 A last will and testament, otherwise known as a will, is an  estate planning tool that directs what will happen to your estate following your death. Creating your own will involves choosing an executor and beneficiaries, listing out all of your assets and more. However, there are a number of considerations to take into account when creating a will for the first time. While it's possible to create a will on your own, estate planning is a complex endeavor. Talk to a financial advisor today. Read More...

Feb 04, 2019 The time may come when a medical issue leaves you unable to express your wishes about medical treatment. That's why it's important to make preparations ahead of time to make these wishes clear to doctors and family members. Setting up either an advance directive or a living will can avoid any doubt or potential legal issues. Read More...

Jan 02, 2019 Wyoming does not levy an estate tax. There is a federal estate tax, though, that will apply to Wyoming residents with large enough estates. This page will walk Cowboy State residents though what they’ll need to know about the estate tax to make sure their estates are planned carefully and their families are prepared for what will happen when they die. Hiring a financial advisor to help you through the intricacies of estate planning may make sense. SmartAsset can help you find the right advisor for your situation with our free financial advisor matching service. Read More...

Jan 02, 2019 Tennessee has no estate tax, regardless of the size of your estate. There is a federal estate tax, though, that will apply to Volunteer State residents who have estates of sufficient size. This page will walk Tennesseans looking to plan their estates through what they need to know to make sure everything is in order. One of the best ways to prepare your estate is to work with a financial advisor. SmartAsset can help you find the right advisor for you with our free financial advisor matching service. Read More...

Jan 02, 2019 South Dakota does not levy an estate tax. There is a federal estate tax, however, that will apply to South Dakotans who have estates of a certain size. This page is a guide for Mount Rushmore State residents who are looking for information about the estate tax as they plan their estates and make sure their families are ready to deal with every legal and financial step after they're gone. A financial advisor can help make estate planning even easier. SmartAsset makes finding an advisor effortless with our free financial advisor matching service. Read More...

Sep 02, 2021 Setting up a trust fund is one of many ways you can transfer money, property, and other assets to your loved ones or worthwhile causes. Like a will, it's an estate planning tool that outlines how your affairs should be handled after you pass. But a trust fund actually provides more control, privacy, and specificity. It can help you minimize estate taxes and avoid probate, and it can save your beneficiaries time, money, and piles of paperwork. A  financial advisor can help you make this decision, especially if he or she specializes in estate-planning topics. Read More...

Dec 21, 2018 Oklahoma has no estate tax, though some Sooner State residents may pay the federal estate tax if their estate is above a certain size. This page will walk Oklahomans through the estate tax so they can better plan their estate and make sure their family is prepared to deal with their death. Working with an advisor helps to ensure that you take care of every detail when planning your estate. SmartAsset can help you find one with our free financial advisor matching service. Read More...

May 21, 2019 Wisconsin has no estate tax. The federal estate tax may apply to residents of the state, however, if their estate is valuable enough. This page is for Badger State residents who want to learn more about the estate tax as they prepare themselves and their families for what will happen after they've died. Of course, one of the best ways to plan your estate is to get professional assistance in the form of a financial advisor. SmartAsset can help you easily find an advisor with our free financial advisor matching service. Read More...

Dec 21, 2018 There is no estate tax in North Dakota. The federal government has an estate tax, though, and it may apply to North Dakotans if their estate is of sufficient value. This guide is for Roughrider State residents who are looking for the information needed to effectively plan their estate and make sure their assets are protected and their families are prepared when they die. One of the best ways to prepare for the estate tax and other potential estate planning pitfalls is to hire a financial advisor. SmartAsset can help you find one with our free financial advisor matching service. Read More...

Dec 20, 2018 New Mexico does not have an estate tax, though there is a federal estate tax that will apply to New Mexicans who have large enough estates. This guide will take Land of Enchantment residents though all of the relevant facts they’ll need to navigate estate tax issues as they work to protect their estates and prepare their families for what happens when they eventually die. Finding a professional to help you is one of the best ways to go about estate planning. SmartAsset’s free financial advisor matching service can help you find an advisor who is a good fit for you. Read More...

Dec 20, 2018 New Hampshire has no estate tax. The federal estate tax may apply to residents of the state, though, if their estates are worth enough. This guide is for Granite Staters who are looking for the information they need to work through estate tax issues as they plan their estates and make sure everything is easy for their families after their deaths. One of the best steps to take in planning your estate is hiring a financial advisor to help you work through any problems. SmartAsset can help you find an advisor with our free financial advisor matching service. Read More...

Dec 20, 2018 Nebraska does not have an estate tax, though the federal estate tax will apply to Nebraskans if their estate is worth enough. Nebraska also has an inheritance tax to watch out for. This guide will take Cornhusker State residents through the information they need to know about the estate tax if they want their families to be secure and prepared for what will happen after they die. One way to take action on planning your estate is to hire a financial advisor to help you sort through the issues that come with the process. SmartAsset can help you find one with our free financial advisor matching service. Read More...

Dec 20, 2018 Nevada does not have an estate tax. There is a federal estate tax, though, that may apply if your estate is large enough. This guide will walk Silver State residents through the estate tax information they need to know to make sure their estate planning process goes smoothly and their family is adequately prepared for what happens once they’ve died. If you’re starting to think about estate planning, it may make sense to find a financial advisor to guide you through the trickier parts of the process. SmartAsset can help you find one with our free financial advisor matching service. Read More...

