Estate Planning

Jul 06, 2022 Revocable living trusts have become an increasingly popular tool in estate planning. They’re often used by households to avoid the probate process, which in some estates can save heirs both time and money. However, while trusts are a popular option, often a will is the better one. That’s particularly true for simple or relatively small estates. Here’s how they compare. Use the SmartAsset matching tool to find a financial advisor to help you with estate planning. Read More...

Jun 28, 2022 A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income must file a federal return. But for a revocable trust or a grantor trust that is controlled by the person who set it up, those owners must include the trust on personal returns and the trust itself doesn’t file. Here's what you need to know. A financial advisor could help you find answers to your trust and taxation questions. Read More...

Jun 28, 2022 The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors. Because grantors don’t always acquire an EIN for the created trust, their heirs or beneficiaries may have to do so after the fact. If the grantor in a revocable trust has died, making the trust irrevocable, you will need to complete the application for an EIN. To get all of your estate planning questions answered, you can speak with a financial advisor. Read More...

Jun 16, 2022 Nursing home costs can take a real bite out of your assets without proper planning. Although protecting your assets can be complicated, it's a necessary step. Let's break down what happens when you go into a nursing home and common ways to protect your assets from nursing home costs. A financial advisor could help you create a financial plan for your healthcare needs and goals. Read More...

Mar 20, 2023 As you build wealth, you increasingly become a target for lawsuits. Lawyers often see wealthy investors as "deep pockets" that can financially right the wrongs that a plaintiff feels they've suffered. While you can't stop someone from suing you, you can protect yourself and your money. Here's how to protect your assets from lawsuits and other financial liabilities. A financial advisor could help you create a plan to protect your assets for your family. Read More...

Jun 08, 2022 Parents and grandparents looking for a way to pass assets to their beneficiaries should consider a bare trust, also known as a naked trust or simple trust. It is one of the simplest forms of a trust but can still be an effective way to accomplish the goal of handing off assets to the next generation. Although this kind of trust is not available in the U.S., Americans can set one up outside the country for the benefit of a child or grandchild. If you need help sorting through the estate planning options, try out SmartAsset's free financial advisor matching tool to get the specialized help you might need. Read More...

Jun 07, 2022 Estate planning can be difficult because there are so many tax rules that could cost you a lot of money long-term if you don't know what to deduct. This article will discuss reducing estate planning costs through deducting the expenses when you file taxes and give you general tips on saving money in the estate planning process. To dig deeper, you can get the financial help you need to prepare your estate properly by speaking with a financial advisor. Read More...

Jun 07, 2022 While so many people are financially prepared for the amount they will need in retirement, many fail to consider how their situation might change due to a disability. Unfortunately, a disability is the most common reason for nursing home placement. By educating yourself on relevant Medicaid laws and different methods of asset protection, you can maintain your standard of living if your spouse requires long-term care. Protecting assets is always a complicated situation so you may find it beneficial to speak with a financial advisor who is well-versed in the practice. Read More...

Jun 01, 2022 Establishing a trust as part of an estate plan is something you might consider for passing on wealth. While most trusts are created with one or more beneficiaries in mind, purposes trusts work differently. A purpose trust is what it sounds like - a trust created and funded for a specific purpose. These trusts can hold a variety of different assets but whether you need one or not can depend largely on your estate planning needs. Here's what you need to know. A financial advisor could help you put an estate plan together for your family's needs and goals.  Read More...

Mar 28, 2023 Spouses and children of veterans may be eligible for a range of benefits after the veteran dies. Benefits available to qualifying survivors include cash payments as well as help with healthcare and education expenses and even home loans. Here's what you need to know about VA survivor benefits. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

May 20, 2022 Most of the time, carrying out a dead person's last wishes is fairly simple - their assets are divided as the deceased directed in the will, everyone grieves and then moves on, possibly with slightly heavier wallets. Occasionally, though, there will be a challenge to the will that has to be resolved. If you think you need to challenge a will, here's how to do so by yourself. For help with wisely handling an infusion of cash from an inheritance, consider working with a financial advisor. Read More...

Mar 30, 2023 If you have a high net worth, it’s important to have a good estate plan in place. While putting these plans together can be tricky no matter the circumstances, things get more complicated if you have a high net worth. There is a lot to think about, including estate taxes, trusts and gifting. We’ll take a look at some of the best strategies to consider so you won’t have to worry about what will happen when you’re gone. For help with planning your estate, consider working with a financial advisor. Read More...

May 18, 2022 If you have a high net worth, one of the most powerful tools available to you is a trust. They can help you pass your wealth to your heirs and may be able to shield your money from creditors. However, there are many types of trusts available. Selecting the right trust(s) will help ensure your money goes to the people you want rather than being drained from your accounts. If you still aren’t sure which kind of trust you need, a financial advisor can help. Read More...

May 16, 2022 An estate plan is designed to make sure your family is taken care of after you are gone -- and to see that your money and property is dispersed as you want it to be. There are a number of tools available to build an effective estate plan, including wills and various types of trust. One you may want to consider is a spousal lifetime access trust, which has benefits for the spouse who is left after one passes away. Read More...

May 09, 2022 Estate taxes can take a bite out of your inheritance income. While many beneficiaries can avoid the brunt of inheritance taxes, they will have to pay income tax on estate distributions. Let's break down when and how much beneficiaries have to pay on estate distributions. A financial advisor can help you create an estate plan to mitigate your family's tax liability on their inheritance.  Read More...

Apr 28, 2022 Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, your grandchildren and beyond. Married couples have the possibility of establishing a joint trust instead of simply establishing one in each of their names. Let's compare the advantages and disadvantages for your needs. A  financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Mar 30, 2023 If you own property or real estate, you might consider passing it along to your heirs when you pass away. But you may not want to give up any of your rights to the property during your lifetime. Creating a life estate that conveys life tenant status to you is one possible solution. The rights of life tenants include being able to enjoy the use of a property and collect any rent payments generated by it during their lifetime. A financial advisor can help you create an estate plan for your family's needs and goals.  Read More...

Apr 19, 2022 Investing in stocks can help you diversify your portfolio and build wealth. But what happens to stocks when you die? Stocks and other investments become part of your estate when you pass away. Who is entitled to inherit your stocks can be determined by your beneficiary designations, your will if you’ve created one or inheritance laws in your state if you die without a will in place. A financial advisor could help you put an estate plan together for your family's needs and goals. Read More...

Apr 19, 2022 Thinking about your own death isn't fun, but don't worry, planning for your estate does not actually have to be a difficult or lengthy process. Unless you have significant assets or complex wishes, making your estate plan can actually be very straightforward. Here are the five steps you should take to make sure that you have a competent and complete estate plan. For help with estate planning and other financial planning questions, consider working with a financial advisor. Read More...

Mar 31, 2022 The so-called  Great Wealth Transfer is underway. More than 10,000  baby boomers are turning 65 every day, and over the next 20 to 30 years trillions of dollars’ worth of wealth will transfer to the next generation or generations. Your ability to participate in this transfer depends on your ability to build generational wealth. If you succeed, the course of your family or descendants for multiple generations will be affected. Here's how to build generational wealth in 11 simple steps. Consider working with a financial advisor as you build your wealth. Read More...

Mar 31, 2022 Whether you've been aware for some time that you'll eventually need to pass on a substantial amount of wealth to loved one, or you've more unexpectedly come into a large sum of money and don't know how to plan for its future, wealth transfer is an important process to be aware of and have a plan for. Although independent research is useful to get you started, speaking to a professional financial advisor could help you get the best handle on how to go about moving your money in this way. Read More...

Mar 30, 2022 Preparing your affairs in advance can be a wise decision and can ensure that your financial portfolio and estate are handled appropriately in the case you can no longer manage it yourself. Sometimes, though, something unexpected happens before you or a loved one can make the appropriate arrangements such as creating a power of attorney. If that happens, you'll have a number of options -- but there will be additional obstacles. Read More...

Feb 24, 2023 Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means naming a trustee who’s responsible for overseeing the assets in the trust on behalf of your named beneficiaries. But can a trustee withdraw money from a trust? Yes, but there are rules they’re required to follow. A financial advisor can help you create an estate plan for your family's needs and goals.  Read More...

Mar 01, 2023 If you’ve just inherited a windfall from a deceased relative’s trust, you’re likely wondering, “How does a beneficiary get money from a trust?” When your deceased relative created the trust, they set distribution guidelines for the time of distributions or milestones that the beneficiary must meet before they can receive any money. So, to help you better understand what to expect when you inherit money from a trust, here are some things you should know. A financial advisor could help you put an estate plan together for your family's needs and goals. Read More...

Mar 24, 2022 Estate planning isn’t fun, but it is necessary if you want to make sure that your family is taken care of and your property is disbursed the way you want it to after you’ve died. Furthermore, estate planning is not a one-and-done thing; you have to stay on top of regulations and developments to make sure your plan is still optimized. Starting in 2022, there’s a new government rule -- part of the SECURE Act passed in 2019 -- that may impact estate plans going forward, especially for the people who are inheriting property. If you need help navigating these new rules or with estate planning more generally, consider getting help through SmartAsset’s free financial advisor matching service. Read More...

Feb 27, 2023 When people hear that a child has a trust fund, they often assume that the child is incredibly rich. That isn't always the case. There are many reasons why parents and guardians would want to create a trust fund, even if they have modest wealth. Here's how to create a trust for a child and seven mistakes that you should avoid. If you're considering making a trust for a child, consider getting the help of a financial advisor. Read More...

Mar 24, 2022 A trust fund is a legal entity designed for holding assets, not a specific type of account as is thought in the popular imagination. Because of this, trust funds can be the owner of a variety of different assets, including cash, investments, real estate and collectibles. So, do trust funds gain interest? It depends. Here's what you need to know about whether trust funds gain interest on their assets. For help with forming or managing a trust fund, consider finding a financial advisor. Read More...

Mar 24, 2022 The legal term "pur autre vie" means "for the life of another" in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life tenant, who can hold and use an estate, often a family residence, during the life of third person. Below we'll explain how it works. A financial advisor can offer expert insight and critical guidance as you do estate planning or update an existing estate plan.  Read More...

Mar 09, 2022 A ladybird deed, also referred to as an enhanced life estate, allows for the transfer of property to someone else while retaining control of the property. This type of deed can be used in situations where someone wants to pass the property on to someone else and avoid probate, while still being allowed the use and control of the property during their lifetime. There are, however, some caveats involved when establishing this kind of arrangement. A financial advisor could help you put an estate plan together for your family's needs and goals. Read More...

Mar 08, 2022 Since long-term care insurance is expensive, only 7% to 10% of Americans have a long-term care policy. According to the Department of Health and Human Services, more than 50% of us will need long-term care at some time in our lives. Medicare pays for the first 100 days in a long-term care facility. After that, if there is no private family support and no long-term care insurance, the patient either must leave a nursing home or arrange for Medicaid to pick up the cost. Most policyholders who become claimants don't pay a long-term care tax if they have a qualified plan. Consider working with a financial advisor as you make and update a retirement plan that includes a provision for long-term care. Read More...

