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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A joint bank account is a common way to share funds with another person, such as a spouse, partner, or child. Upon the death of one account holder, if the joint account has rights of survivorship, the assets in the account pass to the surviving joint account owner. Besides joint tenants with rights of survivorship […]
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A last will and testament is an important part of your estate-planning documents. Using this document, you can express your wishes for how your possessions will be distributed, name an executor to manage your estate, and appoint guardians for minor children or pets. Accounts with beneficiaries should be left out of your will to avoid […]
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An irrevocable trust known as a Medicaid Asset Protection Trust (MAPT) safeguards assets like the family home during the application process for Medicaid long-term care benefits. To qualify for Medicaid, your assets must be under a certain level, and home equity often exceeds this threshold. Advance estate planning is critical because you can’t just transfer […]
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Imagine you just completed a full bathroom remodel for a new client in New York. Though you have a signed contract, and you complete the work to their satisfaction, they refuse to pay. You take them to court and win a verdict in your favor. The court enters a judgment. The judge instructs your client […]
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The homestead exemption is intended to safeguard a person’s primary residence from creditors after they declare bankruptcy or upon the death of a homeowner’s spouse. It can also reduce property taxes by lowering your state property tax obligations. A homestead is a dwelling that a person uses as their primary residence, whether it is a […]
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When someone gives you power of attorney, they have given you the legal authority to make financial, legal, or healthcare decisions on their behalf. You can grant power of attorney under predefined terms, limited to specific circumstances and timeframes. Many people grant powers of attorney to a family member, trusting them to act in their […]
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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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