- Creating a Financial Power of Attorney in North Carolina
Power of attorney in North Carolina follows rules and procedures substantially similar to most jurisdictions. It is governed by the North Carolina Uniform Power of Attorney Act. The state offers two powers of attorney: statutory (otherwise known as “financial”) and medical. To assign statutory power of attorney, you can use a written form provided by… read more…
- Temporary RMD Relief Extended Through 2024
If you inherited a retirement account, the IRS may have suspended your RMD deadlines. In Notice 2024-35, the IRS has deferred annual distribution requirements for beneficiaries of pre-tax retirement plans. The tax agency issued a similar statement in 2022 and 2023. The result of this notice is that beneficiaries of retirement plans like a 401(k) or… read more…
- What Is a Probate Lawyer and What Do They Do?
A probate lawyer is a legal professional who specializes in guiding individuals through the probate process, which involves the administration and settlement of a deceased person’s estate. They assist in validating wills with the purpose of distributing assets accurately and handling any disputes that may arise among beneficiaries. Probate lawyers also provide crucial support in… read more…
- How Long Do You Have to File Probate After a Death?
Understanding how long you have to file probate after a death is a fundamental aspect of estate planning. Unfortunately, there’s no straight answer. The timeframe can vary significantly depending on the state laws, and can range from a few months to a few years. This is why filing probate promptly is essential if you want… read more…
- How to Know When Probate Is Required
Probate is often required when a person dies and leaves behind assets that are not automatically transferred to heirs or beneficiaries. Typically, this is required when the deceased owned real estate, had significant financial accounts or possessed personal property of substantial value. However, exceptions exist, such as when assets are held in joint tenancy or… read more…
- Types of Powers of Attorney Available in South Carolina
A power of attorney (POA) can help you manage personal, financial, or health-related affairs when you cannot do so yourself. Each power of attorney can be tailored to your specific needs. The document can be broad, covering a wide range of decisions, or it can be narrow, limiting the agent’s authority to specific tasks. Here’s… read more…
- How Much Probate Costs in Texas
The cost of probate in Texas typically come from a mix of court fees and professional services. The state’s probate process works much like it does in other parts of the U.S., and cases generally fall into one of two categories: testate probate, where a valid will directs how assets are distributed, and intestate probate,… read more…
- Types of Powers of Attorney Available in Maine
A power of attorney (POA) is a legal document that grants one person, known as the agent, the authority to act on behalf of another, called the principal. This document can be used to manage financial affairs, health decisions and other important matters when the principal is unable to do so. POAs come in two… read more…
- Guide to International Estate Planning
For individuals with assets abroad, understanding how different legal systems and tax regulations work is key to ensuring your estate is managed efficiently and your wishes are honored. This guide to international estate planning will offer you essential information and practical steps to protect your wealth, minimize tax liabilities and pass on your legacy to… read more…
- How to Build an Estate Plan for You and Your Family
Building an estate plan for you and your family can help you ensure that your assets are managed according to your wishes and that your loved ones are taken care of. Family estate planning involves creating legal documents such as wills, trusts and healthcare directives to address your financial and healthcare decisions. By planning ahead,… read more…
- How to Protect Your Inheritance During a Divorce
Shielding an inheritance from divorce isn’t overly complicated, but it does require inherited assets to be kept separate from marital property. This means avoiding co-mingling inherited funds with joint accounts or using them for joint expenses. Establishing a clear paper trail that documents the inheritance and its usage is essential. Additionally, considering a prenuptial agreement… read more…
- How to Create a Financial Power of Attorney in New Mexico
A financial power of attorney (POA) can allow you to authorize another person to manage your financial affairs when you are away or incapacitated. Here are the requirements for creating a financial power of attorney in New Mexico. For help with your own financial or estate planning, consider talking to a financial advisor. What Is… read more…
- How a Financial Power of Attorney Works in Kentucky
A financial power of attorney (POA) is a legal document that allows an individual to designate another person to manage their financial affairs. This can include handling bank accounts, paying bills and even making investment decisions. Let’s take a look at the requirements for a POA in Kentucky. For help with your own financial planning,… read more…
- Guide to Understanding When Probate Isn’t Necessary
Probate is a legal process used for the administration and distribution of a deceased’s estate. It involves validating the will, inventorying assets, paying debts and distributing those assets. As a result, it can be a lengthy and expensive process. However, there are times when probate isn’t necessary, such as when the deceased has a living… read more…
- Breaking Down Estate Planning in Colorado
Estate planning in Colorado involves understanding the specific state laws that affect wills, trusts and property transfers. Colorado residents should be aware that the state follows the Uniform Probate Code, which can simplify the probate process. Additionally, the Colorado estate tax laws and regulations about living wills and healthcare directives might differ from other states,… read more…
- Elder Law vs. Estate Planning: What’s the Difference?