Mar 09, 2022 When someone passes away, the executor of the estate is responsible for distributing the assets. Property, furnishings and other tangible items are relatively easy to distribute to heirs. However, how do you pay taxes, expenses and debts of the estate? An estate checking account is a temporary bank account that holds the estate's money and enables the executor to administer your estate. Consider working with a financial advisor as you build and manage your own estate plan. Read More...

Mar 09, 2022 A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries. The trustee who oversees the trust can use their discretion in determining when and how trust assets should be distributed to beneficiaries, hence the name. There are different reasons why you might consider establishing a discretionary trust in lieu of other trust options. Understanding the pros and cons of discretionary trusts can help you decide if creating one makes sense for your estate plan. A financial advisor can help you sort through the myriad of estate planning options. Read More...

Mar 09, 2022 Money brings out the worst in people. One of the most remarkable things you learn when practicing estate law is how quickly families will fight over even a minor inheritance. While new lawyers expect to handle disputes over fortunes, they’re often surprised at how vicious the infighting can get over small sums. Sometimes this is the result of displaced emotion following a loved one’s death. Other times it’s because of the emotional value people attach to personal objects. An in many cases, people just want the money, no matter how little is at stake. Whatever the reason, it's common for family members to fight over an estate. This is particularly true among siblings. If you’re making your estate plans and want to address - or better yet, prevent - fighting among your children, there are some important issues to consider. Consider working with a financial advisor as you create an estate plan. Read More...

Mar 04, 2022 Charitable lead trusts (CLTs) and charitable remainder trusts (CRTs) are two types of charitable trusts that could benefit your financial plans for your estate. They provide tax-advantaged income to you and your beneficiaries during or at the end of the term of the trusts along with allowing you to make donations to your favorite charities. These trusts help you minimize your tax liability on investment income, estate taxes and gift taxes. Trusts and estate planning can be complicated, and a financial advisor may be able to help. Try using SmartAsset's free advisor matching tool to find advisors that serve your area. Read More...

Feb 18, 2022 When a close friend or family member dies, there are a lot of things you have to deal with -- funeral planning, dealing with the person's estate and, of course, managing your own grief. One important task you may not think of right away is to notify the Social Security Administration of their death. One of your questions may be how to report a death to Social Security. Follow these steps to report the death of a loved one. For help navigating this process, consider working with a financial advisor. Read More...

Feb 16, 2022 Individuals living with disabilities that impact their day-to-day or long-term medical conditions often depend on external support. For example, they may rely on government assistance programs, like Medicaid, to access necessary care. However, some of these programs have strict asset limit rules that can make or break your eligibility. One way disabled individuals, families and parents get around this is to create a special needs trust (also called a Supplement Needs Trust). A first-party special needs trust (SNT) is one of the two forms that this tool can come in. Here’s how it works. A financial advisor could help you create an estate plan for your family's needs and goals. Read More...

Feb 15, 2022 When someone passes away, it may be necessary for their estate to go through probate. This is a court-supervised process in which someone’s estate is settled, outstanding debts are paid and assets are distributed to the deceased person’s heirs. An executor is charged with being the individual who oversees the probate process. One of the most important tasks on an executor’s checklist is submitting a detailed inventory of the estate to the probate court. Knowing what's included in an estate inventory can make the probate process easier to navigate. For help with estate planning, consider speaking with a financial advisor about your situation. Read More...

Feb 15, 2022 In financial law, an “estate” refers to all of the assets and property owned by someone who has died. However, this definition can have a few different applications depending on where in the estate process the decedent's estate is. Estate planning is required to ensure your assets are handled exactly as you want after you're gone. This process can get complicated and, over time, will also need updating and adjusting. That's when  working with a financial advisor can be a valuable decision. Read More...

Feb 15, 2022 State laws may allow parents to disinherit one or more children when writing a will. There are different reasons why a child may be disinherited. For example, if parents disagree about a child’s lifestyle choices, they may choose to leave them nothing in their will. Children can also be left out of a will if they have already received their inheritance while their parents are still living. The legal rights of a disinherited child may provide some remedies, depending on the details of the situation. For help understanding this difficult situation, consider working with a financial advisor. Read More...

Feb 08, 2022 Probate is a legal process in which someone’s estate is settled after they pass away. Probate happens even if you leave a will with detailed instructions. A number of things happen during probate, including the creation of an estate inventory, the payment of outstanding debts and the distribution of remaining assets to the deceased person’s heirs. But after probate is closed, things work a little differently and the options at your disposal will change. It’s important to the ins and outs of probate if you’re the executor of someone’s will or a beneficiary of their estate, and a financial advisor may be able to help clear the air. Try using SmartAsset's free advisor matching tool today to find advisors that serve your area. Read More...

Feb 08, 2022 Limited liability companies can protect your personal assets if you own a business but they can also be used in estate planning. Specifically, you could establish a family LLC to shield assets from creditors while ensuring a smoother transfer of wealth from one generation to the next. Family LLCs are subject to the same rules and regulations as non-family LLCs, and there are other reasons that might make a family LLC the right decision for you. It’s helpful to understand how they work when deciding if one is right for your financial situation. A financial advisor may be able to help you figure out whether a family LLC makes sense. Try using SmartAsset's free advisor matching tool to find advisors that serve your area today. Read More...

Feb 07, 2022 According to a recent Gallup poll, less than half of U.S. adults currently have a will that describes how they want their estate and money handled after they die. At just 46%, that leaves the majority of citizens unaware of the estate administration process and unprepared. As a result, you may be unfamiliar with technical terms, such as a devisee. Understanding terms like this is paramount when you plan your own estate. They're also important given the chance that you inherit something from someone else. A devisee applies to individuals that receive a specific type of property through a will. If you're in the process of estate planning, it may be a good idea to speak with a financial advisor. Try using SmartAsset's free advisor matching tool today. Read More...

Feb 07, 2022 Very few people know how to manage and take care of an estate when someone passes. There seems to be an endless stream of paperwork to complete and it becomes even more complicated when you have to work with both state and federal laws. While the probate and estate administration process can be overwhelming, it's important to understand. One day, you may be in a position where you have to organize someone’s affairs and you want to ensure you take care of everything they worked hard for and left behind. A financial advisor may be able to help with the estate administration process. Consider using SmartAsset's free advisor matching tool to find an advisor who serves your area. Read More...

Feb 04, 2022 An illegitimate child, one whose parents were not legally married, usually has the same claims as any other child under statutory inheritance. Nowadays legitimacy rarely affects an individual’s inheritance rights. Instead, most states determine these issues by parentage. You have the right to inherit from both of your legally recognized parents, not whether they were married at the time of your birth. Courts generally assume that married parents are also the legal parents of the child in question, while an illegitimate child generally must establish that the deceased was a legal parent. These matters are typically determined by states so be sure to consult your own state's laws for specific information. Read More...

Jan 13, 2022 When deciding how to pass on assets to your heirs, it’s important to consider where minor children fit in. Child inheritance laws generally prohibit children from inheriting land, real property or other assets if they’re under 18. Depending on probate and inheritance laws in your state, it’s even possible to exclude children from inheriting any of your wealth regardless of their age. But if you do want to make sure your children are taken care of financially if something should happen to you, there are some things you can do to provide for them in your estate plan. If you're fleshing out your own estate plan, you may want some  help from a financial advisor. Read More...

Jan 13, 2022 Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes. It's a vital and completely legal component of both financial planning and estate planning. There are a number of key tools you can utilize to accomplish the goal of protecting your assets. A financial advisor can help you structure and organize your assets so that they are more likely to achieve your financial goals. Read More...

Dec 30, 2021 Marital property, also known as marital assets, spousal assets or community property, matters when it comes to taxes, estate law and divorce. In most cases, separate property applies to the assets you owned going into a marriage; marital property, on the other hand, applies to the assets you acquired during the marriage. However, the lines between these categories can blur - it's known as comingling - and when that happens separate property can become marital property. If you mix separate and marital assets, all of those assets can become part of the marriage and (therefore) considered marital property. Here’s how it works. Read More...

Dec 29, 2021 A private trust company or family trust company is an estate planning tool that can be used to preserve wealth. This type of trust entity is most often used by high net worth and ultra-high net worth individuals. For example, someone who runs a family-owned business and has $150 million in assets may choose to establish a private trust company versus a revocable living trust. Creating a private or family trust company can offer certain benefits for estate planning, though it’s important to consider the legal implications and costs of creating one. Read More...

Dec 29, 2021 A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust.  Life estates are often used to provide housing for parents, spouses or offspring. On the death of the person who holds the life estate, called the life tenant, ownership of the asset reverts to another named person, called the remainderman. Conventional life estates are useful for estate planning, probate avoidance and tax management. Consider working with a financial advisor to ensure that all your preferences and goals are fully reflected in your estate plan. Read More...

Dec 28, 2021 Estate planning is complicated and there are many ways you can protect your assets after your death. One way is to establish a life estate for the person you want to live there for their lifetime. A remainderman is a beneficiary in a life estate who will inherit property after the life tenant's death. There can be more than one remainderman if you divide the property. Here's how it works. Consider working with a financial advisor as you create or modify an estate plan. Read More...

Dec 28, 2021 When you need someone to make legally binding decisions on your behalf, you grant them that authority with a power of attorney form. There are many titles for the person who exercises this authority on your behalf. One such title is “attorney-in-fact.” Here's what you need to know about this aspect of estate planning. Consider working with a financial advisor as you evaluate whether to delegate such authority to another person. Read More...

Dec 27, 2021 A charitable lead trust is a form of charitable trust that first distributes assets to the named charities. Once the assets have been distributed to the charities as specified in the trust, the named beneficiaries receive the remainder of the trust’s assets. Here’s how it works. Consider working with a financial advisor as you incorporate charitable giving into your estate plan. Read More...

Dec 27, 2021 Estate planning when you have a small or moderately sized estate is complex enough. But it can become even more complicated with a larger estate. With more assets, the more likely you are to face taxes on a state or federal level. To figure out your potential estate tax liability, you need to understand which assets contribute to your gross estate. Here’s a breakdown of some of the types of property that factor into your estate. A financial advisor can provide valuable guidance on estate planning. Read More...

Dec 22, 2021 An attorney-in-fact is a person authorized by a power of attorney to act in the place of someone else. An attorney-in-fact, also sometimes called an agent, can have specific responsibilities, such as making decisions about medical care. Or the responsibilities may be very broad, authorizing the attorney-in-fact to sign legal documents and make investment and other financial decisions on behalf of the grantor of the authority. Consider working with a financial advisor as you put together or modify your estate plan. Read More...

Dec 17, 2021 Trusts offer some unique advantages for estate planning and they can be a valuable tool for creating a legacy of wealth. But what happens when the beneficiaries of a trust disagree with its terms or the way the trustee manages it? Can a trust be contested? The short answer is that yes, in certain situations, the terms of a trust may be challenged the same way that a last will and testament might be contested. If some type of trust is part of your estate plan or you’ve been named as the beneficiary to a trust, it’s important to understand what contesting one involves. Read More...

