- 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 certain exemptions that allow specific assets to bypass this process, offering a semblance 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
Because the probate process in California takes longer and costs more than in many states, Californian estate planners are especially likely to use a living trust as part of an estate plan. While they are intended to save time and money when settling an estate, setting up and funding a California living trust does consume… 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…
- 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 an Enhanced Life Estate Deed Works
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the process for property owners, known as life tenants, who wish to pass on their real estate but retain full rights over their property… read more…
- What Is the Annual Exclusion for Gift Taxes?
If you’re planning to give your children a financial head start or support a charitable cause that you’re passionate about, you will need to keep the annual exclusion for gift taxes in mind. This is the amount of money or property that an individual can give away to another person or entity within a single… read more…
- My Dad Left Me $550k in an IRA, But I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals?
If you inherit a tax-deferred retirement account, like an IRA or a 401(k), you’ll pay income taxes on the money when you withdraw it. Those withdrawals are subject to your marginal tax rate, not the original owners. This can reduce the value of your inheritance, potentially by quite a lot if you are in a… read more…
- 5 Types of Conservatorship
A conservatorship is a legal arrangement in which a court appoints a person or an organization to manage the financial affairs and/or personal care of an individual. Conservatorships are commonly set up to help a wide range of people, from the elderly grappling with dementia and young adults facing developmental disabilities. Here are five common… read more…
- Creating a Will vs. Trust in New Jersey
Navigating the complexities of estate planning can be a daunting task, particularly in New Jersey where specific laws and statutes govern the creation and execution of wills and trusts. These legal instruments are essential in dictating how one’s assets are managed and distributed in the event of your death. Whether you are contemplating how to… read more…
- How to Avoid Probate in Mississippi
Probate in Mississippi refers to the legal process in which the court oversees the distribution of a deceased person’s assets and settles their debts according to state law. Whether you’re an executor, a beneficiary or simply planning ahead, it’s important to understand this process so that you can save your beneficiaries time and money. If… read more…
- How to Avoid Probate in Kentucky
Kentucky offers various legal strategies to bypass the often lengthy and costly probate process. Each option comes with its own set of advantages and considerations, tailored to fit different estate planning needs and goals. Whether you’re an executor, beneficiary or simply planning for your own estate, understanding these approaches can help you make informed decisions… read more…
- What Is a Psychiatric Advance Directive?
A psychiatric advance directive (PAD) is a legal document that serves a similar purpose to a living will but is tailored specifically to psychiatric care. It grants people the ability to express their choices concerning medications, hospitalization options and even the selection of mental health professionals. The significance of a PAD lies in its capacity… read more…