Studies are done periodically that are intended to evaluate the estate planning preparedness of people in the United States. They consistently find that an alarming percentage of people are going through life without all of the appropriate estate planning documents. While some older people are remiss, the majority of younger adults are unprepared. This is unfortunate, because estate planning is important for responsible adults of all ages. This is especially true for parents of young … [Read more...] about Does a Young Adult Need an Estate Plan?
What Happens to a Living Trust When One Spouse Dies?
There are different types of trusts that are used in the field of estate planning. The correct choice will depend on the circumstances. People who would like to maintain control of their assets while facilitating efficient postmortem transfers often choose revocable living trusts. When you create a revocable living trust, you can initially act as the trustee and the beneficiary, so you don't lose control of the assets. You can even revoke the trust if you choose to do so, and it would no longer … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
What Is Estate Tax Exclusion Portability?
People who have been very successful financially must consider the impact of the federal estate tax. This tax carries a 40 percent maximum rate that can significantly erode the legacy that you are passing on to your loved ones. There is an estate tax credit or exclusion that separates those who must pay the tax from those who are exempt. In 2014, the exact amount of the federal estate tax exclusion is $5.34 million. Under current laws there can be annual adjustments to account for inflation. … [Read more...] about What Is Estate Tax Exclusion Portability?
What Is the Nomination of a Guardian?
Estate planning is essential for responsible adults of all ages. But surveys consistently indicate a lack of preparation. Most American adults have not executed all of the appropriate estate planning documents, and younger people are especially remiss. Clearly, you are probably not contemplating death when you are in your 20s, 30s, or 40s. At the same time, people of all ages do pass away each and every day due to catastrophic illnesses and accidents. Some lose their lives serving their … [Read more...] about What Is the Nomination of a Guardian?
Why Would I Want a Revocable Living Trust?
You may shy away from the notion of creating a trust because you do not consider yourself wealthy. It is true that certain types of trusts are used by high net worth individuals for tax savings and asset protection. However, trusts can also be useful for people of ordinary means. One of these is the revocable living trust. In this post we will look at the benefits that you gain when you create this type of trust. Probate Avoidance If you decide to use a last will to record your final wishes, … [Read more...] about Why Would I Want a Revocable Living Trust?
Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
Powers of attorney are used in the legal field for a variety of different purposes. Broadly speaking, a power of attorney is utilized to appoint someone else to act on your behalf in a legally binding manner. Types of Powers of Attorney in Ashland There are different types of powers of attorney in Ashland. One of them is the general power of attorney. General Power of Attorney The anatomy of a power of attorney is comprised of the grantor or principal, and the agent or attorney-in-fact. The … [Read more...] about Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
What Happens to My Property if I Die Intestate in Ashland Kentucky?
Our law firm does a great deal to educate people about the importance of estate planning. A lack of knowledge often leads to inaction. Surveys are conducted periodically, and they consistently find that most people have not executed the proper estate planning documents. If you die without having done so, you will die intestate. What Happens If You Were to Die Intestate in Ashland Kentucky? What would happen to your property if you were to die intestate? The answer to this question is going to … [Read more...] about What Happens to My Property if I Die Intestate in Ashland Kentucky?
Who Can Act as an Agent Under a Power of Attorney?
A power of attorney consists of the grantor or principal and the agent or attorney-in-fact. The grantor is the person who is granting the power of attorney. The agent or attorney-in-fact is the individual who is empowered to act on behalf of the grantor. Because the term attorney-in-fact is utilized, there are those that harbor a misconception. They are under the impression that you must be a lawyer to act as an agent. In fact, this is not the case. In this context the term attorney is used to … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?
Hidden heading of Gift Tax in Ashland In Ashland, Kentucky, gifts that you give to others, including your children, are potentially taxable on the federal level. Because of the unlimited marital deduction, you can give unlimited gifts to your spouse free of the gift tax, but gifts to everyone else are subject to the tax. The reason why you generally do not have to write a check is because of the fact that there are gift tax exclusions. First, let's look at the annual per person gift tax … [Read more...] about Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?
Do I Need a Probate Lawyer in Charlotte?
Hidden heading of post You should understand a bit about the process of probate in North Carolina if you are using a last will to arrange for the transfer of your monetary assets. These assets are not transferred to the heirs immediately. The process of probate must run its course before your loved ones will receive their inheritances. Probate Process in Charlotte The executor or personal representative conducts business on behalf of the estate. The probate court supervises the administration … [Read more...] about Do I Need a Probate Lawyer in Charlotte?