Jan 20, 2023 A charitable trust holds assets and distributes them to charities. When you establish the trust you can specify how it will manage and invest its assets, as well as how it will make donations. There are some tax benefits to setting up a charitable trust. However, unless you are particularly wealthy, these tend to be minimal compared to other forms of tax management. In general, the best reason to establish a charitable trust is if you would like to create a long-standing form of charitable giving. Consider working with a financial advisor as you incorporate charitable giving into your estate plan. Read More...

Dec 16, 2021 Most of us are at least familiar with the premise behind the Golden Rule. Essentially, it states that we are to treat others how we’d want to be treated. When it comes to the relationship between investors and fiduciaries responsible for their savings, though, there’s actually a golden-esque rule on the books - and it’s called the prudent person rule. Here’s a look at what this rule is, what it demands and when the prudent person rule comes into play. Consider working with a financial advisor as you make decisions about how to allocate your financial assets. Read More...

Dec 16, 2021 When it comes to setting aside money for someone with special needs, there are a few important considerations to keep in mind. For instance, how do you provide for everyday needs and living expenses while also maintaining eligibility for public benefits programs, such as Medicaid? The answer often lies in special needs trusts, which allow a disabled person to protect and retain certain assets while also remaining eligible for public assistance. One such trust is called a pooled special needs trust. Here’s a look at what this type of financial account does and why. Read More...

Dec 08, 2021 When planning your estate, it’s important to consider who will inherit your assets after you’re gone. Specifically, it’s important to understand who are your heirs at law - and what that means if you pass away without drafting a last will and testament or a trust. Generally speaking, an heir at law is anyone who would be entitled to inherit from you if you were to die intestate. The rules for defining heirs at law vary by state. It’s important to understand what rights these individuals have when it comes to claiming a share of your estate. Read More...

Dec 08, 2021 Charitable trusts can be used to establish a legacy of giving while yielding some potentially valuable estate planning benefits. A charitable remainder annuity trust (CRAT) is one option; a charitable remainder unitrust (CRUT) is another. CRATs and CRUTs can both be used for estate planning and charitable giving purposes, though they aren’t exactly the same. Whether you choose one over the other can depend on your needs and goals. It’s helpful to know how each type of trust works and what it’s designed to do. Leaving a legacy is just one part of estate planning; work with a financial advisor on all your estate planning needs. Read More...

Nov 17, 2021 Trusts can provide certain benefits for estate planning, including asset protection. But can you sue a trust? It’s an important question to ask if you have a trust or plan to create one, are named as the beneficiary to a trust or are owed debts by someone who’s established a trust. While a trust itself generally cannot be sued, the trustee can. Understanding when a lawsuit can be brought in connection with a trust is important for estate planning. Of course, getting estate planning help before you decide on a trust can preempt litigation later on; that's where a financial advisor can be immensely helpful. Read More...

Nov 16, 2021 An A-B trust, also known as a bypass trust, is a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away. When one spouse dies, the estate's assets are split into two separate trusts, A trust and B trust. As the size of the estate tax exemption has grown, A-B trusts are less commonly used. However, A-B trusts are still popular because of their ability to shelter assets. Estate planning is an essential part of your overall financial plan, and we'll unpack the details of this specific type of trust below. It may also behoove you to work with a financial advisor as you explore whether an A-B trust is right for you. Read More...

Nov 10, 2021 When purchasing a home, there are a number of very important legal documents involved. Two such documents that you may encounter are a warranty deed and a deed of trust. A financial advisor could help you navigate through important financial decisions when buying real property. Let's break down what each document does, what the differences between them are, and when they might come up in the home-buying process. Read More...

Nov 10, 2021 When it comes to sharing ownership of a property with others, two frequently used options are joint tenancy and tenancy in common.  While there are many similarities between the two, it’s important to understand the differences and how they can affect your rights, as well as the rights of your beneficiaries. A financial advisor could help you consider which ownership structure works best for you. Let's compare joint tenants versus tenants in common, how they differ and when you would choose either one for a shared property. Read More...

Nov 10, 2021 Unless your loved one puts their estate into a living trust or similar legal arrangement, the fact of the matter is that their assets will likely need to pass through probate when they die. Probate is a complicated, and usually lengthy, court process where assets are sold or distributed and any outstanding debts against the estate are settled. If your loved one has left behind property that needs to pass through probate, a certified probate real estate specialist can be a valuable partner in the process. Here’s a look at what this specific type of real estate professional does and how they can help as you navigate your loved one’s estate. Read More...

Nov 10, 2021 When someone dies, everything that he owns becomes known as his “estate.” This estate is the sum total of assets, debts and property owned and owed by the decedent (a legal term for the person who died). Someone has to manage these assets and make sure they get to the right place. That someone is known as either the executor or the administrator. Consider working with a financial planner as you create or update an estate plan. Read More...

Jan 10, 2023 Teaching your children how to save money can often be a difficult job. One avenue you can take is to open a custodial Roth IRA for them. Minor children cannot usually open a brokerage account on their own, but you can establish a custodial Roth IRA for them with the goal of saving for college, retirement or other possible expenses. Grandparents, parents and others can help the child with contributions. If you're not sure how this fits into your financial plan, consider working with a financial advisor who can answer all your questions and help set your kids up for financial success. Read More...

Mar 23, 2023 The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, most Americans will never pay a cent in gift taxes to Uncle Sam due to several key Internal Revenue Service rules. However, a financial advisor can help you determine what your tax liability may be if you plan to give money or property to another person. Read More...

Oct 27, 2021 Understanding what you need to support your loved ones during and after your life can be a daunting task. Especially when it comes to the issue of assets and finances. Many people take steps like setting up a will or trust through a  financial advisor. But beyond those legal agreements, a question arises about whether special financial vehicles are necessary. In the case of a trust, it is possible to use a tool called a trust bank account. Read More...

Oct 27, 2021 Both guardianship and custody describe legal relationships between an adult and a child. Custody refers to a child’s biological parents, whereas guardianship would be given to a non-biological parent. Thinking about custody may be a necessary part of a couple's separation or divorce proceedings, whereas guardianship is usually a more long-term approach to this kind of question. For more in-depth, expert advice, consider consulting a professional financial advisor. Let's compare the key differences between guardianship and custody. Read More...

Oct 27, 2021 Both power of attorney and guardianship are forms of fiduciary relationships in which one person acts on behalf of another. They are tools you can use to name somebody who can act for you if you become incapacitated or unable to make financial decisions in particular. Circumstances will vary based on your personal financial situation, which is why it could be helpful to speak one-on-one with a professional financial advisor, but it's always a good idea to start by getting a lay of the land. Read More...

Oct 27, 2021 Caring for one's own financial situation is a key part of one's own independence. But there are some cases where a person needs help making legal and financial decisions. That's where the concept of guardianship comes in. Guardianship is not simply based on age or acting as a chaperone or caretaker for someone before they turn 18. It's often the case that adults who are older than 18 need legal and financial guardians as well. While reaching out to a  financial advisor could be a long-term solution for getting expert financial advice, learning the ins and outs of adult guardianship is a useful first step. Read More...

Oct 18, 2021 When it comes to owning property with someone else, there are a few important considerations to keep in mind. You’ll want to ensure that your ownership interests are protected, that the property will transfer to you quickly and easily in the event that the other party passes away and that you are safe from certain liabilities belonging to the other owner. Tenancy by the entirety (TBE) is one form of ownership that can provide all three. A TBE designation most often applies to real estate property and is only offered to married couples in specific states. Read More...

Oct 07, 2021 While no one wants to think about his or her own death, planning for the inevitable is an important part of protecting your assets and those you love. There are a few important legal steps you can take to prepare for the future of your estate, one of which may include the creation of a living trust. Here’s a look at what a living trust is, what sort of protections it offers to you and your loved ones and whether or not it needs to be part of your unique estate plan.  Read More...

Sep 27, 2021 More often than not, people want to leave their assets and property behind to people they care about when they pass. But sometimes individuals don’t make a will or die with debts. In such cases (among others), their property has to pass through a probate court. It’s possible that you may have to act as an executor of an estate holding one of these properties. Or, there may be an option for future homeowners who want to buy lower-priced real estate. Either way, you’ll have to understand the process of a probate sale. Here’s a rundown on how it works. Read More...

Sep 27, 2021 Sometimes an inheritance includes more than a house or an heirloom vase. Investors can choose to pass down to their heirs financial securities like stocks. Determining the value of such a bequest is vital. Without the proper calculations or procedures, you could face hefty tax consequences. The most important step to figuring out your inherited stock is to find the cost basis. Here’s a rundown on how that works. Read More...

Sep 24, 2021 Generational wealth is wealth that gets transferred from one generation of a family to the next. It may consist of valuable assets such as cash, real estate, securities or ownership of a family business. Generational wealth may also take the form of education, contacts, ability to take greater risks and lucrative employment within a family business. It can occur on the death of a parent or other family member, or during the life of both people. While many households can expect to receive some sort of generational wealth, a small number of transfers within wealthy families accounts for a majority of the total value of generational wealth transfers. Read More...

Sep 22, 2021 Power of attorney is an important legal planning tool. It is commonly used for estate planning, medical management, financial management and much more. It's also a flexible tool. You have the right to change or revoke a power of attorney at absolutely any time. Moreover, changing or revoking a power of attorney is extremely simple (by design). What follows is a general description of how to make that change, not legal advice, which should be sought from an attorney familiar with relevant laws in your state. Consider working with a financial advisor as you put together or modify your estate plan. Read More...

Sep 21, 2021 For many families with elderly people or engaged in estate planning, power of attorney is essential, especially if the elderly person's mental abilities are compromised. Having someone who can take care of legal and financial matters can make this part of life far easier. However, power of attorney is a sweeping grant of authority. Depending on how you structure this grant, a power of attorney can - in some cases - transfer money and property to themselves. However, it is uncommon and only allowed in specific circumstances. Here's a general overview of this topic. Keep in mind that power of attorney laws vary by state. It's prudent to consult an attorney before making any decisions. Read More...

Sep 16, 2021 When a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your own emotions. As is often the case though, money is a major part of the calculus of life when dealing with a recently deceased family member. When they pass, your family will have to deal with their money, assets and debts. And if they have a large enough estate, you’ll potentially have to worry about the estate and inheritance taxes. There are things you can do now, though, that will limit the amount of money ultimately subject to these taxes, so that your family can use more of your wealth to build their own lives. For help with the estate tax or any other financial planning issues, consider working with a financial advisor. Read More...

