- Trust Fund vs. Inheritance: Which Is Better for Beneficiaries?
When it comes to estate planning, families often wonder whether it’s better to leave behind a trust fund or a traditional inheritance. Both options provide meaningful financial support. However, they manage, distribute and protect their assets in different ways. Understanding these differences isn’t just important for grantors making estate planning decisions. It also helps beneficiaries… read more…
- How Tenancy By the Entirety Works in West Virginia
West Virginia is one of many states that does not recognize tenancy by the entirety as a property ownership structure. Married couples in the state can hold property as joint tenants with rights of survivorship or as tenants in common. This allows a surviving spouse to retain ownership of the property upon the death of… read more…
- My Dad Left Me $675k in an IRA, but I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals?
There are different rules for inherited retirement accounts. When you build your own retirement account, you can contribute new money into that portfolio. You can also leave it in place until you need it, subject only to RMDs (Required Minimum Distributions) that kick in around age 73 for pre-tax portfolios. When you inherit a retirement… 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…
- 401(k) Beneficiary Rules to Know
Inheriting a 401(k) comes with a range of beneficiary rules that vary depending on the beneficiary’s relationship to the account owner. Spouses generally have more options for how to receive the funds, including rolling the 401(k) into their own retirement account or taking distributions over time. Non-spouse beneficiaries, on the other hand, are typically required… 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…
- 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…
- 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 Create an Advance Healthcare Directive in Missouri
An advance healthcare directive provides clear instructions for family members, reducing confusion and stress when making medical decisions on your behalf in the event that you are unable to make them. This legal document can outline your preferences for medical treatment and designate a healthcare proxy to make those decisions. A financial advisor can work… read more…
- Completing a Small Estate Affidavit in Wisconsin
After a loved one passes, probate can be long and costly. But, beneficiaries could avoid this process with a small estate affidavit if the estate meets certain requirements. In Wisconsin, heirs can claim the property of the deceased without formal probate when the value of the estate is less than $50,000. No matter the size… read more…
- 9 Ways to Speed Up the Probate Process
Probate can be a lengthy and complex process, leaving executors eager to find ways to expedite it. Familiarizing yourself with the legal procedures and documentation required to settle an estate efficiently is key to understanding how to speed up probate. A financial advisor can work with you to manage and distribute your estate. Here’s a… read more…
- Do All Wills Go Through Probate?
Probate is the legal process that happens after someone dies. It distributes the assets and pays any debts or taxes. If there’s a will, you might wonder if probate is needed. Sometimes, probate is required to validate the will and settle the estate, while in other cases, it can be avoided. You should understand your… read more…
- Who Pays Probate Attorney Fees in Texas?
Probate is the legal process of validating a will and distributing assets, which often requires legal aid. Many families worry about covering these attorney costs. But, in Texas, the estate typically covers probate attorney fees. If you’re concerned about probate for your beneficiaries, a financial advisor can work with you to create an estate plan.… read more…
- How Long Does Probate Take in Colorado?
Probate can take six months to a year in Colorado, depending on the complexity of the estate. The size of the estate, the clarity of the will, and whether it’s a formal or informal probate case can all influence how long the process will last. While some estates may be settled relatively quickly, others may… read more…
- How Long Does Probate Take in Washington?
In Washington state, the probate process typically takes about six to nine months, but the length depends on the complexity of the estate and whether there are disputes among heirs. If you’re currently involved in or are preparing for probate, you’re probably wondering how long probate will take in Washington and what steps are involved.… read more…
- How Long Does Probate Take in Michigan
Probate is the legal process for settling estates. It involves the validation of wills, inventory of assets, payment of debts and distribution of the remaining estate to beneficiaries. In Michigan, the duration of probate can vary significantly based on several factors, including the size and complexity of the estate, the presence of a valid will… read more…
- Disinheriting Your Family in California
Disinheriting a family member is a step you might feel compelled to take for a number of personal or financial reasons. You can disinherit your spouse in California, or any family member, but it requires careful consideration of California’s community property laws which make it more complex to disinherit someone when compared with other states.… read more…
- How Long Does Probate Take in Texas?
The probate process in Texas will rely heavily on what is involved in the estate, the number of heirs and how much planning was done before the decedent’s passing. Factors such as the size of the estate, the clarity of the will and whether creditors need to be paid can all influence the timeline. Texas… read more…
- How Long Probate Can Take in Ohio
When a loved one passes, there may be questions surrounding the will and that person’s estate. This can lead to probate, which can be time-consuming and costly. If you live in Ohio, the process can take anywhere from a couple months to over a year. There are many factors at play, including the complexity of… read more…
- How a Disinheritance Clause in a Will Works
Many times, a will focuses on the parties receiving property. But, it can also exclude individuals, as well. A disinheritance clause is a provision within a will that explicitly states that a specific individual will not receive any portion of the estate upon the testator’s death. This clause is used when someone wishes to prevent… read more…
- Generational Wealth Transfer Strategies to Consider
Transferring wealth across generations is a multifaceted process requiring careful planning and a deep understanding of tax implications, asset protection and family dynamics. Effective generational wealth transfer strategies can help ensure that financial legacies are preserved and aligned with personal values and family goals. These strategies might include establishing trusts, gifting assets during one’s lifetime… read more…
- Completing a Small Estate Affidavit in New York
Completing a small estate affidavit in New York is a streamlined way to settle a deceased person’s estate when it falls below a certain monetary threshold. This process, also known as a Voluntary Administration, is less costly and time-consuming than formal probate, making it ideal for estates worth $50,000 or less. While completing a small… read more…
- How to Build a Succession Plan for Your Wealth
Creating a succession plan for your wealth can lead to a smooth transfer of assets to future generations. Wealth succession planning outlines how your wealth will be managed and distributed, minimizing potential conflicts and maximizing the value passed on to heirs. By proactively addressing these elements, you can secure your family’s financial future and provide… 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…
- 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…