Dec 19, 2018 There is no estate tax in West Virginia, but residents of the state may still have to pay the federal estate tax if the value of their estate is high enough. In this guide, Mountain State residents will find the information they need to prepare for the estate tax and make sure their families are ready for the legal and financial hurdles that will arise when they die. You don’t have to plan your estate by yourself, though. A financial advisor can help you work through all of the problems and come up with a workable plan. You can find an advisor with SmartAsset’s free financial advisor matching service. Read More...

Dec 19, 2018 Missouri does not levy its own estate tax. Missourians may be liable for the federal estate tax, though, if their estates are large enough. This guide walks Show-Me State residents through what what they need to be aware of regarding the estate tax to make sure their estate plan is thorough and adequately protects their assets. Finding a financial advisor can make estate planning easier. SmartAsset can help you find the right financial advisor for you with our free financial advisor matching service. Read More...

Dec 19, 2018 Montana does not have an estate tax. Montanans may still have to pay the federal estate tax, though, if the value of their estate is high enough. This guide takes Big Sky Country residents through what they need to know about the estate tax and other taxes that may factor into the estate planning process. If you think you’d like a financial advisor to help you with estate planning, consider finding one using SmartAsset’s free financial advisor matching service. Read More...

Dec 19, 2018 Mississippi has no estate tax, but the federal estate tax will still apply to Mississippians if their estate is worth enough. This page guides Magnolia State residents through what they need to know to protect their assets and make sure their families are ready for any estate tax issues that may come up after they’ve died. Planning an estate takes some time and patience, though, so finding someone to help you may be a good choice. SmartAsset can help you find a financial advisor to assist with estate planning with our free financial advisor matching service. Read More...

Dec 18, 2018 There is no estate tax in Louisiana, but residents of the Bayou State may still have to pay the federal estate tax if their estate is worth enough. This guide takes Louisianans through what they need to know about the estate tax as they begin to think about estate planning. Planning ahead will help you make sure your assets are protected and your affairs are in order for when you eventually pass away. Estate planning isn’t always simple, though, so you may want to enlist a financial advisor to help you. SmartAsset can simplify your search with our free financial advisor matching service. Read More...

Dec 18, 2018 There is no estate tax in Kentucky. However, there is an inheritance tax that residents should be aware of when thinking about estate planning. There is also the federal estate tax to think about, which may apply if your estate is valuable enough. This article is for Bluegrass State residents who are wondering what they need to know as they start to think about the estate tax and how it will impact their estate planning goals. If you need help, you should consider finding a financial advisor to assist with estate planning. SmartAsset makes it easier to find an advisor who meets your needs with our free financial advisor matching service. Read More...

Dec 18, 2018 Hawaii levies an estate tax. The tax is progressive, with rates ranging from 10.00% to 15.70%. For 2018, the estate tax exemption in Hawaii is $5.49 million. That number is expected to rise to the federal exemption level in 2019, though specifics have yet to be determined. This guide is intended for residents of the Aloha State who want to learn what they need to know to ensure their assets are protected and their families are prepared once they die. If you need estate planning assistance, a financial advisor can help. SmartAsset can help you find an advisor with our free financial advisor matching service. Read More...

Dec 18, 2018 Vermont is one of twelve states, plus Washington, D.C., that levies an estate tax. Unlike the other states, though, Vermont’s estate tax is flat. If your estate is worth more than the $2.75 million exemption, the state taxes the excess at a rate of 16%, with no progressive rates or tax brackets involved. If you are a resident of the Green Mountain State and you’re starting to think about estate planning, this guide will take you through what you need to know. You also may want a professional to help you plan your estate. SmartAsset’s free financial advisor matching service can help you find the right advisor to guide you through the process. Read More...

Dec 18, 2018 Iowa does not levy an estate tax, but Iowans may still have to pay the federal estate tax if they have enough assets. The Hawkeye State has an inheritance tax to consider as well. This guide will walk Iowans through what they need to know to prepare their estates and make sure their families are taken care of when they pass away. It isn’t always simple to plan an estate, though, and you may want help. SmartAsset makes it easy to find a professional to help you with our free financial advisor matching service. Read More...

Dec 18, 2018 Kansas does not have an estate tax, but residents of the Sunflower State may have to pay a federal estate tax if their estate is of sufficient size. This guide walks Kansans who are starting to think about estate planning through what they need to know to protect their legacy after they pass. Planning an estate isn't easy, though, so it might make sense to get help. SmartAsset makes it easy to find a financial advisor with our free financial advisor matching service. Read More...

Dec 18, 2018 Idaho has no state-level estate tax. Idahoans with estates of a certain size may still have to worry about the federal estate tax, though. This guide walks Gem State residents through the facts and figures they need to know about the estate tax and other relevant taxes as they begin planning their estates. Estate planning isn’t easy though, so you may want to find help in the form of a financial advisor. SmartAsset can help you find an advisor who is a good fit for you with our free financial advisor matching service. Read More...

Dec 05, 2018 Creating an advance directive is an important part of your end-of-life planning. Doing so will help to communicate your wishes in medical situations where you can’t express them yourself. While a financial advisor can help you put together an advance directive, you can also create one yourself. If you live in Indiana and you’re considering drafting an advance directive, this guide will walk you through what it is, how to make one and if it’s something you need. Read More...

Dec 18, 2018 Indiana does not levy an estate tax. Residents of the state may still have to pay the federal estate tax, though, if their estates are worth enough. This guide is for Hoosiers who are starting to think about their own estates and want to find out what they need to do to protect their legacy. Estate planning can take some work, though, so you may want to find a professional to help you out. SmartAsset can help you find a professional who meets your needs with our free financial advisor matching service. Read More...