Sep 13, 2021 Elder financial abuse is a broad term that describes the theft, fraud or otherwise misuse of an elderly person’s assets. Seniors can be targeted for fraud scammers but it can also happen within a caregiving or family setting. Elder financial abuse is problematic for victims as it can deprive them of much-needed resources to meet daily living expenses or pay for larger expenses, such as long-term care. Building some protections into your estate plan can help to insulate your assets against this type of financial abuse. A financial advisor can help you take prudent steps to limit your vulnerability to elder financial abuse. Read More...

Sep 10, 2021 Trusts are useful financial tools, often used for the purpose of planning an estate. A trust is essentially a legal framework into which ownership of assets can be placed. These assets can include financial products like stocks and bonds, or it can include real physical property, like land, jewelry or vehicles. There are a number of reasons one might use a trust, including, but certainly not limited to, estate planning scenarios. If you think you might need a trust or you want help setting one up, consider working with a financial advisor. Read More...

Aug 31, 2021 Under certain circumstances individuals need to have decisions made for them. Sometimes that's because the person is unavailable or incapacitated. Other times, the person is no longer competent to make their own choices, a situation that sometimes arises with an elderly parent. When this happens, the two most common solutions are the legal offices known as power of attorney and the conservatorship. With power of attorney, you voluntarily assign authority to a third party. You give it freely, define its boundaries and can revoke it at any time. A conservatorship is involuntary. It is assigned by the court, and you can only have it revoked through a formal hearing. Here’s how they work. Read More...

Aug 31, 2021 A probate judge is an official of the county court system and a judicial official of the state who decides civil court cases that involve the probate process. Probate is the process of proving wills for those who have died with one (testate cases). A probate judge also oversees cases where a will has not been prepared by a deceased person (intestate cases). Most probate issues are decided on a county basis. Probate judges may have other duties depending on state and county laws. They may decide competency and guardianship cases. In some states, they decide adoption cases. The primary responsibility of a probate judge, however, is dealing with estates. Read More...

Aug 30, 2021 A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children. A pot trust can offer more flexibility in terms of how trust assets are used if you plan to leave your entire estate to your children. Consider working with a  financial advisor if you’re exploring which type of trusts best protect your children. Read More...

Aug 30, 2021 Medicaid can help to cover the costs of long-term care for eligible seniors who meet requirements for income and financial assets. It may be necessary to spend down or give away assets to qualify for Medicaid and long-term care benefits. The Medicaid look-back period determines when those transfers need to take place in order to avoid a penalty. The look-back period is a window of time prior to applying for Medicaid in which your financial transactions may be subject to review. The purpose of Medicaid look-backs is to ensure that people meet the financial eligibility requirements. Read More...

Aug 27, 2021 Estate planning is part of comprehensive financial planning. It includes making a will. If you don't make a will before your death, you will die intestate. In that case, your assets will be distributed by the courts according to the laws of your state. Even though there are individual state laws concerning intestate succession, these state laws are more similar than they are different. Here's what you need to know. Estate planning is best done by incorporating the insights of a financial advisor. Read More...

Aug 27, 2021 Probate is the process of proving a will left by an individual. The individual is called a decedent in the legal language of probate administration and estate planning. The decedent is the deceased individual. If a will was not left by a decedent, then that decedent is said to have died intestate or without a will. During and after a probate proceeding has taken place, you may have some need to read the will or find out about other aspects of the probate proceeding. Your need may arise from business dealings or personal situations. Probate records are also frequently accessed by researchers into family history. Here's what you need to know about finding probate records online. Read More...

Aug 26, 2021 Trusts are a useful tool for financial and estate planning, allowing a family to set assets aside to be passed on when someone dies. They can also help your family potentially avoid the headaches of the probate process. Some of the language around trusts, though, can be confusing to those who aren’t completely fluent in estate planning. For instance, while they sound extremely similar, trustor and trustee aren’t quite interchangeable. The trustor is the person who forms a trust, while the trustee is the one who manages the assets in the trust. Though they can certainly be the same person, this isn’t always the case. If you need help with trusts or understanding other financial topics, consider working with a local financial advisor. Read More...

Jun 24, 2022 A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes. Credit shelter trusts are also useful for avoiding probate, shielding assets from creditors and ensuring the wishes of a deceased spouse are carried out. While they are mostly useful for large estates, couples with sizable financial assets can get important benefits from using credit shelter trusts as part of overall estate plans. Consider working with a financial advisor as you create or update your estate plan. Read More...

Aug 12, 2021 When it comes to trusts, most people are familiar with individual trusts, trust funds or family trusts that are connected to an individual or family. But another type of trust exists for entrepreneurs and companies called business trusts, which are also known as common law trusts. A business trust is a legal instrument that can be used to delegate the authority to manage a beneficiary stake in a certain business. It can also be used to run the business itself. However, there are multiple types of business trusts, with each working slightly differently. If you're thinking of using a business trust, it might be a good idea to consult with a financial advisor. Read More...

Aug 26, 2022 Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses. Trusts are primarily used to avoid taxation when transferring family assets from generation to the next. LLCs are legal business entities, similar to simplified corporations, that have as their main feature the ability to shield owners of the business from legal liability for actions of the business. Consider working with a financial advisor as you make key estate planning and business decisions. Read More...

Jun 10, 2021 When you assign someone power of attorney you give them the authority to make decisions for you and on your behalf. Whatever the agent, as this person is called, decides will be as binding as if you’d made the decision yourself, so only give power of attorney to someone you absolutely trust. While a specific form is unnecessary for power of attorney, just about every jurisdiction offers one in order to help you understand this process. Here’s what you need to know. Read More...

May 27, 2021 Failing health often robs people of their agency. Whether due to age or illness, many hospital patients can’t effectively communicate their own wishes. For legal matters, this is handled through matters such as medical power of attorney, trusts and estates. This can also apply when it comes to respecting the patient’s medical wishes. Several legal structures exist to deal with that as well, but the living will and healthcare proxy are two of the most common. Consider working with a financial advisor as you make arrangements for end-of-life care. Read More...

Mar 02, 2023 Two of the possible ways for people making arrangements for the disposition of their assets after their death are wills and irrevocable trusts. Each one has unique strengths. Here’s how the two compare and contrast so you can determine if one or the other is right for you. Don't let the intricacies of estate planning keep you from deciding what happens to your assets after you die; work with a financial planner to take the estate planning steps that are best for you. Read More...

Jun 21, 2022 Estate planning is an important step in taking care of what matters most, your loved ones and the life you’ve worked hard for. Two of the options are a revocable trust and a will. But which one is the best choice for your estate’s needs? Here is a comparison to see how the two stack up. Consider working with a financial advisor as you create or update an estate plan. Read More...

Mar 22, 2023 When shaping an estate plan, one of the most important steps is deciding who has access to your assets. Specifically, that means who inherits bank accounts and other financial accounts when you pass away. In trust for vs. payable on death accounts can both be used to manage assets. But they aren’t the same, in terms of how they work or when it makes sense to use them. Understanding what in trust for and payable on death mean matters for efficient estate planning. Consider working with a  financial advisor if you need help setting up an estate plan or managing inherited money. Read More...

May 20, 2021 Life insurance beneficiary designations allow the policyholder to decide who should receive a death benefit when he or she passes away. That doesn’t prevent someone from contesting life insurance beneficiary payouts, however. There are different reasons why someone may choose to dispute the beneficiary of a life insurance policy. If you believe you have a valid claim to contest someone’s beneficiary status or your own position as a beneficiary is being challenged, it’s important to understand how disputes can affect life insurance payouts. Read More...

Nov 23, 2022 Payable on death accounts can help streamline the process of transferring certain assets to loved ones after you pass away. Also referred to as a POD account or Totten trust, a payable-on-death account can be established at a bank or credit union and is transferrable to the beneficiary of your choosing. There are different reasons for including a payable-on-death account in your estate plan and it’s helpful to understand how they work when deciding whether to create one. Estate planning might be best done with the counsel of a financial advisor, who can help you coordinate your investment goals with your end-of-life wishes. Read More...

Feb 17, 2023 Trusts can be a useful tool for estate planning if you’d like to preserve assets for loved ones while minimizing estate taxes. A qualified domestic trust (QDOT) is a specific type of trust that can offer tax benefits for married couples. With a QDOT, a surviving spouse can qualify for the marital deduction on estate taxes for assets included in the trust. This type of arrangement can be particularly helpful when a surviving spouse is not a U.S. citizen. Here’s more on how these trusts work, the benefits and limitations of having one and how to establish a QDOT as part of your estate plan. To best understand how your estate planning should be done and what you should do, consider working with a financial advisor. Read More...

Dec 08, 2022 When planning for the future, it’s common to think of what you’ll do with your estate and assets. However, there is more to consider than just your financial situation. You have to take into account your health and well-being, too. That’s where advance medical directives come in. By drafting one, you can ensure you and your body are well taken care of even when you can’t. There are two common ways to employ a medical directive: a living will and do-not-resuscitate (DNR) orders. A financial advisor can help you sort through the pros and cons of both options and financially prepare your assets for the event where you actually need to use them. Read More...

Dec 21, 2022 Estate planning as an individual is complicated enough, but planning for it in a marriage can create greater difficulties. Working as a unified partnership for your joint estate's future means that you both will have priorities you want to bring into the plan. Some concerns you both might have include costly estate taxes and providing for the other after one passes. If so, the estate tax marital deduction might be worth investigating. Here is some basic information you'll need before considering whether the marital deduction could fit into your estate plan. Consider working with a financial advisor who can guide you in creating an estate plan that meets the needs of both you and your spouse. Read More...

Feb 14, 2023 Planning for the later years of your life is often an emotionally taxing experience. However, it’s often scarier to go into the end of our life without a plan. Of course, a plan requires the right legal documents. A living will and a last will may sound like they cover the same territory, but they’re very different; knowing how will help you pick the one that's best for you or decide you need both. So, with that in mind, here are the main differences between a living will vs. a last will and why they might be useful to you. Read More...

Mar 30, 2021 Hard choices wait around every corner as you age, but some of the most difficult ones are about your own care. Without a plan in place, you might not be able to convey your wishes to those around you, leaving loved ones scrambling to make the right decision. Fortunately, there are several ways you can ensure your choices for your medical and end-of-life care are understood. A living will and power of attorney are two of these ways. But what’s the difference between them and how do you know which one is right for you?  If you’re beginning to plan your future care, here are the key differences between a living will vs. a power of attorney. Read More...

Mar 29, 2021 TotalLegal is a company that offers consumers the opportunity to create quality legal documents for a variety of needs. With regards to estate planning, the website allows users to create a last will and testament, power of attorney, living will and medical power of attorney. It also offers a full plan subscription so that users can connect with attorneys for services as well. If you’re looking to begin the process of creating a legal document with TotalLegal, you just have to begin by answering an online interview. Once you create an account you can log in later to revise or download your documents. If you’d rather have a professional personally help you with your entire estate plan, consider working with a  local financial advisor. Read More...

