Probate is a legal process that some estates must pass through before the assets are transferred to the heirs. A will is admitted to probate, and the probate court also provides supervision when someone passes away without any estate planning documents at all. Each respective state has its own probate laws, but 18 states utilize the Uniform Probate Code (UPC). It was created by the National Conference of Commissioners on Uniform State Laws, and the first completed version came out in … [Read more...] about Are There Any Probate Shortcuts in North Carolina?
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What Is the Purpose of a Life Estate?
There are different ways to arrange for the transfer of property ownership when you are planning your estate. You should be aware of your options, and you should weigh the potential negatives that go along with some courses of action that sound promising on the surface. With this in mind, we will look at the device called a life estate in this post. Estate Administration and Probate Some background information is important to understand why people use life estates, and probate is at the … [Read more...] about What Is the Purpose of a Life Estate?
Life Insurance Can Bolster Your Inheritance Plan
For some, estate planning can be looked upon as an exercise in letting the chips fall as they may. You create a will or a trust and the beneficiaries will receive whatever happens to be left after you are gone. This is one perspective you can take, but there is an alternate approach. You can proactively endeavor to bolster your legacy through the use of life insurance. Whole Life Insurance There are a number of hybrid forms of insurance, but the two most commonly used forms are whole life … [Read more...] about Life Insurance Can Bolster Your Inheritance Plan
Why Do People Avoid Probate?
You will invariably see references to “probate avoidance” if you poke around on the internet looking for information about estate planning. Before you make any decisions, you should have an understanding of the matter, and we will provide an explanation here. Court Supervision When a will is used to transfer assets, the person that creates the document (the testator) names an executor. This is the person who will complete the hands-on estate administration tasks after the testator’s … [Read more...] about Why Do People Avoid Probate?
Will You Pay Taxes on Retirement Income?
When you are planning for retirement, you may consider moving to another state for one reason or another. If you are making this decision, you should certainly take taxation into consideration, and there are some potentially significant taxes that you may overlook. State Income Taxes on Retirement Income In most states, you have to pay state-level income taxes on pension payments and 401(k) and individual retirement account income. However, there are nine states that do not have state-level … [Read more...] about Will You Pay Taxes on Retirement Income?
You Don’t Have to Be Rich to Create a Pet Trust
You may have heard about the estate plans of some very wealthy, high-profile people that pampered their pets. Leona Helmsley was a billionaire that was known as the “Queen of Mean” because of her dismissive attitude and crude statements. She may not have been very nice to some humans, but she certainly had a soft spot for her Maltese, Trouble. Helmsley reportedly established a trust fund for the dog that was funded with $12 million. That made Trouble the wealthiest dog in the world, right? … [Read more...] about You Don’t Have to Be Rich to Create a Pet Trust
Are These Documents Included in Your Estate Plan?
An estate plan should be comprehensive in nature, and many people do not take the time to learn about the components that should be included. With this in mind, we will look at the specific documents that should be part of the plan. Living Trust A lot of people assume that you should use a will to facilitate asset transfers. In reality, though, for many people a living trust should be at the core of their estate plans. When you have a revocable living trust, you are taking a holistic … [Read more...] about Are These Documents Included in Your Estate Plan?
Can You Dissolve a Trust?
You may assume that a trust is a trust. In fact, there are different types of trusts, and a major dividing line is the matter of revocability. Irrevocable Trusts Generally speaking, an irrevocable trust cannot be dissolved after it has been created, but there are some rare exceptions. When you establish an irrevocable trust, you often cannot act as the trustee. Why would you want to surrender control of your assets? This can be beneficial under a few different circumstances. The federal … [Read more...] about Can You Dissolve a Trust?
Should I Use a Transfer on Death Account to Avoid Probate?
Probate is a legal process that will be necessary if you rely a simple will to state your final wishes. You would name an executor in the document to take care of the hands-on tasks, and the court would supervise while the estate is being administered. It serves a purpose because final debts are paid during probate, and the validity of the will is determined. If anyone wants to contest the terms, they can come forward while the estate is being probated by the court. There is nothing … [Read more...] about Should I Use a Transfer on Death Account to Avoid Probate?
A Conversation With an Estate Planning Lawyer
If you were sitting next to an estate planning lawyer on an airplane and you had a chance to pick the lawyer's brain, what would you ask? It would definitely be an enlightening conversation, and we will present a hypothetical give-and-take here to pass along some valuable information. Why is estate planning important? You would die intestate if you pass away without any estate planning documents. The probate court would step in to sort things out, and the court would appoint a personal … [Read more...] about A Conversation With an Estate Planning Lawyer