Dec 18, 2018 There is no estate tax in Utah. There is a federal estate tax, though, and residents of the Beehive State with sufficiently large estates may have to pay that. This guide is for Utahns who are starting to think about estate planning and want to learn more to ensure they protect their assets and prepare their families. If you want help with estate planning or financial planning more generally, consider working with a financial advisor. SmartAsset can help you find one with our free financial advisor matching service. Read More...

Dec 06, 2018 An advance directive is an important element of a thorough  estate planning strategy. If you live in Vermont and you’re unsure if you should draft an advance directive, this guide will walk you through what an advance directive is, how to make one and if it’s something you need. Please note, though, that if you're planning for the end of your life and thinking about an estate plane, it's a good idea to seek out the services of a  financial advisor. Read More...

Mar 04, 2020 There is an estate tax in Connecticut. It is progressive, and tax rates range from 7.8% to 12%. If you're a resident of Connecticut and thinking about planning your estate, this guide will explain what you need to know about the estate tax to make sure your affairs are in order when you pass away. If the estate tax may apply to you, consider finding a financial advisor to guide you through the estate planning process. SmartAsset can help you find an advisor with our free financial advisor matching service. Read More...

Dec 18, 2018 There is no estate tax in Delaware at the state level. The federal government does levy a tax on estates that reach a certain threshold, though, so residents of The First State may have to pay that. Delaware residents can use this guide to learn what they need to know about the estate tax if they are starting to think about estate planning. Estate planning is complicated, so you may want to get some help. A financial advisor will take you through everything you need to know about estate planning, and SmartAsset can help you find a financial advisor with our free financial advisor matching service. Read More...

Dec 18, 2018 Arkansas does not levy an estate tax. The federal government does have an estate tax, though, and Arkansas residents may be subject to that if the value of their estate is high enough. This guide is for residents of The Natural State who are starting to think about estate planning and want to make sure everything is taken care of when they are gone. If you want more help with estate planning or any other financial planning matter, finding a financial advisor may make sense. SmartAsset has a free financial advisor matching service that can help you find an advisor in your area. Read More...

Dec 18, 2018 Alaska does not levy an estate tax, but residents of The Last Frontier with especially large estates may still be subject to the federal estate tax. Use this guide to find out what you need to know if you're an Alaskan planning your estate. If you're finding estate planning — or financial and retirement planning more generally — overwhelming, consider finding a financial advisor to help you. SmartAsset's free financial advisor matching service makes it easier to find an advisor in your area. Read More...

Dec 18, 2018 There is no estate tax in Alabama. However, residents may still be subject to the federal estate tax if their estate is worth enough. If you live in the Cotton State and are starting to think about estate planning, this guide will explain what you need to know so that you can make sure all of your loose ends are tied up. If you want help with estate planning or with financial planning more generally, think about finding a financial advisor to help. SmartAsset's  free financial advisor matching service can help you find an advisor in your area. Read More...

Jul 18, 2019 Passing money down from generation to generation inevitably involves taxes. There's the  gift tax and the federal estate tax. Many states also charge an estate tax. However, there is a way to gift larger sums of money without as big of a tax burden: a grantor retained annuity trust (GRAT). A GRAT is a type of irrevocable trust that allows you to minimize the tax cost of passing on assets. Read More...

Jul 23, 2019 An advance directive can be an important aspect of your  estate planning strategy and emergency preparations. Having one can assure you that you'll receive the medical treatment you want if you lose the ability to make your own decisions. If you live in North Carolina and you’re wondering if an advance directive is something you should draft up, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. When it comes to making plans for the end of your life, talking with a financial advisor can make the process significantly easier. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Oct 31, 2018 When it comes to estate planning and making preparations for the end of your life, you may benefit a great deal from creating an advance directive. If you live in Oregon and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. Talking with a financial advisor can do a lot to ease the process of preparing for the end of your life. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Oct 31, 2018 An advance directive is an important document to consider when making plans for your estate and the medical unknown. If you live in Arizona and you’re wondering if an advance directive is something you should draft up, this guide will help you understand what advanced directives are, how to make one and if it’s something you need. When it comes to making plans for the end of your life, talking with a financial advisor can do a lot to make the process easier. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Oct 30, 2018 An advance directive can be a crucial document when assembling your estate planning strategy. If you live in Maryland and you’re wondering if an advance directive is something you should draft up, this guide will help you understand what advanced directives are, how to make one and if it’s something you need. Talking with a financial advisor can do a lot to ease the process of preparing for the end of your life. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Dec 21, 2018 When it comes to estate planning and making arrangements for the medical unknown, an advance directive can be extremely important. If you live in Oklahoma and you’re wondering if an advance directive is something you should draft up, this guide will help you understand what advanced directives are, how to make one and if it’s something you need. Talking with a financial advisor can do a lot to ease the process of preparing for the end of your life. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Oct 25, 2018 An advance directive can be a crucial document when assembling your  estate planning strategy. If you live in Virginia and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. Making plans for the end of your life is extremely important even if it's not the rosiest task. Luckily, talking with a financial advisor can streamline the process significantly. SmartAsset’s financial advisor matching tool can connect you with three qualified financial advisors in your area. All you have to do is fill out a short survey, and the tool will do the rest. Your advisor can help you organize your general finances, assist with estate planning and prepare for all the possibilities that may arise. Read More...