Nov 15, 2022 FreeWill is an online estate planning tool that allows you to create or update a legally binding will. It offers products such as the ability to document funeral wishes, create a durable financial power of attorney, advance healthcare directives (living wills) and give charitable contributions from your retirement or stock brokerage account. As the company’s name implies, FreeWill’s services are completely free. Funding comes from FreeWill’s partnership with more than 100 nonprofit organizations who sponsor these services. You can access the service online, giving users the ability to change or download their will at any time without needing to create a new one. If you’d like a professional to help with your estate plan, consider working with a financial advisor. Read More...

Feb 14, 2023 Estate planning can be an overwhelming process, emotionally and mentally. The prices to work with a financial professional certainly don’t help either. These days, it’s possible to find free templates and do-it-yourself kits online that make estate planning more affordable. While after-life planning can be complicated, you may not need to spend money on an estate planning attorney. If your estate is simple, it might be worth investigating how to make a will for free instead. A financial advisor can help you sort through your options for making an estate plan. Read More...

Jan 03, 2023 Estate planning costs vary, and the difference in fees can only add to the emotional challenges. It's difficult enough to begin managing matters of death without confusion on top of that. These issues only create more stress when there is confusion or a lack of understanding.  So, if you're trying to navigate the basics of estate planning costs, we've compiled some basic concepts that might help. Consider working with a  financial advisor if you need help setting up an estate plan or managing inherited money. Read More...

Dec 20, 2022 Washington, D.C. does levy an estate tax on the estates of certain people after they have died. Specifically, the D.C. estate tax applies to any estate worth more than $4,254,800 in 2022. This is up from past years. The rate of the DC estate tax is graduated and runs from 11.2% to 16%. Estate planning isn’t easy, and if you are planning for your estate or dealing with the estate of a loved one, you may need some help. Consider finding a financial advisor to help you with your estate planning needs. Read More...

Mar 01, 2021 Online will-writing and estate planning platform DoYourOwnWill.com boasts features that cover a wide variety of will-related situations. Surprisingly, you won't have to pay anything to take advantage of what the company offers. At the same token, DoYourOwnWill is relatively basic, and those with more complex estate planning needs may want to look elsewhere. DoYourOwnWill also doesn't provide access to customer support if you run into any issues along the way. Should you have specific questions, consider working with a local financial advisor. Read More...

Mar 01, 2021 Trust & Will is an online estate planning platform that allows you to create documents such as wills, trusts and guardianships. Trust & Will is available entirely online, so you won't need to download software to your computer. Trust & Will is a great estate planning tool, as it combines a wide range of services with a modern design that's easy to navigate. While Trust & Will is on the more expensive side, it has the ability to provide significant value to users. If you're not sure about using an online program to do your estate planning, you may want to work with a financial advisor. Read More...

Mar 01, 2021 When it comes to online estate planning, Rocket Lawyer is a solid option with a few caveats. The company's seven-day free trial allows you to create a will and other legal documents for free, but you have to enter your credit card information and pay for expanded access to the platform. Rocket Lawyer will also help you to create a wide range of different estate planning documents. However, because DIY estate planning comes with certain risks, it may be a good idea to work with a financial advisor in your area. Read More...

Oct 25, 2022 Quicken is already a popular personal finance company when it comes to tracking spending or getting a mortgage. However, the brand can also help you take care of your estate planning needs. Quicken WillMaker & Trust 2023 helps you put together and write your own will and trust easily and without having to consult a lawyer or get someone to draft the documents for you. You can also customize legal documents, such as healthcare directives. While Quicken WillMaker is a great option when it comes to writing a will, a financial advisor can offer you more comprehensive help. Try using SmartAsset's free tool to find matches near you. Read More...

Mar 30, 2023 A will is an important part of a basic estate plan and making one may be easier than you might think. Online will-maker software programs allow you to create a will on your own, often for less than what you might pay to an estate planning attorney. But which is the best online will maker and how do you determine which program to use? If you’re ready to make a will, here are some suggestions for the best will-making software options available now. Working with a financial advisor as you put together or modify an estate plan can save you time and help you avoid mistakes. Read More...

Feb 17, 2023 A living will is a legal document that allows you to specify the kind of care you’d like to receive in end-of-life situations. This is different from an advance healthcare directive, though either one can be an important part of an estate plan. If you’d like to draft a living will, you could get help from an estate planning attorney or you may try using an online software program to create one. Regardless of which one you choose, it’s important to understand how to make a living will to ensure that yours is valid and your wishes are upheld. A financial advisor can offer valuable insight and guidance as you make an estate plan. Read More...

Jan 25, 2023 Creating a will is an important step in estate planning. A last will and testament is an important legal document that allows you to specify how you’d like your assets to be distributed after you pass away. You can also choose an  executor to oversee your estate and ensure that the terms of your will are carried out. It’s possible that you may choose an executor for your will, only to decide later that someone else is better suited for the job. Or your heirs see to remove a will executor after you pass away. As you shape your estate plan, it’s important to understand when the executor of a will can be removed and why it may be necessary. One of the best ways to shape your estate plan is by working with a financial planner. Read More...

Nov 17, 2022 Getting married for a second time following a divorce or the death of your first spouse can feel like a fresh start. But it’s important to consider how joining your life with someone else’s may impact your financial plan, including how you manage your estate. Knowing what's fair for your estate plan in a second marriage can be difficult to gauge, especially when you or your new spouse are bringing children into the marriage or you plan to have children together at some point. Understanding some of the key financial issues surrounding a second marriage can help with reshaping your estate plan. So can consulting a financial advisor, especially one experienced in estate planning. Read More...

Aug 26, 2022 A trust can be a useful estate planning tool, in addition to a will. You can use a trust to remove assets from probate, potentially minimize estate and gift taxes and ensure that assets are managed on behalf of beneficiaries according to your wishes. There are different types of trusts you can establish and some are more specialized than others. Knowing how these broad categories of trusts compare can help with choosing the right option. When it comes to estate planning, including whether to create a trust, a  financial advisor can help you make the most informed decision possible. Read More...

Feb 03, 2023 Estate planning can help you pass on assets to your heirs while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply. Also called the generation-skipping tax, this federal tax can apply when a grandparent leaves assets to a grandchild while skipping over their parents in the line of inheritance. It can also be triggered when leaving assets to someone who’s at least 37.5 years younger than you. If you’re considering “skipping” any of your heirs when passing on assets, it’s important to understand what that means from a tax perspective and how to fill out the requisite form. A financial advisor can also give you valuable guidance on how to pass along your estate to your beneficiaries. Read More...

Feb 17, 2023 Medicaid is a government program that can help eligible seniors pay for nursing home care. If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works. For instance, you should be aware that the Medicaid Estate Recovery Program (MERP) may be used to recoup costs paid toward long-term care. Medicaid estate recovery is intended to help make the program affordable for the government, but it can financially impact the beneficiaries of Medicaid recipients. You may need to make sure you're handling this kind of situation in the wisest possible way by consulting a financial advisor. Read More...

Feb 17, 2023 Making a last will and testament is an important part of your estate plan and there are different types of wills to choose from. A nuncupative will, meaning a will that’s oral rather than written, may be an option in certain circumstances. While the state will laws typically require that a will be written, signed and witnessed to be considered legal, there are scenarios in which an oral will could be upheld as valid. Understanding how a nuncupative will works, as well as the pros and cons, can help with shaping your will-making plans if you have yet to create one. A financial advisor can offer advice on investing, retirement planning, financial planning and various other areas of finance.  Read More...

Dec 30, 2020 When creating an estate plan, one of the most basic documents you may wish to include is a will. If you have a more complicated estate, you might also need to have a trust in place. Both a will and a trust can specify how you want assets distributed among your beneficiaries. When making those decisions, it’s important to distinguish between per stirpes and per capita distributions. These are two terms you’re likely to come across when shaping your estate plan. Here’s a closer look at what per stirpes vs. per capita means. Read More...

Dec 22, 2022 When a marriage ends in divorce in Florida, assets are likely to be divided approximately 50-50 according to the prevailing practice of equitable distribution. Florida couples wanting a more active role in deciding how marital property will be divided in the event of divorce can use a prenuptial agreement to give their wishes force. Prenuptial agreements can also describe how matters will go in the event of separation or the death of one of the partners and can cover alimony as well as the division of debts and other matters. Consider enlisting the services of a trusted  financial advisor who can help you create a prenup that best fits your needs. Read More...

Aug 05, 2022 Taking care of aging parents is something you may need to plan for, especially if you think one or both of them might need long-term care. One thing you may not know is that some states have filial responsibility laws that require adult children to help financially with the cost of nursing home care. Whether these laws affect you or not depends largely on where you live and what financial resources your parents have to cover long-term care. But it’s important to understand how these laws work to avoid any financial surprises as your parent ages. You can work with a financial advisor to help plan out your parent's finances to make sure they have enough money on hand for the unexpected. Read More...

Mar 18, 2022 Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children, as well as choose an executor for your estate. It’s possible to make changes to your will after it’s written, including removing or adding an executor if necessary. If you’re wondering how to change the executor of a will after the fact, the process is easier than you might think. As you go about the process, it may behoove you to find a financial advisor who can help. Read More...

Sep 20, 2022 A will is an important part of your financial plan. When you write a  last will and testament, you’re creating a legal document that determines where your assets will go after your death. You can also use a will to name legal guardians for minor children. When making a will and testament, it’s important to follow the rules in your state to ensure the will is valid. One of those rules centers on the requirements for witnesses. For more guidance on the intricacies of wills and estate planning, consider enlisting the services of a financial advisor. Read More...

Feb 10, 2023 A fiduciary bond, otherwise known as a probate bond, is a protective court bond that ensures a fiduciary will honor the expectations placed on them according to the law. The fiduciary bond upholds the interests and protection of the estate or trust owner. To understand who needs a fiduciary bond, how it works and the costs involved, here's what you need to know. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Dec 23, 2022 A fiduciary deposit account is an account that's owned by one or more persons but managed by another. The owner is known as the principal, while the manager is known as the fiduciary. These accounts are sometimes used to handle estate or trust assets, among other purposes. Their legal status and their insurance coverage are determined by the Federal Deposit Insurance Corporation (FDIC). Do you have estate planning questions? Speak with a financial advisor today. Read More...

Feb 27, 2023 Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiary’s share of an estate, including income, credits, deductions and profits. Beneficiaries of an inheritance should have received a K-1 tax form inheritance statement for the 2022 tax year by the end of 2022. If you’re the beneficiary estate or trust, it’s important to understand what to do with this form and what it can mean for your tax filing. If you have questions about the specifics of your situation, consider working with a financial advisor. Read More...

Apr 04, 2022 When someone passes away leaving debts behind, you might be wondering if you have any personal liability to pay them. If you have aging parents, for instance, you may be worried about having to assume responsibility for their mortgage payments, credit cards or other debts. If you’ve asked yourself, “Can I inherit debt?” the answer is typically no, even though those debts don’t automatically disappear. But there are situations in which you may have to deal with a loved one’s creditors after they’re gone. A financial advisor can help you create a financial plan for your family's estate planning needs and goals. Read More...

