- 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…
- 10 Tips to Succeed at Succession Planning
Succession planning is an important component of any business’s long-term strategy, yet it is often overlooked until it’s too late. Whether you’re at the helm of a family-owned enterprise or a corporate entity, the question of who will carry on your legacy looms large. From starting early and identifying potential successors, to involving stakeholders and… 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…
- Probate vs. Non-Probate Assets
Probate assets are those subject to court-supervised distribution upon the owner’s death. Nonprobate assets pass directly to designated beneficiaries outside of the probate process. Understanding the difference between both types of assets will help you plan your estate effectively. For help protecting your assets, consider working with a financial advisor. What Are Probate Assets? Probate… read more…
- How to Write a Will if You Live in California
While loving gestures and legal maneuvers might seem like things that don’t mix, these two ingredients come together when you’re writing a will. If you live in California, it’s crucial to be cognizant of the state’s laws and statutes that affect how to pass on your wealth to your beneficiaries through a will. A financial… read more…
- How Much Does Probate Cost in Florida?
The cost to settle an estate through probate in Florida can range from a few hundred dollars to hundreds of thousands of dollars, depending on the size of the estate. In addition to modest court costs, more sizable fees will likely go for attorneys and executors. These costs are on top of other payments that… read more…
- Estate Planning Essentials Everyone Should Consider
Estate planning is not a set-and-forget endeavor. It requires regular updates and a keen understanding of the changing legal requirements. An up-to-date will, for example, can prevent familial discord, while the strategic use of trusts can offer tax advantages and protect your estate for future generations. Moreover, healthcare power of attorney and guardianship designations can… read more…
- How to Handle an Estate With This Settlement Checklist
Settling an estate after the death of a loved one can involve both legal and financial challenges. But having a well-organized settlement checklist can help streamline this process. Whether you’re an executor, beneficiary or simply planning ahead for your own estate, understanding the process of settling an estate is key for ensuring that it runs… read more…
- Do I Need to Worry About the Gift Tax If I Pay $60,000 Toward My Daughter’s Wedding?
For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax perspective. You could owe federal gift taxes if your lifetime gifts are over the lifetime exclusion amount, though, but the limit is set quite high. More specifically, for 2024 it sits at $13.61… read more…
- How Much Does It Cost to Make a Will?
Creating a last will and testament as part of your estate plan could cost anywhere from nothing to several thousand dollars. The actual price will vary depending on the method you use to create a will. Doing it yourself is least expensive, and can involve no cost at all. Hiring an estate attorney to do… read more…
- How to Avoid Probate in Pennsylvania
Pennsylvania residents who are planning their estates have a number of ways to avoid having to go through probate. Although the state’s inheritance laws are unusual in that it is one of just six that levies an inheritance tax, avoiding probate in Pennsylvania is mostly a matter of using techniques similar to ones in other… read more…
- How Much the Probate Process Costs in Ohio
The probate process in Ohio provides a judicial framework for the orderly distribution of a deceased person’s assets, the settlement of debts and the resolution of claims against the estate. It begins with the probate court validating the deceased’s will and concludes with the distribution of the remaining assets to the rightful beneficiaries. On average,… read more…
- Who Pays Probate Fees in California?
When an estate goes through probate in California, the money and assets a person leaves behind will inevitably pay for this court-supervised process. Unfortunately, California has one of the most expensive probate procedures in the nation, which includes administrative charges, state-mandated fees paid to the executor and/or attorneys, as well fees associated with a variety… read more…
- How Much It Costs to Create a Will in Texas
A will or a “last will and testament” is more than just a legal document – it’s a declaration of your wishes concerning the distribution of your assets and the care of your minor children after you pass away. In Texas, the absence of a will leaves your estate subject to state intestacy laws, which… read more…
- How Much Does It Cost to Amend a Trust?
Amending your trust can take multiple steps. You will first need to have a clear understanding of your trust, as well as the legal, statutory and financial factors that could weigh on the costs of making these changes. Here’s a general breakdown. If you need help with this process, consider working with a financial advisor.… read more…
- What to Know About Power of Attorney in Ohio
A financial power of attorney allows you to authorize a trusted friend or relative to pay your bills, access your accounts, talk to your bank, complete real estate transactions and otherwise handle your finances in the event you cannot do so yourself. Like other states, Ohio recognizes powers of attorney as legal documents. These documents… read more…
- How to Avoid Probate in Arkansas
Estate planning can help you avoid probate and ensure a successful transfer of assets from yourself to your beneficiaries. Probate can take a lengthy amount of time and cost your beneficiaries money if you don’t take steps to protect your estate. Here are four common ways you can avoid probate in Arkansas. For hands-on estate… read more…
- Types of Power of Attorney You Can Get in Texas
Extended travel, illness or unforeseen incapacitation, are common reasons why people create powers of attorney (POAs). These documents are a legal framework where you can grant a trusted individual to act as an agent on your behalf. Here are five types of POAs available in Texas. If you need specific financial advice or help with… read more…
- How Much Probate Costs in California
In the Golden State, the passing of a loved one not only brings emotional turmoil but also the complex and often misunderstood process of probate. Understanding the probate process is a pivotal aspect of estate planning that affects families and beneficiaries when they are most vulnerable. Unfortunately, California has one of the most expensive probate… read more…
- Understanding the 4 Types of a Power of Attorney
A power of attorney (POA) is a legal document that allows individuals to appoint someone they trust to make decisions on their behalf should they become unable to do so themselves. Whether it’s a young entrepreneur facing unexpected illness or an individual planning an extended trip abroad, understanding how different powers of attorney work can… read more…
- How to Write a Will in Texas
The creation of a last will and testament is an important undertaking that honors your legacy and protects your loved ones. The process of creating a will in the state of Texas is relatively straight forward, but there are specific rules and requirements you’ll need to adhere to in order to guarantee that your will… read more…
- How to Avoid Probate in Missouri
There are several strategies to avoid probate in Missouri. One common approach is to establish a revocable living trust, which will allow you to transfer your assets into the trust during your lifetime and effectively bypass the probate process upon death. Additionally, you can set up a joint ownership arrangement that allows assets to pass… read more…
- How to Get a Financial Power of Attorney in Missouri
A power of attorney can grant one person the authority to act on behalf of another. This legal document is typically used in situations when a person may be incapacitated or unavailable to manage their legal, financial or healthcare affairs. The process to obtain a financial power of attorney can vary by state. Here’s what… read more…