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Examples of Common Estate Planning Mistakes
There are some people who attempt to create their estate plans without any legal guidance. While this is technically possible and can save you some money, it also opens you up to many more potential mistakes that could cause unnecessary headaches and often eventually costs your estate much more than you saved making a do-it-yourself […]
Important Tips for a Personal Representative
Have you been selected as the personal representative of someone’s estate? Here are some tips to help you handle the job effectively. Get copies of the death certificate ASAP: As soon as you’re able, get copies of the death certificate. You’re going to need them if you are responsible for making funeral and burial arrangements, […]
Gifts That Could Raise Red Flags at the IRS
The IRS is, among other things, tasked with finding estate planning strategies that violate tax laws. Many of the circumstances that get people in trouble with the IRS through their estate planning involve illegal gifts. Here are just a few examples of some gifts that might cause the IRS to pay you some special attention. […]
Does a Personal Representative Have Any Responsibility for Paying Off Estate Debts?
One common question people often have when named personal representative of an estate is whether they have to worry about being personally responsible for any debts left behind with the estate they’re tasked with administering. The good news is no—personal representatives do not have to worry about paying any type of estate debt from their […]
For Which Debts Will Your Estate Be Responsible?
After you pass away, your estate will still be responsible for settling some of your debts. Here’s a quick overview of what you can expect to happen to some of these common debts and which ones will take priority: Mortgage: Mortgage loans must be paid. In most cases, the beneficiary whom you named to receive […]
How Being Married to a Noncitizen Could Affect Your Estate Planning
If you are married to someone who is not a United States citizen, that could have an effect on some of your estate planning strategies. Noncitizens are allowed to legally inherit property from citizens of the United States, so you don’t have to worry about beneficiary designations. However, there could potentially be some issues with […]
Why Having Children Makes Estate Planning Even More Important
Everyone should make estate planning a priority, but having a will in place becomes especially important when you have children. Here are just a few of the reasons why having children should encourage you to expedite your estate planning: You can (and should) arrange guardians: Your will enables you to choose whom you want to […]
What to Know About Fees for Estate Planning Services
There are a variety of reasons why people tend to put off getting their estate planning done. For some, it’s that they are too uncomfortable considering their own mortality and making decisions about what happens to their belongings after their death. For others, it’s that they do not want (or are not able) to invest […]
The Best Methods of Passing Down Real Estate
The real estate you own is often your most valuable single asset, so it is important to give it some special consideration when planning your estate. While you can use a will to leave behind real property, you should be aware that doing so means the property will pass through probate, which is something you […]
Will Life Insurance Proceeds Have to Go Through Probate?
One common question people with life insurance policies have is whether or not they need to worry about proceeds from those policies passing through probate. The good news is that rarely will those payouts be subject to the probate process, so long as you have stayed up to date with your beneficiary designations. However, if […]