Key Takeaways Estates typically remain open about two years until assets are distributed. Most states require filing probate within 10 days to three months after death. Executors usually have about 30 days to initiate the probate process. Creditors generally have one to four months to submit claims against the estate. Courts close an estate after […]
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Probate, by its very nature, occurs at the worst possible time—when you are processing the death of a loved one. Probate involves administrative duties that include filing your loved one’s Last Will and Testament with the court and determining how your loved one’s property and accounts should be distributed. While probate can be a costly, […]
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Storing estate planning documents can be challenging. The location needs to be safe from natural disasters and secure. On the other hand, if the documents are too far out of sight, they will be out of mind, meaning they won’t be updated after marriages, divorces, deaths, and births. Blockchain provides a safe and secure way […]
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Probate is a time-consuming and potentially expensive process. It’s important to understand which factors affect how your estate goes through the probate process and if there is a threshold value that triggers whether your estate qualifies for a small estate probate procedure. State laws will vary, but the value of your estate will determine whether […]
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Blockchain is, at its core, a distributed and immutable digital ledger. Because it records transactions across multiple computers, it ensures security, data integrity, and transparency. Blockchain does not rely on trust. While each individual holding cryptocurrency is anonymous, blockchain records are public and not issued by any centralized authority. Each transaction or contract must pass […]
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Lisa and Ken (both age 65) have three children and seven grandchildren. The couple has a last will and testament, but as they age and have grandchildren, they plan to meet with their estate attorney to update their estate documents and discuss how to best allocate and distribute their assets to their children and grandchildren. […]
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Mark, a single parent of two daughters aged 9 and 11, has an estate valued at $17 million and plans to purchase a life insurance policy with a $5 million death benefit. Mark’s estate is currently valued at $22 million, which is over the federal estate tax exemption maximum and, therefore, would incur estate taxes. […]
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Digital assets such as cryptocurrency and non-fungible tokens are increasingly important when estate planning. Unlike physical assets, cryptocurrency, with its decentralized and borderless nature, presents unique challenges but also opportunities for people looking to secure and maximize their wealth and pass it on to future generations. The cryptocurrency market is estimated to exceed $3 trillion. […]
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When physical property that has a significant value is transferred from one person to another, the title is also transferred to indicate that the property is wholly owned by the new owner. Some digital assets, such as cryptocurrency and non-fungible tokens, may also be of significant value, so how is digital ownership transferred? Digital technologies […]
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Ken, age 65, a widower, has recently married Kellie, age 49. Ken has two adult children who are both very active in their family business. Kelly has an adult daughter, who is married with two children and currently lives in Europe. Ken’s estate is valued at approximately $35 million. He wants to ensure that Kellie […]
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