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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Grantor retained annuity trusts (GRATs) are irrevocable trusts that grantors can use to place assets that are expected to increase significantly in value and distribute them to beneficiaries while limiting their estate and gift taxes. What is a Grantor Retained Annuity Trust (GRAT)? A GRAT is one of many options available in estate planning to […]
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If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]
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What is a Charitable Remainder Unitrust? A charitable unitrust is an estate planning tool that allows the grantor to split the assets in the trust between named beneficiaries and a charitable cause while minimizing capital gains taxes. Also called a charitable remainder unitrust (CRUT), a charitable unitrust can provide for a non-charitable beneficiary throughout their […]
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If you are concerned that any of your beneficiaries may be disgruntled enough with their inheritance that they bring a legal challenge against your will, you can mitigate that possibility by adding a no-contest clause in your will. If you have a no-contest clause in your last will and testament, anyone who disputes the validity […]
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