- 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 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…
- 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…
- How to Gift Real Estate Property to a Family Member
Transferring real estate can be difficult and cost you money in taxes, if you don’t do it the right way. So, if you want to gift real estate property to a family member, you’ll need to understand different types of property deeds and weigh the benefits and risks associated with this type of move. For… read more…
- How a Transfer on Death Deed Works in Ohio
A transfer on death deed (TODD) allows property owners in Ohio, and certain other states, to pass real estate directly to a designated beneficiary upon their death. This estate planning tool can help you avoid probate, and thereby save on time and money. To help protect your assets, talk to a financial advisor. What Is… read more…
- How a Transfer on Death Deed Works in Illinois
A transfer on death deed (TODD) is a legal instrument that allows property owners to bypass probate and distribute real estate directly to a beneficiary upon their passing. Whether you’re an elderly homeowner, a single individual or someone with a modest estate, a TODD might be a suitable tool for your estate planning needs. Here’s… read more…
- Payable on Death Account vs. Transfer on Death Account
Payable on death (POD) and transfer on death (TOD) accounts both offer a unique mechanism for streamlining the transfer of assets when an account holder dies. Assets held in POD and TOD accounts swiftly pass to the named beneficiary, bypassing the often time-consuming and costly probate process. Despite their similar names and purposes, the POD… read more…
- How to Avoid Oregon Estate Tax
Oregon’s estate tax applies to estates above $1 million, a more aggressive approach than the federal estate tax, which applies only to much larger estates. With tax rates ranging from 10% to 16%, this estate tax is a key concern when planning an estate if you live in Oregon. Several different approaches can avoid or… read more…
- How to Avoid Estate Taxes With Trusts
Estate taxes are a form of transfer tax that affects the very wealthy. For multimillionaire households, avoiding the estate tax is a significant issue. One tool that households can use to try to minimize their estate tax liability is the… read more…
- Florida Estate Tax
There is no Florida estate tax, though you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size. If you’re concerned about estate… read more…
- The Basics of Estate Tax Planning
Estate planning matters if you’re hoping to preserve as much of your wealth and assets as possible for future generations. One of the biggest challenges is finding ways to minimize your tax liability, as taxes can shrink the value of… read more…
- What Is a Small Estate Affidavit?
A small estate affidavit is a sworn legal document that may allow an estate to avoid going through probate. Small estate affidavits are permitted in many states, as long as the value of the estate is small enough. Using one… read more…
- Guide to Roth IRAs and Estate Taxes
Tax planning for your retirement accounts is an important part of setting your beneficiaries up to maximize the benefit of what you leave behind after you die. If you have a Roth IRA, you can effectively avoid estate tax issues… read more…
- How Does an Estate Tax Marital Deduction Work?
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… read more…
- Understanding the Washington, D.C. Estate Tax
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… read more…
- Wyoming Estate Tax
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… read more…
- Tennessee Estate Tax
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… read more…
- South Dakota Estate Tax
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… read more…
- Oklahoma Estate Tax
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… read more…
- Wisconsin Estate Tax
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… read more…
- North Dakota Estate Tax
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… read more…
- New Mexico Estate Tax
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… read more…