Feb 17, 2023 Creating a will is one of the most basic elements of estate planning. There are different types of wills you can choose from, including a simple will. Simple or basic wills let you spell out how you want your assets to be distributed among your beneficiaries once you pass away. You can also use this kind of will to name an executor and choose a guardian for minor children. That can be a good starting point for shaping an estate plan, but there are times when you may need more than just a basic will. Do you have questions about estate planning? Speak with a financial advisor today. Read More...

Feb 10, 2023 A joint will is a will two people, typically spouses, create to handle the distribution of their assets once they pass away. Joint wills can simplify the will-making process to a degree, but they can sometimes result in mistakes or cause problems for the surviving spouse or will maker. It's also worth noting that not every state allows for joint wills. Before creating a will with someone else, it's important to understand how the process works and the pros and cons involved. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Jan 20, 2023 When planning a funeral for a loved one, or for yourself, cremation may be presented as an alternative to burial. In terms of the expense involved, the average cremation cost can range from $1,500 to as much as $6,000. The costs can vary based on who performs cremation services and whether they're accompanied by a traditional funeral service. While choosing cremation could potentially be less expensive than burial, it's important to understand how the costs break down. A financial advisor can help you create a financial plan to pay for funeral expenses.  Read More...

Mar 25, 2023 A living trust is an estate planning vehicle that protects your assets against taxes and  probate after you die. There are multiple types of trusts, like marital, bypass, generation-skipping and more. You can generally assign beneficiaries and make adjustments, unless your trust is irrevocable. Depending on your personal situation, a living trust's cost will vary. A local financial advisor can help you develop a strong estate plan. Read More...

Mar 07, 2023 Planning a funeral can be an expensive prospect. The average funeral costs more than $8,000 and in many cases as much as $10,000 - or more, depending on the arrangements. Prepaid funeral plans offer a way to help manage those costs while easing the financial and emotional burden of planning a funeral for your loved ones. Whether it makes sense with your budget to purchase a prepaid funeral plan can depend on your wishes as well as your financial situation. There are different ways to preplan a funeral and it's important to consider what's involved in the process along with the cost. Consider working with a financial advisor as you make funeral arrangements. Read More...

Jan 06, 2023 Gifting stocks is something you might consider if you want to help someone else build a portfolio. Or you could gift shares of stock you own to a charitable organization. There are different ways to gift stocks and it's important to consider how doing so could affect you tax-wise. Depending on how the stocks are gifted, there may also be tax consequences for the person or organization you're giving the shares to. Consider working with a financial advisor as you make gifting decisions in light of tax rules. Read More...

Oct 21, 2022 Trusts can be useful in estate planning for passing on assets to your heirs. A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets while still benefiting from the income they generate. This is a little more advanced than a typical revocable living trust, but establishing a GRIT could yield some advantages. If you're looking for ways to minimize taxes in your estate plan, you may wish to consider a grantor retained income trust. Consider working with a financial advisor as you create or update an estate plan.  Read More...

Dec 20, 2022 If you own a home, passing that property on to someone else -- whether it's a spouse, your children or someone else -- requires planning ahead. That's where a life estate comes in. A life estate is a legal way to own property with someone else and pass it on to them automatically when you die. Creating this type of ownership arrangement can help remove the property from the probate process. And a life estate can also be useful when planning for long-term care needs if you anticipate having to apply for Medicaid. If you want hands-on guidance navigating this process, consider matching with a financial advisor in your area. Read More...

Feb 24, 2022 Annuities can provide guaranteed income and be useful supplements to a traditional 401(k) plan or an IRA. Some even have more than one beneficiary, since annuities can include a death benefit that allows payouts to continue for a family member. Since there are multiple options for annuity payouts, it's important to know how they work and how taxes apply. It's important to understand the essentials, but you may want to consider engaging a with financial advisor to maximize your inherited annuity's benefits. Read More...

Nov 30, 2022 Estate planning can be a complex process, and relying on a will can put your heirs through the time and expense of probate court. A living trust can help simplify things. This arrangement can hold your assets and property in a single place so they can be effectively distributed to your beneficiaries following your passing. As probate and inheritance laws differ from state to state, there are different factors to consider depending on where you live. In this guide, we explore the living trust process for Wyoming residents. The process for creating a living trust is difficult, and can often require the help of a professional. If you're looking to start a living trust in Wyoming, consider seeking out an estate planning attorney and financial advisor. Try using SmartAsset's free matching tool to get paired with advisors in your area that can help. Read More...

Jan 24, 2023 A living trust is a viable  estate planning tool for Rhode Island residents. Since they allow your families and loved ones to skip the time-consuming and expensive process of proving a will, creating one is a good idea for those with complicated estates. If you, in fact, decide that a living trust makes sense for you, it might be a good idea to talk it over with a financial advisor and an estate planning attorney. Read More...

Jan 18, 2023 No matter where you live, it's important to have a strong  estate plan in place. One popular estate planning tool is a living trust, which offers a secure way to store your assets and property so that they can be easily distributed to your beneficiaries after you die. As laws governing probate and inheritance vary from one state to another, the considerations that go into a living trust will depend on where you live. This article explores the living trust creation process for residents of North Dakota. It can be a good idea to talk to an attorney and a financial advisor as you begin the estate-planning process. Read More...

Nov 29, 2021 If you are considering an  estate plan, there are many paths you can take. One way to protect assets for your family is to create a living trust. Probate and inheritance laws vary from state to state, which means that the advantages and disadvantages of this estate planning tool will depend on where you live. A financial advisor could help you answer many estate planning questions for your needs and goals. Read More...

Dec 02, 2022 When  planning your estate, you have different tools at your disposal to protect your assets for your loved ones. One such tool is a living trust, which many estate-planning experts consider to be a more iron-clad strategy than writing a will. As probate and inheritance laws vary from state to state, the considerations that go into creating a living trust will differ depending on where you live. If you're considering creating a living trust in West Virginia, we'll walk you through what you need to know. You can also work with a financial advisor who can help you with all your estate planning needs. Read More...

Sep 30, 2022 If you're thinking about your estate planning strategy, odds are you've heard about creating a living trust. A living trust can protect your assets and make life easier for your heirs. Residents of New Hampshire may particularly benefit from using a living trust, due to the way the the state handles residents' estates after they die. Whether you’re thinking about forming a living trust or you simply have some financial planning questions, it might be worth working with a financial professional. SmartAsset's free advisor matching tool can help you find an advisor in your area who suits your specific needs. Read More...

Nov 29, 2022 As you approach the  estate planning process, you have many tools at your disposal. One such tool is a living trust. By creating a living trust, you can protect your assets and property and save your family from having to go through probate following your death. The considerations surrounding the creation of a living trust depend in part on your state's laws. In this article, we'll explore how to create a living trust in Connecticut. Like any legal document, living trusts can be complex, so it might be helpful to work with an estate planning lawyer. A  financial advisor can work with your lawyer to ensure a living trust fits in with your overall financial plans. Read More...

Feb 23, 2022 A living trust can help you establish a solid estate plan and protect your assets after your death. Every state has different estate and inheritance laws, but this guide will take a closer look at how to form a living trust in South Dakota, as well as whether you even need one. Whether it’s investing, retirement planning or estate planning goals you have, a financial advisor can help. SmartAsset’s free financial advisor matching tool can pair you with advisors who serve your area. Read More...

Feb 28, 2022 Estate planning allows you to take steps to ensure your assets are protected after your death or incapacitation. After you’ve accounted for any remaining taxes or bills, you can distribute property and assets to friends, loved ones or charitable organizations. One of the most common estate plans is living trusts. Living trusts allow you to transfer control of your assets to a trustee, who then transfers ownership of those assets to any beneficiaries you’ve selected. Let's break down how living trusts work and whether you need one in Pennsylvania. A financial advisor can help you put an estate plan together for your family's needs and goals. Read More...

Dec 06, 2022 Estate planning is one of the best ways to ensure your assets are protected after you’ve died. You’ll have a range of options for legally distributing your assets following death or incapacitation, but one of the ways to do so is by opening a living trust. This article will explore the process of forming a living trust in Kansas, with a closer look at why you may or may not want to use one. If you’re new to estate planning and would like expert advice, a financial advisor could greatly simplify the process. SmartAsset’s free financial advisor matching tool pairs you with up to three local advisors within five minutes.  Read More...

Sep 30, 2022 Leaving money behind for an heir can be nerve-racking, especially if they're new to managing money or have trouble controlling their spending. An estate planning tool that can help you in this situation is a spendthrift trust, which affords a trustee the power to determine how their beneficiary can use inherited funds. If used correctly, this type of trust will allow your assets to last so they can provide for your loved ones for decades. You may also want to consider working with a financial advisor who can build a holistic plan for your estate. Read More...

Nov 30, 2022 Estate planning is the part of financial planning that allows you to protect your assets after your death. You’ll have access to a range of options to ensure your assets are legally distributed to your desired heirs, but one of the best ways to do so is through a living trust. With a living trust you’ll be able to control how your assets are managed and distributed of as soon as you create it, not after you die. This article will take a closer look at the process of forming a living trust in Alaska and whether it’s right for you. If you’d like professional assistance in your estate planning process, you may want to consider engaging  a financial advisor. Read More...

Feb 28, 2022 If you're working on your estate plans, you may come across living trusts as a way to protect your assets so you can safely leave them for family and friends. The primary benefit of using a living trust instead of a will is that they can allow you to bypass the probate process. As probate rules differ considerably from state to state, though, the importance of avoiding probate will depend on where you live. This guide will walk Utah residents through the decision-making process, break down the basics of creating a trust and point out related factors like taxes and other costs. A financial advisor can help you put together a financial plan and work with your attorney to incorporate an estate plan for your family. Read More...

Mar 02, 2023 A living trust is an  estate planning tool that can simplify the passing on of your assets to your family. Each state tends to have its own rules as to how you can set up your own living trust as a resident. So if you live in Virginia, our detailed guide will go over whether or not a living trust is right for your situation, how you can create one and the costs and taxes associated with doing so. While it's possible to set up a living trust and plan your estate yourself, it can be a good idea to work with an estate planning attorney and a financial advisor to get your finances and affairs in order. Read More...

Mar 22, 2022 Estate planning can take a lot of energy, and there are many options to consider when coming up with your directions for what will happen to your money and possessions after you die. A living trust can ensure that your assets are protected and your family is cared for. Let's break down the steps for creating a living trust in Colorado and examine when this is a good estate planning option for your situation. A financial advisor can help you create an estate plan for your family's financial goals. Read More...

Nov 18, 2022 A Delaware living trust helps you bypass probate and can ensure that your assets and property transfer promptly to your loved ones after you die. Creating a living trust may not be needed by everyone, though, so it's important to understand why you may want to consider this tool. Read on to find out if it's the right option for you and to learn everything else you may be wondering about living trusts in the state of Delaware. For more help with your estate planning, consider creating an entire plan with the help of a financial advisor. Read More...

