As part of the Tax Cuts and Jobs Act (TCJA) of 2017, lifetime estate and gift tax exemptions are set at $13.61 million for individuals and $27.2 million for couples in 2024, adjusted for yearly inflation. This huge exemption increase was a relief to many families, as they were no longer subject to federal estate […]
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Family wealth trusts are not just for the extremely wealthy. They can help families transfer wealth from one generation to the next quickly and easily. Family wealth trusts are extremely customizable. They can help families provide for minor children, protect family members with special needs, and shield family assets from unwarranted lawsuits. Your estate planning […]
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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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Even though only about half of Americans currently have a will, having one as part of a comprehensive estate plan is the best way to guarantee that your loved ones will inherit the assets you’ve worked a lifetime to accumulate. If you do not have a valid will, the state will use intestacy laws to […]
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Imagine a situation where a trust document undergoes a last-minute amendment that significantly deviates from the grantor’s previously stated intentions on how they plan to transfer their wealth to the next generation. What are your chances of successfully contesting a trust? Trusts are a valuable estate planning tool for transferring wealth from one generation 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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A life estate deed in New York allows an individual, known as the life tenant, to retain the use and enjoyment of their home throughout their lifetime. Upon their death, title to the property passes to another person, known as the remainderman (or woman), without the need to go through probate. This important estate planning […]
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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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What is a Small Estate Affidavit? Small estate affidavits are sworn legal documents that provide an alternative to formal probate. If a deceased person’s estate falls below a certain threshold, typically $100,000 or less, this option may become available. Probate, an important process that ensures the fair distribution of a deceased person’s estate and the […]
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What is a community property state? States are classified as either community property states or equitable distribution states. California is a community property state. Community property state: With some limited exceptions, all marital property that either spouse acquires during a marriage in a community property state, such as California, belongs equally to both spouses. Equitable […]
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