Oct 25, 2018 When it comes to estate planning and making plans for the medical unknown, an advance directive can be extremely significant. If you live in Georgia and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. When it comes to making plans for the end of your life, talking with a financial advisor can ease the process significantly. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Jul 24, 2019 Advance directives are legal documents that serve as crucial pillars in both  estate planning and preparations for potential medical complications. If you live in Colorado and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. When it comes to making plans for the end of your life, talking with a financial advisor can ease the process significantly. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Jul 23, 2019 When it comes to estate planning and making preparations for the end of your life, you may benefit a great deal from creating an advance directive. If you live in New Jersey and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. Talking with a financial advisor can do a lot to ease the process of preparing for the end of your life. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Jul 24, 2019 When it comes to estate planning and making plans for the medical unknown, an advance directive can be extremely significant. If you live in Texas and you’re wondering if an advance directive is something you need, this guide will help you understand what advanced directives are, how to make one and if it’s something you need. Talking with a financial advisor can do a lot to ease the process of preparing for the end of your life. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Oct 25, 2018 An advance directive is an important document to consider when making plans for your estate and the medical unknown. If you live in Florida and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. When it comes to estate planning and preparing for all possibilities, talking with a financial advisor significantly simplifies the process. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise in your financial future. Read More...

Jul 24, 2019 An advance directive can be a crucial document when it comes to estate planning and preparing yourself for potential medical complications. If you live in California and you’re considering creating an advance directive for yourself, this guide will walk you through the basics of what it is, how to create it and if it’s right for you. When it comes to making plans for the end of your life, talking with a financial advisor can do a lot to make the process easier. SmartAsset’s financial advisor matching tool can pair you with up to three financial advisors in your area. All you have to do is fill out a short survey. Your advisor can help you sort out your general finances, plan your estate and prepare for all the possibilities that may arise. Read More...

Sep 21, 2018 No one likes to think about death. It’s important, though, to consider your mortality when it comes to money. If you don’t, your family could end up having to scramble when you do pass on. One way to prepare for your eventual demise is to form a Totten trust, which is essentially a bank account with a named beneficiary. Read More...

Sep 14, 2018 If you are thinking about estate planning, there are a lot of options available for ensuring your assets are protected and your family is taken care of once you’ve died. One of these options is to store your assets in a living trust. This article will provide information for anyone considering forming a living trust in Maryland, with a step-by-step guide to the process and a look at why you may or may not want to create a living trust. If you are starting the estate planning process, you might want to find a financial advisor to help you. SmartAsset offers a free financial advisor matching service to help you find the right financial advisor for you. Read More...

Sep 04, 2018 Are you getting ready to plan your estate? If so, you’ll have a lot of options to choose from to protect your assets for your family. One of them is a living trust. This article is for people in South Carolina who are thinking about forming a living trust. It will take you through all of the steps to creating living trust in the state and also explain the pluses and minuses of using a living trust as part of your estate plan. Read More...

Dec 19, 2018 If you’re starting to think about estate planning, there are a lot of options out there for you. One method of protecting your assets for your family is to form a living trust. This article will take you through the steps it takes to create a living trust in Louisiana, plus look at the pros and cons of using a living trust in your estate plan. If you’re thinking of forming a living trust or you just want some more general financial planning help, getting a financial advisor is probably a good idea. You can find one who suits your needs using SmartAsset’s free financial advisor matching service. Read More...

Dec 21, 2018 Are thinking about getting started on an estate plan? If so, there are a lot of possible routes you can take to prepare. One of the methods you can use is to make a living trust. This article will guide you through creating a living trust in New Mexico, laying out all of the steps and looking at the pros and cons of using a living trust as part of your estate plan. If you’re just starting with estate planning or if you’ve been trying and you’re at a loss, a financial advisor may be able to help. SmartAsset has a free financial advisor matching service you can use to find an advisor who is right for you. Read More...

Dec 06, 2018 If you’re getting ready to plan your estate, you may be overwhelmed by the sheer number of options you have to choose from to protect your assets and your family. This guide will explain one of those options, living trusts, for people in Iowa. Below, you’ll find a step-by-step guide to creating a living trust in the Hawkeye State, as well as an overview of the pros and cons of using one. If you are in the midst of estate planning and think you need some help, you might consider finding a financial advisor to serve as your guide. SmartAsset has a free financial advisor matching service that can help you find the advisor who is right for you. Read More...

Sep 04, 2018 There are many ways to plan your estate, and it isn’t always easy to pick which method you’re going to use to protect your family and your assets. One option is to form a living trust. If you are in Ohio, this guide will take you step by step through how to make a living trust. It will also explain why you might want to think about forming a living trust -- and why it might not always be the best choice. For those of you thinking about making a living trust or anyone just working on financial planning in general, retaining the services of a financial advisor may be a good choice. SmartAsset’s free financial advisor matching service can help you find an advisor in your area who meets your needs. Read More...

Sep 04, 2018 Planning an estate is a complicated process, and there are a number of ways to go about it. Whichever way you choose though, you’ll want to make sure your assets and your family are cared for and protected. A living trust is one popular way to do that. Read More...

Sep 04, 2018 Getting your estate ready for when you die may not be the most fun activity in the world, but it is necessary. There are a lot of ways to go about doing it, though. One of them is to create a living trust. If you’re in New Jersey, this guide will walk you through the steps to create a living trust and also examine the pluses and minuses of using a living trust to protect your assets for your family. Whether you’re creating a living trust or doing any other sort of financial planning activity, getting a financial advisor may be a good idea. SmartAsset’s free financial advisor matching service can help you find a good fit in your area. Read More...

