How Married Couples Can Use the Clayton Election and Disclaimer Options to Reduce Federal Estate Taxes Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2024 federal estate tax exemption amount for an individual is $13.61 million. For married couples, the combined exemption amount […]
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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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Key Takeaways Executors may sell estate property without all beneficiaries approving. Executors receive authority only after appointment by the probate court. Executors must follow the terms of the will when selling estate property. Administrators may sell estate property according to state probate laws. Executors must act in beneficiaries’ best interests and avoid selling below market […]
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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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A conservator of an estate is responsible for prudently managing the personal and financial affairs of an adult (protected person, conservatee) who lacks the mental competence to handle their own affairs. Once appointed as a conservator, your fiduciary duty is to manage the estate’s assets for the conservatee’s benefit. Types of Conservatorships Depending on the […]
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A trust is a legal instrument that enables a grantor, the person who creates a trust, to transfer assets to trust beneficiaries without going through the probate process. The grantor typically names themselves as the trustee, along with a successor trustee, to manage the trust in the event that they become incapacitated and after their […]
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