Gifting to your heirs before you die has a huge tax savings for you, and possibly timing for your heirs. Gifts of money or property allow you to provide your heirs with funds or property when it will have the most significant impact and it is tax-free. Whether providing a down-payment on a home, sending your grandchildren to college, or…
Estate planning is a critical necessity when someone is diagnosed with a terminal illness: It is vital that the proverbial “house” be put in order. Timing quickly becomes a concern. At a certain stage in a terminal illness, it may become difficult to ascertain desires, or identify the information required, to carry out effective estate planning. In addition, mental competency,…
A Qualified Personal Residence Trust (QPRT) is an estate-planning tool that allows individuals to retain the right to live in their home for a specified period of time while also providing for the eventual transfer of a home at a lower transfer tax rate. A grantor using the QPRT transfers title to a personal residence to the trust (either a…
The divorce rate in the United States is approximately 50%. The “gray” divorce rate – among persons age 50 and over — has doubled between 1990 and 2010, according to a recent Bowling Green University study. If you are middle aged or above, married and are contemplating a divorce or are currently embroiled in divorce proceedings, here are some suggestions…
If you are a homeowner in California, you may not be aware that there are different ways to hold title to your home. ‘Title’ means how you own your real property and that phraseology can usually be found in the language on your deed. How you hold title may have different legal effects while you are alive as well as…
John Lennon once wrote: “Life is what happens when you are busy making other plans.” This is a profound thought and it certainly applies to the areas of estate planning, unexpected death, a life-altering accident, unanticipated sickness, home care and assisted living. Regrettably, this lyric applies to Prince, the mega music star who recently died unexpectedly at the age of…
Probate is a legal process used to pass a deceased individual’s property to heirs and beneficiaries of the deceased. Probate must be initiated whether an individual dies with or without leaving a will. A will aids the court in determining how property and assets should be disposed. The probate process can be a lengthy, costly, and complicated process even when…
Here are some of the more popular questions people have about wills and trusts and other estate planning documents. Even people who already have their estate planning documents in order still wonder about these scenarios. Q: Should I Keep My Estate Planning Documents in a Safety Deposit Box? A: Yes – and no. You might keep an original of your…
Celebrities are very influential in life. They can also be very prominent in death when their estate plans draw public scrutiny and criticism. Just because someone is rich and famous doesn’t mean they have executed the ‘perfect’ estate plan. More often than not, their estate plans are imperfect and wind up in prolonged litigation. Here are some lessons from recent…
Heirs who are beneficiaries often think that soon after a family member or other relative dies their inheritance check will be in the mail fairly quickly. That usually does not happen. Trust administration is not something that can be accomplished quickly, and if probate is necessary this process can last significantly longer, nine to twelve months or more. After the…