Dec 21, 2018 Estate planning is incredibly important, yet it remains a bit of a mystery to many people. How exactly should you go about protecting your assets so your family is in the best position when you die? There are many ways to do it, but one way is to create a living trust. Read More...

Sep 04, 2018 It isn’t easy to plan your estate. There are a lot of moving parts, and it isn’t always fun to think about what is going to happen to your family and your property after you’ve died. Still, it’s important to think about how to best protect your assets and ensure your family is cared for once you're gone. One way to do that is to form a living trust. Read More...

Nov 28, 2018 Legacy and estate planning is a difficult and sometimes uncomfortable process. One possible way to make it easier is to form a living trust. If you live in Arkansas and you’re thinking about creating a living trust as part of your estate plan, this article will take you through all of the steps and provide an overview of the pros and cons of making a living trust in the state. If you’re thinking about creating a living trust or you just have some general financial planning concerns, a financial advisor can help. SmartAsset’s free financial advisor matching service can help you find an advisor in your area who will be a good fit for you. Read More...

Sep 14, 2018 Estate planning presents a number of choices. One way to protect and pass on your estate is to form a living trust. If you’re in Washington and thinking about creating a living trust, this guide has all of the information you’ll need, including a step-by-step rundown on how to set up a living trust. If you’re about to make a living trust or are dealing with financial planning questions more generally, it might make sense to find a financial advisor to help. SmartAsset offers a free financial advisor matching service that will help you find a good advisor for you in your area. Read More...

Aug 22, 2018 A living trust is one way to plan your legacy and estate -- and to make things a bit easier for your family once you’ve died. If you live in Florida, this guide will tell you how to set up up a living trust and also provide some relevant information to help you decide if a living trust is the right option for you. If you’re creating a living trust or thinking about estate planning in general, it might make sense to talk to a financial advisor. SmartAsset offers a free financial advisor matching service that can help you find an advisor in your area who suits your needs. Read More...

Mar 17, 2021 You have a lot of options for planning your estate. One of them is to form a living trust. If you live in Michigan and are thinking about creating a living trust, this guide will give you all of the information you need, plus a step-by-step guide to actually making your own living trust. If you’re setting up a living trust or thinking about any other type of financial planning, it might make sense for you to find a financial advisor. SmartAsset offers a free financial advisor matching service that can help you find the right advisor for you in your area. Read More...

Sep 14, 2018 A living trust is an estate planning option that can make things easier for your family after you’ve died. This guide will take you through the process of creating a living trust in Texas, giving you all of the information you’ll need to make setting up a living trust as painless as possible. If you’re setting up a living trust -- or just looking for help with any other financial planning activity -- it might make sense to find a financial advisor. SmartAsset offers a free financial advisor matching service that can help you find an advisor in your area who is a good for for you and your family. Read More...

Feb 11, 2021 There are a number of ways to plan your estate, but one popular option is to form a living trust. This guide has all of the information you need to know about living trusts, including step-by-step instructions to setting one up in the state of Oregon. For those of you thinking about estate planning, getting the help of a financial advisor may be a good choice. SmartAsset offers a free financial advisor matching service to help you find an advisor in your area who suits your needs. Read More...

Aug 22, 2018 If you’re starting to think about your legacy and creating a plan for your estate, a living trust is one way to protect your assets and make life easier for your heirs. If you’re living in Illinois and thinking about creating a living trust, this guide will take you through the process and give you the information you need to know about the pros and cons of living trusts. Read More...

Aug 22, 2018 A living trust is one way to be proactive about planning your estate. If you’re in Arizona and think that establishing a living trust might be the best way for you to protect your assets and make life as easy as possible for your family after you’ve died, this guide will give you the information you need to set up the trust. Whether you’re creating a trust or a financial plan, you might also benefit from talking to a financial advisor. SmartAsset offers a free financial advisor matching service that will help you find an advisor in your area who is a good fit for you. Read More...

Jul 24, 2019 A living trust is one way to make things as easy as possible for your family after you’re gone. If you are living in New York and thinking about creating a living trust, this article will provide you with all of the relevant information you need, including a step-by-step guide through the process. Read More...

Feb 24, 2020 A living trust can be a useful tool when planning your estate. But if you live in California and are considering using a living trust to protect your assets during your golden years, make sure you understand the state and federal rules that surround them. Of course, whether you’re setting up a living trust, planning for retirement or seeking help with general financial planning, it might make sense to find a financial advisor in your area. Read More...

Jul 18, 2019 Though it's uncomfortable to think about death, it's crucial to take certain steps to protect your assets before that time comes. Living trusts and wills are two estate planning options designed specifically to help you prepare for the inevitable. While one focuses largely on the management of your assets during life and after death, the other focuses solely on the distribution of your assets after you've passed away. Read More...

Jan 16, 2020 The Maryland estate tax applies to estates worth more than $4 million. If you live in Maryland and are thinking about estate planning, this guide will walk you through what you need to know about the Maryland estate tax. If you think you'll need help with planning, consider working with a financial advisor. SmartAsset’s financial advisor matching service can help you find one that’s a good fit for you. Read More...

Apr 08, 2019 Pennsylvania does not have an estate tax. No matter the size of the estate, it will owe nothing to the state of Pennsylvania before the money is dispersed to heirs. There is a federal estate tax that may apply, and Pennsylvania does have an inheritance tax. If you think you might need help with estate planning or financial planning more generally, SmartAsset's  financial advisor matching tool can help you find an advisor in your area. Read More...