Dec 01, 2022 Estate planning should be a part of everyone's financial plan, especially as you grow older. A living trust can serve as the centerpiece of your estate plans, as it helps simplify things for your family when you die. That's because, unlike a will, a living trust does not have to pass through the probate process, which can be long and complicated. In this article, we'll walk through the basics of creating a living trust in the state of Alabama, though you might also consider consulting with a  financial professional or estate planning lawyer. Read More...

Jan 10, 2023 A Nebraska living trust allows your heirs to receive your estate without the delay or interference of the court. A will, on the other hand, must go through probate before your estate can be distributed. However, it's important to understand that a Nebraska living trust isn't for everyone. Read on to find out who it does and doesn't make sense for. For more help with your estate planning, consider working with a financial advisor who can make sure you make the right decisions to help you achieve your goals.  Read More...

Nov 29, 2021 In the realm of estate planning, it's crucial to be proactive and to put a plan in place that takes care of your family. A great way to accomplish this is to create a living trust. If you want to plan your estate, a financial advisor could help guide you on important decisions for your family's needs and goals. Here's what you need to know about creating a living trust in Hawaii. Read More...

Dec 20, 2022 Contrary to public perception, trusts aren’t only for the wealthy. Indeed, anyone who owns property in Vermont and whose estate is worth more than $10,000 may want to set up a living trust to avoid probate. The court process can take six to 18 months if no litigation is involved. This article will help you decide whether a Vermont living trust makes sense for you. It will also tell you everything you want to know about the legal document. For large estates, you’ll probably also want a financial advisor’s help. SmartAsset’s free matching tool can help you find an advisor who serves your area. Read More...

Jan 25, 2023 After working so hard to build and manage your wealth, you’re not about to let it just scatter to your heirs without a plan. You want to steer it to them intact, which may include creating a living trust to avoid probate in Idaho. This article will help you decide whether a living trust makes sense for you and everything else you want to know about the legal document. For large estates, you may also want a financial advisor’s help. Read More...

Nov 01, 2022 Thinking about the best way to structure your estate may not be particularly enjoyable, but it's essential if you want to leave a financial legacy to your family. For many, a great way to streamline things is through the creation of a living trust. The primary benefit of choosing a living trust instead of just writing a will is that your family will be able to avoid probate altogether. Whether you’re in the process of creating a trust or any other type of financial plan, you might also benefit from talking to a financial advisor who serves your area. Read More...

Nov 18, 2022 After the years you put into building your wealth, you want to pass it on to your heirs intact and ideally without the delay of the courts. For Kentuckians, setting up a living trust makes a lot of sense since probate can be a costly and lengthy process in the state. Whether you are just contemplating the idea or have already decided to create a living trust, this article will explain everything you want to know. If your estate is sizable or otherwise tricky, a financial advisor’s guidance might be essential. Read More...

Mar 25, 2022 Creating a living trust can be a great way to be proactive with your estate planning, giving you the means to protect your assets and make life easy for your family after you’ve died. But the rules governing the creation of these trusts vary from state to state. If you live in Nevada and are considering establishing a living trust, this guide will give you the information you need to set everything up. To help work your living trust in your financial plans, you might benefit from working with an estate planning attorney or a financial advisor. Read More...

Dec 22, 2022 If you plan to leave a substantial amount of assets and property to your loved ones, an Indiana living trust can simplify the process. By transferring your assets to a living trust, you will enable your heirs to avoid the expense and time of probate. You can also leave instructions for when you want beneficiaries to receive your assets, in case you want them to reach a certain age first. A living trust is a key tool in estate planning, and below, we will answer all of your questions about creating a living trust in Indiana. For hands-on help with your estate planning, consider working with a financial advisor. Read More...

Nov 29, 2021 If you’re planning for your estate after you die, you’re probably considering a living trust. This legal document will enable your heirs to skip probate, which could be a lengthy court process in Mississippi. A financial advisor could help you set up an estate plan for your family's needs and goals. Let's break down how and when to create a living trust in Mississippi. Read More...

Dec 01, 2022 If you have a loved one who deals with chronic illness or a disability of some kind, you want to be able to keep supporting them after you're gone. However, you don't want to disrupt their ability to collect funds from programs like Medicaid or Disability. In these situations, you can use a special needs trust. If you're looking for help setting up a special needs trust for a loved one then you may want to consider working with a financial advisor. Read More...

Jan 10, 2023 Estate planning is a process that allows you to protect your assets in the event of your incapacitation or death. One way to do so is by forming a living trust. Living trusts are legal documents that ensure your assets are given to any beneficiaries you select. This article explores the process of forming a living trust in Montana and whether you should create one. If you’d like expert guidance with estate planning, consider working with a  financial advisor who can help you with all of your financial needs. Read More...

Nov 30, 2022 Setting up a living trust in Missouri can help your heirs receive your estate promptly. It does this by avoiding probate, which can take some time in the state, since it has not adopted the Uniform Probate Code. We’ll tell you all you need to know about the key estate planning tool and how it works in Missouri. You can create one by yourself, though for large or otherwise tricky estates, you’ll probably want a financial advisor to guide you in transferring assets to the trust. Read More...

Feb 21, 2023 If your estate is worth more than $200,000, you should consider creating an Oklahoma living trust. This estate planning tool allows your heirs to receive your assets without waiting for probate, which takes longer in your state than states that have adopted the Uniform Probate Code. In this article, we cover all the basics about living trusts in Oklahoma. For help with complex estates, consult a financial advisor. This matching tool will connect you with up to three advisors who serve your area. Read More...

Nov 15, 2022 It’s not only natural to be thinking about what will happen to your property after you die. It’s also smart. For Tennesseans who want to spare their heirs the time and expense of going through probate, transferring assets to a living trust makes a lot of sense, since probate can be a lengthy process in the state. Whether you are just contemplating the idea or have already decided to create a living trust, this article will explain everything you want to know. If your estate is sizable or otherwise complex, a financial advisor can help. Use SmartAsset’s free matching tool to find advisors who serve your area. Read More...

Nov 29, 2021 Estate planning is a key part of ensuring that your assets are properly distributed after you've died. One of the many estate planning options available is to create a living trust in which you can put your assets and property. However the process for creating a living trust can vary from state to state, and Minnesota is no exception. If you're just starting the process of planning your estate, a financial advisor could help guide you on important decisions for your family's needs and goals. Here's what you need to know about creating a living trust in Minnesota. Read More...

Nov 03, 2022 When someone passes away, their estate may have to go through the probate process. If they left a will, that document can be legally contested in probate court. There are several reasons why a will may be challenged. Understanding how the process works for contesting a will is important if you've been named as a beneficiary of someone's estate or you're concerned that your own will may someday become a subject of disagreement. Consider working with a financial advisor as you create or modify your estate plan. Read More...

Sep 01, 2022   Creating an estate plan is an important step in managing and protecting your wealth. This is especially true if you're married and want to leave assets to your spouse without worrying about a probate process. A bypass trust could help your estate planning, depending on your financial goals. Understanding a bypass trust and its benefits may help you if it's right for your financial plan. You can also work with a financial advisor to help you set up your estate plan and to help you create the right financial plan for your situation. Read More...

Apr 25, 2022 For many grandparents, it might make sense to get a generation-skipping trust, which is one of the cleanest ways to give money directly to your grandchildren without having that money go through their parents (your children) first. This is also a way to pay the estate or inheritance tax just once. As you navigate this complicated financial terrain, consider enlisting the help of a financial advisor to make sure your financial intentions are met. Read More...

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...

Feb 09, 2023 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...

Mar 31, 2023 Dying may get you out of a lot of things, but not taxes. If you have a lot of property and assets you want to leave to your children or other heirs, it may be subject to taxation. Federal and some state-level estate taxes apply before your property is transferred. Some states also apply an inheritance tax, in which the beneficiary could 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 see an increase. A financial advisor can help you navigate the various death taxes and potentially limit your tax liability. Read More...

Jan 03, 2023 A trustee is an 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. The owner of the trust, known as the grantor, must appoint a trustee to administer the wishes outlined in the trust. You can work with a financial advisor to help you properly set up a whole estate plan in order to protect your assets. Read More...

Feb 27, 2023 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 who can help you today. Read More...

Feb 24, 2023 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, according to Caring.com, who don’t currently have a  will or  trust, your family will likely head to probate court. Even estates with wills 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 to a will or the courts. A financial advisor can help you set up an estate plan. Read More...

Oct 15, 2021 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 create 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. A financial advisor could help you create an estate plan for your needs and goals. Let's break down how and where to create a will online. Read More...

Feb 15, 2023 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...

Mar 25, 2022 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. Consider working with a financial advisor as you do estate planning. Read More...

Nov 18, 2022 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...

Mar 18, 2023 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. You can work with a financial advisor to set up the right succession plan and make sure your estate and your business are protected. Read More...

Aug 05, 2022 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. To get started with thinking through a potential legacy plan, you can speak with a financial advisor who has the experience to help you work through the whole process. Read More...

Oct 21, 2022 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. A financial advisor can help you create an estate plan to protect assets for your family. Read More...

Feb 01, 2023 Medical issues bring about plenty of tough decisions about what treatments you do and don't want to be 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. You can also work with a financial advisor to set up a full estate and end-of-life plan.  Read More...

Feb 24, 2023 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. There are several reasons why you might decide to establish a trust. Accordingly, there are many types of trusts, each corresponding to a different goal or financial situation. If you need to get your estate sorted, a financial advisor can help. Read More...

Apr 14, 2022 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. The most notable responsibilities among these are the notification of inheritance and timely management of the estate. If you have estate planning questions, consider speaking with a financial advisor. Read More...

Feb 28, 2022 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. A financial advisor can help you protect your family's wealth with an estate plan. Read More...

Apr 20, 2022 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. A financial advisor can help you put an estate plan together for your family's needs and goals. Read More...

Aug 25, 2022 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. In fact, they're instead tasks with simply following the guidelines set forth by the will and other estate planning documents. A financial advisor can help you create an estate plan that potentially includes a will, trusts and more. Read More...

Apr 08, 2022 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 they themselves are very different. Knowing the differences between them can help you make the exact right decisions on who should fill those roles. Do you have questions about estate planning? Speak with a financial advisor today. Read More...

Feb 14, 2023 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. Consider working with a financial advisor as you create or modify your estate plan. Read More...

May 20, 2022 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. A trustee is similar to the executor of a will. Instead of shepherding your estate through the probate process, however, a trustee manages your trust until the assets can go to your beneficiaries. If you have specific estate planning questions, consider speaking with a financial advisor. Read More...

Feb 17, 2023 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...

Feb 09, 2023 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. A financial advisor can help you create a financial plan for your estate planning needs and goals. Read More...

Mar 11, 2022 When you serve as the executor of a will or estate, you'll need to grapple with a lot of paperwork as you coordinate the distribution of assets and property. No matter what step of the probate process you’re working through, there’s likely a form for it. Some of the most important documents include a petition for probate, notice to creditors and various life insurance forms. A financial advisor can also help you with estate planning and management. Read More...

