- Do You Have to Pay Taxes on a Cash Gift?
Gift taxes on cash gifts are usually the responsibility of the giver, though most do not owe tax due to the lifetime exclusion. Givers can also give up to a set annual limit per person without triggering gift taxes or needing to report the gifts. Recipients do not pay income tax on gifts, but they… read more…
- What Is Not Included in a Decedent’s Gross Estate?
A decedent’s gross estate includes most assets and property they owned or had an interest in at death, used to calculate estate taxes. Some assets, however, may be excluded, affecting the estate’s value and tax obligations. Understanding what is included in the gross estate is important for inheritance, taxes, and the executor’s responsibilities. A financial… read more…
- Types of Power of Attorney in New Jersey
In New Jersey, a power of attorney (POA) is a legal document that grants someone the authority to act on another’s behalf in specific areas. These can include managing finances or making healthcare decisions. The Garden State recognizes various types of POAs that offer varying levels of authority and serve different purposes. A financial advisor… read more…
- Types of Power of Attorney in Illinois
In Illinois, a power of attorney (POA) is a legal document that allows one person to act on behalf of another in specific matters, such as financial transactions or healthcare decisions. The state offers several types of POAs, each designed for different purposes and levels of authority. A financial advisor can help determine which type… read more…
- Types of Power of Attorney in Georgia
A power of attorney (POA) is a legal document that grants one person the authority to act on behalf of another, making it a fundamental tool for managing personal, financial or medical affairs. State laws govern powers of attorney, and Georgia’s approach is different from many, with many options tailored to specific uses. A financial… read more…
- Types of Power of Attorney in Missouri
Anyone who begins the estate planning process, or assists a loved one in doing so, needs to understand the different types of power of attorney and how they operate according to state and local laws. In Missouri, power of attorney gives someone the legal authority to act on behalf of someone else. The Show-Me State… read more…
- How to Amend a North Carolina Will With a Codicil
In North Carolina, you can amend a will using a codicil, which is a legal document that makes specific changes without rewriting the entire will. This is a simple way to update beneficiaries, change executors, or adjust bequests while ensuring your wishes are followed. A financial advisor can also help you align these updates with… read more…
- What Is a Grantee Beneficiary?
A grantee beneficiary is an individual or entity designated to receive certain assets, often in a trust or transfer-on-death deed arrangement, after the original owner dies. Unlike traditional beneficiaries, grantee beneficiaries are frequently used in specific legal contexts to simplify the transfer of assets without the need for probate, which can help speed up the… read more…
- How to Amend a Georgia Will With a Codicil
In Georgia, an effective way to amend a will is through a legal document known as a codicil. A codicil allows you to make modifications without the need to draft an entirely new will, offering a flexible and efficient solution for small updates and amendments. When you experience life events that change your goals and… read more…
- How Do I Transfer Property to a Family Member Tax-Free?
Transferring property to a family member can be a meaningful gesture, whether it’s a gift, part of an estate plan, or a strategic financial choice. However, understanding the tax implications is key to ensuring the transfer is both beneficial and legally compliant. Many wonder how to transfer property tax-free to avoid the hefty tax liabilities… read more…
- Deferred Sales Trust: What It Is, Examples, Pros and Cons
A deferred sales trust (DST) is an advanced tax strategy that allows investors to delay capital gains taxes on the sale of assets that have significantly risen in value, such as real estate or businesses. By selling the asset to a trust, the seller can receive payments over time, spreading out tax liabilities and allowing… read more…
- What Is a Codicil to a Will?
A codicil is a legal document used to make changes or additions to an existing will without rewriting the entire document. It allows the person creating the will, known as the testator, to update specific provisions, such as changing beneficiaries, appointing new executors or adjusting asset distributions. Like a will, a codicil must be signed… read more…
- How Much Does Probate Cost in North Dakota?