Jul 11, 2018 As of Jan. 1, 2018, New Jersey no longer has an estate tax. The tax was phased out over a period of years and is now nonexistent. This means that regardless of the size of the estate, if someone dies in or after January 2018, their estate owes nothing to the state of New Jersey. Depending on the size of the estate, however, some taxes might still be owed to the federal government. New Jersey also has an inheritance tax to look out for. If you think you might need help determining if your estate will owe taxes or with estate planning, you may want to enlist the help of a financial advisor. SmartAsset has a financial advisor matching tool that can help you find an advisor in your area who fits your needs. Read More...

Jul 29, 2019 The Illinois estate tax rate is graduated and goes up to 16%. It is applied on estates worth more than $4 million. If you live in the Prairie State and are thinking about estate planning, you’ve come to the right place. This guide will walk you through what you need to know about estate tax in Illinois. If you think you need help with estate planning, you may want to consider working with a financial advisor. SmartAsset’s financial advisor matching service can help you find an advisor that’s a good fit for you. Read More...

Jul 23, 2018 While South Carolina has no estate tax, there is still the possibility that you will be subject to the federal estate tax. A financial advisor can help you sort through any estate planning questions you may have, or help you with general financial planning. SmartAsset’s financial advisor matching platform can help you find a financial advisor in your area. Read More...

Jul 11, 2018 The estate tax rate in Oregon ranges from 10% to 16% and applies to estates above $1 million. If you are estate planning in Oregon and your estate is worth more than $1 million, you’ll have to consider the impact of the tax on your estate. If you think you might be subject to the estate tax, you may want to consider enlisting the help of a financial advisor. SmartAsset’s financial advisor matching tool can help you find one in your area who meets your specific needs. Read More...

Dec 19, 2018 The estate tax rates in Maine range from 8% to 12%. The tax applies on estates worth more than $5.6 million. This guide has the information you need to know if you’re starting to think about estate planning in Maine. If you’re planning your estate or dealing with financial planning issues in general, it can help to speak with a financial advisor. SmartAsset’s financial advisor matching tool can pair you with an advisor in your area for free. Read More...

Jul 10, 2018 There is no estate tax in Georgia. If you’re estate planning, there are still other factors to consider, like the possibility of having to pay the federal estate tax. If you’re dealing with an estate or with any other financial planning situation, you might want to consider finding a financial advisor to help you. SmartAsset can help you find a financial advisor in your area. Read More...

Jul 10, 2018 The state of Virginia does not have an estate tax - but you still may be subject to the federal estate tax, depending on the size of your estate. If you’re living in the Old Dominion and you’re thinking about estate planning, this guide has all the information you need to know. If you decide you need help with estate planning or any other type of financial planning, you may want to consider hiring a financial advisor. SmartAsset’s financial advisor matching service can help you find the right advisor for you. Read More...

Jul 10, 2018 There is no estate tax in Colorado. Depending on the size of your estate, you may still owe estate tax to the federal government due to the federal estate tax. If you’re dealing with estate planning or are looking to get your finances and investments in order, some professional help could be in order. SmartAsset’s SmartAdvisor tool can help you find a financial advisor in your area. Read More...

Jul 10, 2018 North Carolina does not levy an estate tax. However, your estate may still be subject to the federal estate tax if the value is high enough. If you think you need help with estate planning or any other financial planning issues, you may want to consider working with a financial advisor. You can find an advisor in your area who meets your specific needs and preferences by using SmartAsset’s financial advisor matching service. Read More...

Jul 11, 2018 The top rate for the Rhode Island estate tax is 16%. It kicks in for estates worth more than $1,537,656. If you live in Rhode Island and are thinking about estate planning, this guide has the information you need to get started, but professional help in the form of a financial advisor can help you whether your planning an estate or dealing with any other financial planning issues. SmartAsset’s financial advisor matching services can help you find the right advisor for your individual needs. Read More...

Jul 10, 2018 Arizona has no estate tax. No matter the size of your estate, you will not owe anything to the state. If your estate is worth enough, though, there’s a chance you could owe the federal estate tax. If you are planning an estate or dealing with any other financial planning issues, you might want to consider finding a financial advisor who can help you. SmartAsset can help you find a financial advisor in your area for free. Read More...

Jul 10, 2018 The state of Ohio does not have an estate tax. There is a chance that you may still be subject to the federal estate tax. This guide has all the information you need to start estate planning in the Buckeye State. If you think you’ll need help, it can’t hurt to speak to a professional. SmartAsset’s SmartAdvisor platform can help you  find a financial advisor in your area. Read More...

Jul 10, 2018 There is no estate tax in Michigan. No matter the size of your estate, you won't owe money to the Wolverine State. You might owe taxes to the federal government through the federal estate tax, depending on the size of your estate. Whether you are planning an estate or dealing with some other financial planning situation, professional help may be a good idea. SmartAsset can help you find a financial advisor in your area who meets your individual needs. Read More...

Jul 10, 2018 The estate tax rate in Minnesota ranges from 12% to 16%. In 2018, it applies to estates worth more than $2.4 million. This guide gives a full explanation of the estate tax in Minnesota, so you know what to expect when estate planning. If you think you’ll need help, you might consider working with a financial advisor. SmartAsset’s financial advisor matching tool can match you with an advisor who meets your needs. Read More...

