- Types of Power of Attorney in Kentucky
A power of attorney (POA) is a legal document that grants a designated person the authority to act on behalf of another person in specified legal and financial matters. The purpose of a POA is to allow the agent to make decisions and take actions on the principal’s behalf if the principal becomes incapacitated or… read more…
- How to Avoid Probate in Oregon
Probate is a legal process that administers the estate of a deceased person. It can be complex, time-consuming and costly for many families in Oregon. On average, probate can take between six and 12 months to complete, and can cost anywhere from 2% to 7% of the estate’s total value. Here’s an overview of how… read more…
- How to Avoid the Estate Tax in Minnesota
The estate tax, sometimes referred to as the “death tax,” is levied on the total value of a deceased person’s assets before they are distributed to heirs. In Minnesota, it applies to estates valued over $3 million, with rates ranging from 13% to 16%. This contrasts sharply with the federal exemption threshold of $13.61 million,… read more…
- How a Power of Attorney Works in Colorado
Power of attorney is a legal tool that allows individuals to appoint trusted agents to manage their affairs, make decisions, and sign documents on their behalf. In Colorado, there are several types of powers of attorney available, each designed to serve specific purposes and handle different situations, such as managing financial matters, healthcare decisions, or… read more…
- Can a Power of Attorney Sell Property Before Death?
A power of attorney (POA) is a legal tool that allows an agent to make decisions on behalf of the principal. POA is used in situations where the principal is unable to manage their affairs due to illness, incapacity, absence, or other similar scenarios. In the principal’s stead, the agent is given authority to manage… read more…
- Can a Power of Attorney Close a Bank Account?
Power of attorney (POA) is a legal tool that allows an individual, the principal, to appoint someone they trust to manage their affairs when they are unable to do so themselves. The person appointed is known as the agent. It’s often used in instances where the principal is facing illness or injury, and wants the… read more…
- How to Avoid Illinois Estate Tax
Illinois residents with estates valued at more than $4 million need to be aware of the potential tax implications and take proactive steps to minimize their tax liability. If you live in the Prairie State, here’s what you need to know about the estate tax and how to avoid it. A financial advisor can also… read more…
- How to Avoid Probate in New Jersey
The probate process involves validating wills, administering estates and ensuring the rightful distribution of assets, all under the watchful eye of the Surrogate’s Court. Whether you are drafting a will or handling an estate without one, understanding when probate is necessary and the steps involved will help you create an efficient estate plan. There are… read more…
- States That Won’t Tax Your Estate When You Die
The majority of states do not levy taxes on estates. But, if you live in a state that does, also, you could face a tax if your estate is valued at $5 million or less. Generally, estate taxes are a sizable concern for wealthier people. Luckily, a financial advisor can help you create an effective… read more…
- Average Cost of a Will vs. Living Trust
Wills and living trusts are fundamental estate planning tools that dictate what happens to your assets when you’re gone. More specifically, wills are legal documents that contain instructions about how all of your affairs will be settled after you pass. Meanwhile, living trusts are legal entities that are focused on distributing your assets according to… read more…
- 4 Types of Assets That Are Exempt From Probate in Florida
The probate process involves the court-supervised distribution of assets, which can be time-consuming and costly, not to mention the emotional toll it can take on a family. However, Florida law provides some exemptions that allow specific assets to bypass this process, offering a bit of relief and financial stability to the bereaved. From homestead property… read more…
- How a Transfer on Death Deed Works in Florida
A transfer on death deed (TODD) offers a streamlined solution for property owners looking to bypass the often lengthy and costly probate process in Florida. This legal instrument allows individuals to designate a beneficiary to inherit their property directly upon their passing, ensuring a smooth transition of ownership. With the ability to retain control over… read more…
- How a Life Estate Deed Works in Florida
When you’re thinking about what will happen to your assets after you die, it’s important to understand how you can avoid probate with some of your most valuable, such as real estate. A life estate deed is a legal document that allows you to pass on your property to a designated beneficiary while retaining the… read more…
- How to Get a Financial Power of Attorney in Pennsylvania
In Pennsylvania, a power of attorney (POA) is a legal document that can empower a designated agent to act on your behalf should such situations arise. With various types of POAs available, tailored to address specific needs from healthcare to financial management, understanding the legal requirements of these documents is essential for effective personal planning.… read more…
- How to Avoid Probate in Oklahoma
The probate process in Oklahoma involves a series of court-supervised steps to ensure the decedent’s assets are distributed fairly, whether in accordance with a will or state intestacy laws. From filing a petition to distributing remaining assets, each stage is plays an important part in honoring the final wishes of the deceased. Yet, the time,… read more…
- What Is a NING Trust?
The Nevada incomplete gift non-grantor (NING) trust is a tool designed to provide affluent individuals with a legal avenue for asset protection and tax optimization. These specialized trusts leverage Nevada’s advantageous tax codes and trust-friendly laws, enabling residents of high-income-tax states to shield certain assets from those taxes. If you need help protecting your assets… read more…
- 4 Types of Power of Attorney Available in Pennsylvania
Power of attorney (POA) offer a versatile legal framework for ensuring that your decisions and assets are handled according to your wishes, even when you’re not able to oversee them directly. It’s vitally important to understand the different types of POAs available if you’re in need of this type of authority. In the state of… read more…
- 5 Most Important Benefits of Estate Planning
For adults of any age, it’s important to make an estate plan. This can be no more complicated than a simple will, but it matters. It’s even more essential when you have spouses, children and other people who depend on you. While there are many important financial reasons to have a good estate plan, from… read more…
- How Long Does Probate Take in Florida?
On average, it takes four to 12 months to probate a standard estate in Florida. This is normal for most jurisdictions. A standard estate must be open for at least three months. This is the minimum amount of time required for creditor notification. As a result, with additional processing time and delays, a standard estate typically… read more…
- Florida Probate Laws You Need to Know
Probate in Florida refers to the legal process through which a deceased person’s assets are distributed and their debts are settled under the supervision of the court. Understanding this process is key whether you’re completing your own estate planning or trying to understand how you’ll receive assets as a beneficiary. Many may want to avoid… read more…
- How Can I Receive Living Expenses as Grantor From an Irrevocable Trust?
Trusts are an independent legal entity, similar to a corporation. As a result any assets you contribute belong entirely to the trust itself, the same as if you gave your money to any other third party. If the trust is an irrevocable trust, there is no legitimate way for you to take this money back. You… read more…
- How Much a Living Trust Costs to Create in New York
Having a living trust as part of your estate plan lets you bypass New York’s probate process, saving money, time and trouble. However, setting up a living trust involves some time, trouble and cost as well. Many estate planners pay attorneys to create and fund a living trust. This can cost from $1,000 for a… read more…
- How Long Does Probate Take in California?
The probate process in California can be lengthier than in some other states, averaging about a year but often requiring 18 months and even longer. The stretched-out period required to settle a California estate is due in part to a requirement that the court wait four months for creditors to respond after letters of administration… read more…
- How Much It Costs to Create a Living Trust in California
Creating a living trust in California is a prudent step for those looking to manage their estate efficiently and ensure their assets are distributed according to their wishes. A living trust not only helps in avoiding the often lengthy and costly probate process but also provides privacy and flexibility in estate management. However, understanding the… read more…
- How a Conservatorship Works in California
In California, a conservatorship involves a court-appointed individual or entity (known as a conservator) overseeing the personal and financial affairs of another person (known as a conservatee). The conservatee is deemed unable to manage those matters for themselves due to incapacity or disability. And the process can be accompanied by ongoing court supervision to ensure… read more…