Apr 25, 2022 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. Consider working with a financial advisor as you build out your estate plan. Read More...

Jan 26, 2023 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. Do you need help integrating an estate plan into your overall financial plan? Speak with a financial advisor today. Read More...

Feb 14, 2023 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.  Given the choices and complexity of estate planning it's wise to work with a financial advisor. Read More...

Mar 02, 2023 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 23, 2023 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. A financial advisor can help you create an estate plan for your and your family's needs and goals. Read More...

Mar 20, 2023 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. The executor is responsible for carrying out the wishes of the deceased and making sure all of the loose ends of the deceased’s financial life are tied up. It can be quite an undertaking, so we’ve broken down what an executor is, his or her responsibilities and how to appoint one. Consider working with a financial advisor for insight and guidance on estate planning. Read More...

Jan 19, 2023 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. 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...

Dec 15, 2022 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...

Apr 25, 2022 A living will is a type of advanced directive, and both can be useful 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 a living will or another type of advance directive can help avoid any doubt or potential legal issues if you become seriously ill or injured. A financial advisor can help you put together your estate plan. Read More...

Jan 03, 2023 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 05, 2023 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 06, 2023 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...

Mar 29, 2023 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 one who specializes in estate planning topics. Read More...

Jan 06, 2023 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...

Jan 06, 2023 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...

Jan 06, 2023 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...

Jan 13, 2023 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...

Jan 06, 2023 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...

Jan 13, 2023 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...

Jan 06, 2023 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...

Jan 13, 2023 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...

Jan 13, 2023 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...

Jan 13, 2023 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...

Jan 13, 2023 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...

Jan 15, 2023 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...

Jan 15, 2023 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. Read More...

Jan 15, 2023 Hawaii levies an estate tax. The tax is progressive, with rates ranging from 10.00% to 20%. For 2018, the estate tax exemption in Hawaii is $5.49 million. 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...

Jan 15, 2023 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 $5 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...

Jan 15, 2023 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...

Jan 16, 2023 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...

Jan 15, 2023 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...

Jan 15, 2023 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...

Jan 16, 2023 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...

Jan 16, 2023 There is an estate tax in Connecticut. As of 2023, there is a flat estate tax rate of 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...

Jan 16, 2023 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...

Mar 13, 2023 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...

Mar 13, 2023 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...

Mar 13, 2023 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...

Mar 14, 2023 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. If you’re thinking of using a GRAT, consider working with a financial advisor. you may want to get the help of a financial advisor.  Read More...

Apr 01, 2023 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...

Jan 19, 2023 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.  Read More...

Jan 04, 2023 No one likes to think about death. It’s important, though, to consider your mortality when it comes to money and heirs. If you don’t, your family could end up having to scramble when you pass on. One way to prepare for things is to form a Totten trust, which is essentially a bank account with a named beneficiary. Remember that whatever form of estate planning you do, it may make sense for you to find a financial advisor to help you. Read More...

Mar 01, 2022 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 who can help you. Read More...

Nov 16, 2022 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 a living trust in the state and also explain the pluses and minuses of using a living trust as part of your estate plan. You can work with a financial advisor who focuses on estate planning to help you through the process of choosing the purpose for any trusts your estate needs. Read More...

Jan 25, 2023 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...

Nov 29, 2022 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 serves your area. Read More...

Dec 21, 2022 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...

Mar 08, 2022 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. If you're ready to make a living trust, retaining the services of a financial advisor may be extremely helpful. Read More...

Feb 28, 2022 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. Let's break down the process for creating a living trust in Georgia and why you may or may not want to do it. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Mar 22, 2022 Getting your estate ready for when you die is necessary to secure your family's future. One way to do this 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 examine the advantages and disadvantages for your financial situation. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Mar 22, 2022 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. This guide will break down the steps for creating a living trust in Wisconsin and examine when it is the best option for your situation. A financial advisor can help you create an estate plan for your family's needs and goals. Read More...

Feb 28, 2022 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. A financial advisor can help you put a financial plan together for your estate planning needs. Read More...

Nov 29, 2022 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. Read More...

Feb 23, 2022 There are a number of routes you can take when building your estate plan. One way to protect and pass on your estate is to form a living trust. If you’re in Washington and want to create a living trust, this guide has all of the information you’ll need, including a step-by-step rundown on how to set a living trust up. 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 tool that can help you find an advisor who serves your area. Read More...

Feb 17, 2022 A living trust is one way to plan your legacy and estate, all while making things a bit easier for your family when you're gone. If you live in Florida, this guide will show you how to set up a living trust, as well as provide 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's free financial advisor matching tool can simplify your search for an advisor. Read More...

Sep 12, 2022 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...

Feb 24, 2023 A living trust is an estate planning tool that can make things easier for your family after you pass away, and ensure that your wishes are fulfilled. 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 complete this task as painlessly as possible. If you’re setting up a living trust or want help with other aspects of financial planning, consider speaking with a financial advisor. Read More...

Nov 16, 2022 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 tool to help you find an advisor who serves your area. Read More...

Mar 01, 2022 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. Whether you’re thinking about forming a living trust or you simply have some financial planning questions, you may benefit from working with a financial advisor. Read More...

Feb 28, 2022 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, a financial advisor can help you create an estate plan to protect your family's wealth. Read More...

Feb 28, 2022 A living trust is one way to make things as easy as possible for your family after you’re gone. That's because a living trust an limit your family's exposure to difficult things, like the probate process. 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. A financial advisor can help you create an estate plan for your family's needs and goals.  Read More...

Feb 24, 2023 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. As with most financial situations, planning your living trust ahead of time can pay huge dividends. Of course, whether you’re setting up a living trust, planning for retirement or seeking help with general financial planning, it could make sense to work with a financial advisor. Read More...

Jan 25, 2023 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. You can also speak with a financial advisor about your estate plan. Read More...

Jan 22, 2023 The Maryland estate tax applies to estates worth more than $5 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...

Mar 18, 2023 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...

Jan 22, 2023 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 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.  Read More...

Jan 22, 2023 The Illinois estate tax rate is graduated and goes up to 16%. However, it is only applied on estates worth more than $4 million. So if you live in the Prairie State and are thinking about estate planning, you should learn about this all-important tax law. Despite the Illinois estate tax, make sure you also understand the federal estate tax, which has a much higher exemption of $12.92 million. If you think you need help with estate planning, you may want to consider working with a financial advisor. SmartAsset’s free financial advisor matching tool can help you find advisors in your area. Read More...

Mar 13, 2023 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...

Mar 13, 2023 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...

Mar 13, 2023 The estate tax rates in Maine range from 8% to 12%. The tax applies on estates worth more than $6.01 million in 2022 and $6.41 million in 2023. 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...

Jan 22, 2023 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...

Jan 22, 2023 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...

Jan 22, 2023 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...

Jan 22, 2023 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...

Mar 13, 2023 The top rate for the Rhode Island estate tax is 16%. It kicks in for estates worth more than $1,733,264 in 2023. 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...

Mar 13, 2023 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...

Mar 13, 2023 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...

Jan 21, 2023 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...

Mar 13, 2023 The estate tax rate in Minnesota ranges from 13% to 16%. In 2022, it applies to estates worth more than $3 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...

Mar 13, 2023 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 free matching tool can help you find a financial advisor in your area that’s a good fit for you. Read More...

Mar 13, 2023 The estate tax rate in New York ranges from 3.06% to 16%. Estates over $6.11 million are subject to this tax in 2022, going up to $6.58 million in 2023. 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...

Jan 18, 2023 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. If you think you’ll need help with estate planning, a financial advisor could advise you on reaching your goals. This guide will tell you everything you need to know about estate planning and estate tax in California. Read More...

Jan 18, 2023 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 who serve your area. Read More...

Mar 13, 2023 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...

Mar 01, 2022 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 guidance to help with your estate planning, SmartAsset's free advisor matching tool can pair you with financial advisors who serve your area. Read More...

Oct 28, 2022 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...

Mar 18, 2023 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, SmartAsset's free matching tool can pair you with up to three financial advisors who serve your area. Read More...

Sep 20, 2022 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. If you want guidance on estate planning, SmartAsset's free financial advisor matching tool can pair you with advisors who serve your area. Read More...

Mar 18, 2023 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 state 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 free financial advisor matching tool. Read More...

Mar 18, 2023 With no estate or inheritance taxes, Ohio is a hands-off state in terms of the allocation of your financial legacy. The rest of Ohio's 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, a financial advisor could provide expert guidance tailored to your specific needs. Let's break down the inheritance laws in Ohio. Read More...

Mar 01, 2023 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,  SmartAsset's free matching tool can pair you with up to three financial advisors who serve your area. Read More...

Sep 20, 2022 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 complex, so if you want some extra guidance when considering Massachusetts inheritance laws, a financial advisor can help. SmartAsset's free advisor matching tool can pair you with up to three financial advisors who serve your area. Read More...

Sep 06, 2022 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 understanding Alabama inheritance laws, SmartAsset's free financial advisor matching tool can pair you with advisors who serve your area. Read More...

Sep 25, 2022 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...

Feb 23, 2022 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, reading up on them beforehand will be a huge help. For professional guidance, SmartAsset's free financial advisor matching tool can set you up with financial advisors who serve your area. Read More...

Mar 23, 2022 Minnesota, like 10 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, SmartAsset's free financial advisor matching tool can pair you with up to three advisors who serve your area. Read More...

Feb 18, 2022 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. So if you live in Washington, it's incredibly important that you understand these rules and the many other nuances of the state's inheritance laws. For professional help managing your Washington estate and inheritance plans, consider finding a financial advisor with SmartAsset's free matching tool. Read More...

Aug 31, 2022 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...

Mar 18, 2023 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 SmartAsset's free financial advisor matching tool will set you up with financial advisors who serve your area. Read More...

Aug 29, 2022 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 though. That's why planning out your estate ahead of time is of paramount concern. So if you’d rather have help building out your will and inheritance plans with a financial advisor, SmartAsset's free advisor matching tool can pair you with up to three who serve your area. Read More...

Sep 14, 2022 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 planning your estate and SmartAsset's free advisor matching tool can pair you with up to three options who serve your area. Read More...

Sep 06, 2022 Virginia, like the majority of U.S. states, doesn’t charge a state inheritance or estate tax. The state does enforce a rare probate tax, though, should your estate need to go through that process. Smaller estates may not need to pass through probate but all estates need to understand all of the other laws that relate to either probate and inheritance in the state of Virginia. A financial advisor can help you navigate the complicated terrain of estate planning and Virginia inheritance laws. Read More...

Feb 28, 2022 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. A financial advisor can help you plan or manage your estate with regard to Florida inheritance laws. Read More...

Mar 01, 2022 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. A financial advisor can help you put together your estate plan. SmartAsset's free tool can match you with up to three advisors who serve your area, with the final choice of who to work with being up to you. Read More...

Feb 25, 2023 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. Read More...