While elder law and estate planning are two areas of law that often intersect, they serve distinct purposes. Elder law focuses on issues affecting people in their old age, such as long-term care and guardianship, whereas estate planning deals with the distribution of an individual’s assets after their death. A financial advisor can help you… read more…
- Estate Planning Services: What’s Available?
Estate planning services encompass a wide range of professional assistance designed to help individuals manage and protect their assets for the future. These services include creating wills, establishing trusts and planning for estate taxes so that assets can get distributed to heirs. By working with experienced financial advisors and attorneys, you can ensure that your… read more…
- Types of Powers of Attorney in Arizona
The most common type of power of attorney (POA) in Arizona is the General power of attorney, which grants broad powers to handle financial and legal matters. But the Grand Canyon State also has other types available, focusing on different purposes like making healthcare-related decisions. Each POA must be notarized and, in some cases, witnessed… read more…
- How a Durable Power of Attorney Form Works in Iowa
The durable power of attorney can help Iowans protect their interests and maintain control over their affairs. From selecting a trustworthy agent to navigating the state’s specific requirements, it’s important to understand how to utilize a durable power of attorney and how to navigate the correct form if you live in the state. Here’s a… read more…
- Fiduciary Duties of Trustees
Someone named as the trustee of a trust has a fiduciary duty to the trust’s beneficiaries. At its most basic, this means the trustee must place the needs of the beneficiaries of the trust ahead of their own needs. While following this rule, the trustee must ensure that all the administrative functions involved in overseeing… read more…
- Types of Powers of Attorney Available in Tennessee
A power of attorney (POA) is part of a well-established estate plan and is a legal document allowing one person, known as the agent or attorney-in-fact, to act on behalf of another, the principal. This arrangement is crucial for managing financial, legal and health-related matters when the principal is unable to do so. In Tennessee,… read more…
- How Much Probate Costs in Illinois
When a loved one passes away in Illinois, understanding probate costs becomes an important part of settling their estate. Probate expenses in Illinois typically range from 4% to 8% of the estate’s total value, though costs can vary significantly based on several factors. For Illinois residents concerned about these costs, several strategies exist to minimize… read more…
- How Much Probate Costs in Minnesota
Probate costs in Minnesota can vary significantly based on the complexity of the estate and the specifics of the case. Generally, probate expenses include court fees, attorney fees and personal representative fees. In Minnesota, court filing fees are relatively low, but attorney fees can be substantial, often calculated as a percentage of the estate’s value… read more…
- How Much Probate Costs in Washington
Probate costs in Washington can vary significantly based on the complexity of the estate and the county where the process occurs. In general, expect to pay court fees ranging from $200 to $400. Attorney fees can also add up quickly, often constituting the largest expense. Additionally, executor fees, appraisal costs and other administrative expenses can… read more…
- How a Financial Power of Attorney Works in Massachusetts
A financial power of attorney (FPOA) can empower you to designate someone else to handle your financial matters. This arrangement could ensure that financial obligations are met and goals pursued, even when the principal is unable to manage their affairs due to illness or disability. Understanding how an FPOA works is essential for effective financial… read more…