Jul 10, 2018 The state of Texas does not have an estate tax, however residents may still be subject to federal estate tax laws. If you live in Texas and are thinking about estate planning, this guide will walk you through what you need to know. If you think you need help with estate planning or general financial planning, you may want to consider getting a financial advisor. SmartAsset’s matching service can help you find a financial advisor in your area that’s a good fit for you. Read More...

Sep 06, 2018 The estate tax rate in New York ranges from 3.06% to 16%. Estates over $5.25 million are subject to this tax. Whether you’re thinking about your own legacy as you enjoy your twilight years or if you’re the one dealing with figuring out your relative’s legacy, here is your all-in-one guide to New York estate tax laws. If you think you might be subject to the estate tax, you may want to consider enlisting the help of a financial advisor. SmartAsset’s financial advisor matching tool can help you find one. Read More...

Jul 10, 2018 California is one of the 38 states that does not have an estate tax. However there are other taxes that may apply to your wealth and property after you die. This guide will tell you everything you need to know about estate planning and estate tax in California. If you think you’ll need further help with estate planning, consider using a financial advisor. SmartAsset’s financial advisor matching service can pair you with an advisor in your area who fits your specific needs. Read More...

Apr 09, 2019 Massachusetts levies an estate tax on estates worth more than $1 million. The progressive estate tax rates top out at 16%. Estate planning can take a lot of work and a lot of knowledge. If you’re living in the Bay State and are looking for information about the Massachusetts estate tax, this guide has all the information you’ll need. If you need help navigating the estate tax or any other financial planning issues, you may want to enlist the help of a financial advisor. SmartAsset’s financial advisor matching tool can pair you with advisors in your area. Read More...

Jul 10, 2018 Estate tax rates in Washington state are progressive and range from 10% to 20%. The estate tax in Washington applies to estates worth $2.193 million and up. If you’re a Washington resident and you’re starting to think about estate planning, this guide takes a deep dive into everything you need to know. If you think your estate may be subject to the estate tax, you may want to consider consulting a financial advisor. SmartAsset’s financial advisor matching tool can pair you with an advisor in your area who fits your specific needs. Read More...

Sep 11, 2019 Nebraska is one of just six states in the U.S. that employs an inheritance tax. Aside from this, though, the state has a fairly typical set of inheritance and intestate succession laws that mostly dictate how an estate is inherited if there is no will. Below we provide a comprehensive look at Nebraska inheritance laws. But if you want expert guidance to help with your estate planning, the SmartAsset matching tool can pair you with financial advisors in your area to tailor a strategy to your particular needs. Read More...

Sep 11, 2019 With its own estate tax on top of the federal estate tax, Rhode Island residents and nonresidents who own property in the state may find the tax situation surrounding their estate to be rather overbearing. But as far as the rest of Rhode Island inheritance laws go, the Ocean State is reasonably standard. The SmartAdvisor tool can match you with financial advisors nearby that will assist you in planning out your estate according to state law. Read More...

Sep 11, 2019 Kentucky is one of the few states that implement dower and curtesy laws, which are a relic of past U.S. inheritance law policies. That same distinction of rarity applies to its inheritance tax, as only five other states levy it. Below we provide comprehensive information on Kentucky inheritance laws. But if you’re looking for hands-on guidance, the SmartAdvisor tool will pair you with up to three financial advisors in you area, so you can get some help navigating the waters of distributing an estate’s assets. Read More...

Sep 11, 2019 Even though there are no inheritance or estate taxes in Colorado, its laws surrounding inheritance are complicated. That’s especially true for any situation involving surviving children and a spouse. So we built this guide to walk you through everything you’ll need to know about distributing or inheriting assets, according to Colorado inheritance laws. Of course, these matters aren’t that simple. So if after reading what’s below you find you want some expert guidance on estate planning, the SmartAdvisor matching tool can pair you with financial advisors in your area, based on your needs. Read More...

Feb 24, 2020 Although some Indiana residents will have to pay federal estate taxes, Indiana does not have its own inheritance or estate taxes. Below we detail how the estate of Indiana will handle your estate if there’s a valid will as well as who is entitled to your property if you have an invalid will or none at all. Matters of estate planning and inheritance can be quite complicated, so if you’re looking for extra guidance in understanding Indiana inheritance laws, check out SmartAsset’s advisor matching tool. By answering a few personal questions, you get paired with financial advisors in your area who are able to help you strategize for everything related to estate planning. Read More...

Nov 01, 2019 With no estate or inheritance taxes, Ohio is a hands-off state in terms the allocation of your financial legacy. The rest of Ohio inheritance laws surrounding these topics are fairly typical, but the ins and outs of estate planning can still be rather complicated. So if you’re in need of some help, the SmartAsset matching tool can match you with financial advisors in your area who can provide expert guidance tailored to your specific needs. Read More...

Sep 11, 2019 New York is one of 12 states, along with the District of Columbia, that tax the estates of decedents who were residents or who owned property located within its borders. Aside from this, there are many other factors that go into how the state handles inheritances, beginning with whether or not you have a valid will. If you’re looking for professional guidance on navigating nuanced estate planning laws or New York inheritance laws, the SmartAdvisor tool can pair you with capable financial advisors in your area who will assist you throughout this process. Read More...

Sep 11, 2019 Massachusetts doesn’t have an inheritance tax, but some residents of Massachusetts and nonresidents with property in the state will find it can be an expensive state for your heirs to inherit your property, as it employs its own estate tax. Although most of the U.S. won’t have to pay it, this tax is completely independent of the federal estate tax levied to all U.S. residents. These matters get complicated, so if you want some extra guidance when considering Massachusetts inheritance laws, check out the SmartAdvisor tool to get paired with financial advisors near your area who can help you with these tax issues as well as the other intricacies of estate planning in the Bay State. Read More...

