Strategies to Avoid Costs Associated With Probates

Category Archives: Estate Planning

Strategies to Avoid Costs Associated With Probates

Sometimes, it’s in the best interest of people planning their estate to do what they can to avoid probate. Here are a few examples of some of the strategies you can use to avoid probate. Use a trust: Revocable living trusts can be used to bypass the probate process. Trust property is not probated, meaning […]

Understanding the Term “Next of Kin”

The term “next of kin” means a person’s closest living blood relative. The term “next of kin” is synonymous with “heirs at law.” This definition is important in determining inheritance rights if a person dies intestate, which means without a will. In most cases, the next-of-kin will be a spouse or child. But if no […]

How to Handle 529 College Savings Plans With Your Estate Plan

Many parents contribute to 529 college savings plans on for their children. The parent can contribute any amount to the 529 plan, and most do not have age or time restrictions to make withdrawals. You can easily transfer funds to another qualified 529 plan at any time without punishment and can roll over the funds […]

What to Know About Transfer-on-Death Securities and Deeds

Certain types of assets in your estate may contain transfer-on-death designations. Some examples include securities and deeds to certain types of properties. Here’s a quick overview of what you should know about these assets when they have a transfer-on-death (or “TOD”) designation. Transfer-on-death securities The Uniform TOD Securities Registration Act allows securities holders to name […]

The Stages of a Revocable Living Trust

Revocable living trusts are useful tools for avoiding probate and passing down assets to beneficiaries. There are several stages of operation for these trusts: Stage one: You, the grantor, are alive A revocable trust is created from the time you execute the trust. The trust will include information about how you can invest and spend […]

Will Capital Gains Taxes Apply to Inheritances?

Upon your death, there may be some federal estate taxes that apply to your assets. Estate taxes only affect a fraction of estates, as the threshold for federal estate taxes is quite high. But you might be wondering whether your loved one’s inheritance could be subject to a capital gains tax as well. Here’s a […]

The Role Your Personal Representative Plays

When you create a will, you need to nominate a personal representative of your estate, who will be tasked with carrying out your wishes. Some of the tasks that personal representative will take on include: Locating assets: Your personal representative will need to locate all of your assets. This includes accessing various digital accounts and […]

The Pandemic Resulted in More People Creating Wills

Numerous reports have indicated the spread of the COVID-19 pandemic throughout the last year encouraged more people to create a will. One study conducted by LegalZoom found 32 percent of people between the ages of 18 to 34 got a will during the pandemic. Twenty-one  percent of those people who had a will made did […]

Recent Trends and Issues in Estate Planning

If you’ve already developed an estate plan, that’s great! Hopefully that means you’ve given your assets and your beneficiaries some protections that are needed if you are to distribute your estate in the manner you wish. However, it’s still important to review and revise your estate plan every now and then. Not only might your […]

Tips for Choosing the Right Place to Retire

It’s never too soon to start planning for your retirement or for engaging in estate planning. In fact, a lot of retirement and estate planning goes hand in hand. If you plan to retire in a new state, you should revisit your estate plan with an attorney licensed to practice law in the state you […]