When a loved one dies, probate may be necessary. In North Dakota, probate costs vary depending on the estate’s size and complexity. Some estates may qualify for simplified probate, lowering costs, while others require a more detailed and costly process. Knowing how much probate costs in North Dakota can be helpful for anyone involved in… read more…
- 15 Estate Planning Tips for Residents in Ohio
If you live in Ohio, estate planning will require you to manage your assets in a way that complies with state laws. Ohio residents can use wills, trusts and powers of attorney to make sure that their property is managed and distributed according to their preferences. It is also helpful to understand Ohio’s probate process,… read more…
- How Long Does Probate Take in Arizona?
If you’re wondering how long probate takes in Arizona, the timeline varies depending on several factors. Simple cases with no disputes or complex assets can take as little as six months, while more complicated cases can extend over a year or more. While the timeline can be influenced by court availability and family disagreements, the… read more…
- 401(k) Beneficiary Rules to Know
When you open a 401(k), you can name a beneficiary to inherit your account when you pass away. Inheriting a 401(k) comes with a range of beneficiary rules that depend on the beneficiary’s relationship to the account owner. Spouses generally have more options, including rolling the 401(k) into their own retirement account or taking distributions… read more…
- 5 Estate Planning Tips for Those in Massachusetts
If you want to create an estate plan in Massachusetts, you will need to consider state-specific laws and guidelines. One example, the Bay State has a lower estate tax threshold when compared with the federal tax. Massachusetts also recognizes homestead protections and irrevocable life insurance trusts, which can affect your estate plan. A financial advisor… read more…
- How Much Does Probate Cost in Rhode Island?
Probate is the legal process of administering a deceased person’s estate, ensuring that their assets are distributed according to their will and that any debts are paid. If you’re in Rhode Island and preparing to go through the probate process, it’s important to understand both the steps involved and the costs that may be incurred.… read more…
- How Long Does Probate Take in Illinois?
In Illinois, the length of probate depends on the estate’s size, complexity, if there is a valid will and whether there are any disputes among beneficiaries. Probate usually takes six months to a year and begins when the executor files the will with the probate court. An estate planning attorney can help speed up the… read more…
- 6 Estate Planning Tips for Those in Georgia
Estate planning helps ensure your assets, financial matters and healthcare decisions are handled according to your wishes after you pass away or become incapacitated. For residents of Georgia, there are specific state laws and regulations that can affect how your estate is managed. Whether you’re just beginning the estate planning process or fine-tuning an existing… read more…
- How Long Does Probate Take in Pennsylvania?
Probate in Pennsylvania is likely to take at least several months and not uncommonly more than a year. Many factors can influence the time required to usher an estate through Pennsylvania. The timeline can vary significantly depending on the complexity of the estate, the presence of a will and the efficiency of the court system.… read more…
- 5 Estate Planning Tips for Those in Utah
Estate planning can help you manage and distribute your assets. In Utah, you can use common estate planning tools like living trusts and beneficiary designations. But, you must follow specific state requirements, such as having witness signatures on wills. There are many different estate planning strategies that can help you and your family save time… read more…
- 5 Estate Planning Tips for Those in Illinois
Estate planning is an important step in securing your financial future and making sure that your assets are distributed according to your wishes. In Illinois, this can involve creating a will, a trust, powers of attorney and healthcare directives. Whether your goal is to reduce estate taxes, protect assets, or care for loved ones, a… read more…
- How Much Does Probate Cost in Hawaii?
Probate can follow after a loved one dies, which could cost beneficiaries time and money. This legal process settles the estate of a deceased person. As with other states, probate expenses in Hawaii–including court fees, attorney fees and administrative costs–can quickly add up, depending on the complexity of the estate. Hawaii’s specific legal rules and… read more…
- How to Fund a Special Needs Trust
A special needs trust provides financial support for a disabled person without affecting their eligibility for benefits like SSI or Medicaid. Families or caregivers can fund the trust with cash, investments, life insurance and other assets. The trust covers expenses not paid by government programs, such as education, housing and personal care. A financial advisor… read more…