Sep 11, 2019 No matter whether you pass away with a valid will prepared or not, Alabama’s inheritance laws are quite elaborate and complicated. This is mostly because of its probate court that includes multiple ways you can file. So even though the state doesn’t have its own inheritance or estate tax, the estate planning process isn’t really any simpler. If you’d like some help with your estate or in understanding Alabama inheritance laws, answer a few questions with the SmartAsset matching tool and you’ll get matched with some of the top financial advisors in your area who can meet your particular needs. Read More...

Sep 11, 2019 It seems simple enough to write a will and choose who you want to inherit your property. But things can get murky you haven’t completed a valid will prior to your death, as Oklahoma’s intestate succession laws will take over. If you’re looking to begin planning your will and estate and understanding Oklahoma inheritance laws, the SmartAdvisor tool will match you with advisors in your area that fit your needs. Read More...

Sep 11, 2019 Louisiana does not impose any state inheritance or estate taxes. It’s also a community property estate, meaning it considers all the assets of a married couple jointly owned. If you’re looking for more guidance to navigate the complexities of  Louisiana inheritance laws, the SmartAdvisor tool can set you up with financial advisors in your area to help you plan your estate. Read More...

Sep 11, 2019 Minnesota, like 11 other U.S. states and the District of Columbia, charges its own estate tax in addition to the federal estate tax. The rest of the state’s inheritance laws, though, are fairly standard and match the policies most other states have in place. If you want help navigating the complexities of estate planning, the SmartAsset matching tool can pair you with financial advisors in your area. Read More...

Sep 11, 2019 In addition to the federal estate tax, Washington State charges its own estate tax. It also holds the fairly rare distinction of being a “community property” state, combining nearly all assets of anyone who’s married or in a domestic partnership. To learn more about these rules and the many other nuances of Washington inheritance laws, keep reading below. And if after browsing this information you will want added professional guidance to navigate the ins and outs of estate taxes, the SmartAsset matching tool will pair your with local financial advisors. Read More...

Sep 11, 2019 Pennsylvania is one of six U.S. states that still impose an inheritance tax, though the rest of Pennsylvania inheritance laws are fairly standard. There are also tight restrictions around what constitutes a valid will in the state, so be sure you know exactly what you’re doing. If you want expert advice, use the SmartAdvisor tool to get matched up with financial advisors nearby. Read More...

Sep 11, 2019 Whereas most states will categorize estate property depending on who specifically owns it, Arizona’s community and separate property laws muddy these waters a bit. On the bright side, Arizona inheritance laws do subject its residents and nonresidents who own property in the state to any inheritance or estate taxes. If you feel like you might have some questions about estate planning, the SmartAdvisor tool will set you up with financial advisors near you. Read More...

Sep 11, 2019 There are no estate or inheritance taxes in California. California inheritance laws, especially when there isn't a valid will in place, can get a bit convoluted. So if you’d rather have your will and inheritance plans built with the help of a financial advisor, the SmartAdvisor tool will match you with advisors in your area. Read More...

Nov 01, 2019 Because there are no state-specific taxes in Georgia, it is a favorable state for you and your heirs to protect your estate. This policy is not indicative of Georgia inheritance laws overall, though, as they heavily depend on the property in the estate. The state is also known for having one of the weakest sets on spousal inheritance laws in the nation. Financial advisors can aid you in how to plan your estate. So if you’re in need of some help, take a look at the SmartAdvisor tool that will pair you with financial advisors in your area. Read More...

Sep 11, 2019 Virginia, like the majority of U.S. states, doesn’t charge a state inheritance or estate tax. It does enforce the rare probate tax, though, should your estate need to go through that process. If you’d like the services of a financial advisor to help you navigate the complicated terrain of estate planning and Virginia inheritance laws, the SmartAdvisor tool will match you with advisors in your area. Read More...

Sep 11, 2019 In Florida, there are no state taxes related to inheritance and the estates of those who have died. Below you’ll find detailed information about how the state handles its residents’ estates both when there’s a will present and not. Remember that heirs only receive what’s left of an estate after the decedent’s debts are paid off. If after reading this article you’d like to have a financial advisor help you plan or manage your estate with regard to Florida inheritance laws, the SmartAsset financial advisor matching tool will pair you with multiple advisors in your area based on your answers to just a few questions. Read More...

Sep 11, 2019 Depending on whether or not you’ve prepared a valid will at the time of your death, Tennessee inheritance laws surrounding your estate will vary wildly. The state doesn’t have any of its own inheritance or estate taxes, though your property and assets may still be subject to the federal estate tax. Should you have any questions about the estate planning process, take advantage of the SmartAdvisor tool that will match you with financial advisors in your area. Read More...

Mar 12, 2021 Texas does not impose a state inheritance or estate tax. Most of its laws surrounding inheritance are straightforward. However, if you die without a will, the distribution of your assets will be left up to the state's intestate succession process. Sorting an estate or inheritance can be complicated, but a financial advisor could help you create an estate plan for your family's needs and goals. Let's break down inheritance laws in Texas. Read More...

Jul 10, 2018 There is no Florida estate tax, though you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size. If you’re concerned about planning your estate or any other financial planning concerns, you may want to consider getting professional help from a financial advisor. SmartAsset’s financial advisor matching service can help find one in your area who meets your needs. Read More...

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