At Katzner Law Group, we understand that estate planning can be emotional and at times complex. A fundamental component of this process is deciding who will be the beneficiary of your assets. In simple terms, a beneficiary is an individual(s) or charity(ies) you legally designate to receive assets or benefits from your trust, estate, or […]
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Transfer on death and payable on death are two designations used to transfer assets to beneficiaries when an account holder dies without going through probate. Payable on death means that the assets in the account are transferred to the beneficiary. Transfer on death not only transfers the assets to the beneficiary but also ownership of […]
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A gift tax is a tax imposed on the gift giver, not the recipient. Therefore, it falls into a category different from income taxes. At first glance, gift taxes may seem complicated because there is both a lifetime exclusion amount and an annual gift exclusion amount. The current Internal Revenue Service (IRS) lifetime gift tax […]
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Whether you are a relative, beneficiary, or executor of an estate, you may need to know how to claim deceased bank accounts without probate. Generally, the process to claim a deceased person’s bank account is straightforward if there are clearly defined payable-on-death beneficiaries or a joint account owner, but occasionally, there may be no beneficiaries […]
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When someone passes away and has written a last will and testament, their estate executor will distribute the deceased person’s assets to their beneficiaries. An executor has many responsibilities and must follow state laws. These responsibilities and other factors can affect the estate distribution timeline and determine how long it takes for the executor to […]
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An executor can sell estate property without all the beneficiaries approving. However, there are some important caveats to consider. Their power is not unrestricted. For example, the outcome is very different if a decedent’s last will and testament states explicitly that a piece of property will go to a specific beneficiary or if the will […]
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Over time, your estate plans will probably change due to marriages, divorces, births, and deaths. Many people leave their accounts and property to their children, assuming their wealth will eventually pass on to the next generation, but in some cases, transferring property and accounts directly to their grandchildren makes more sense. Gifting Money During Your […]
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Almost everyone loves an adventure. Some people enjoy the planning aspects of a vacation as much as actually going on the trip. Even the best-laid plans can go awry. That is why it is a great idea to assemble a planning team before going on your next adventure. If you are traveling to another country […]
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According to the Centers for Disease Control and Prevention, 326,468 assisted reproduction technology (ART) cycles were performed at 449 clinics, resulting in 79,942 live-born infants in 2020. This is approximately 2% of all infants born in the United States. ART involves all fertility treatments in which eggs or embryos are handled. The main type of […]
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Imagine you have been named the executor for your grandmother’s Last Will and Testament. She names you and several of your cousins as her beneficiaries. You happily accepted this role, but you have a problem. You haven’t talked to two of your cousins in over a decade. You have no idea how to reach them. […]
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