You may wonder if you can leave your estate to your spouse tax-free, Before we answer this question, let's take a general look at taxes as they apply to bequests. Income Tax It seems as though you are asked to pay income taxes any time you receive an influx of money. This can lead to the believe that your spouse may be required to report an inheritance as income. This is not the case. An inheritance would not be looked upon as taxable income by the Internal Revenue Service. However, it should … [Read more...] about How Can I Leave My Estate to My Spouse Tax Free?
Blog – Latest Articles and Updates
Can You Contest a Trust in Ashland?
Most people have heard about will challenges, but many wonder if it is possible to contest a trust in Ashland Kentucky. Let's look at the answer to this question. Will Challenges Before we get into trusts, let's look at will challenges first. When you use a last will to arrange for the transfer of assets that were in your personal possession when you died, the executor must admit the will to probate. The way that the process is set up allows for will challenges. The probate court is charged … [Read more...] about Can You Contest a Trust in Ashland?
What Is Joint Tenancy With Right of Survivorship in Charlotte NC?
Probate is a legal process that comes into play when you maintain sole personal possession of property that will be transferred to your heirs someday. Because other interested parties may have claims against the estate, the heirs don't receive their inheritances until the estate has been probated. Probate in Charlotte North Carolina can be time-consuming. As a result, people often take steps to avoid it. The utilization of joint tenancy with right of survivorship in Charlotte NC would be a way … [Read more...] about What Is Joint Tenancy With Right of Survivorship in Charlotte NC?
What Is a Supplemental Needs Trust?
Everyone has different needs. A tailor-made estate plan will take the needs of each individual inheritance recipient into account. With this in mind, let's look at the legal device called the supplemental needs trust. Inheritances & Government Benefits People with disabilities often rely on need-based government benefits like Medicaid. This is a health insurance program that is crucial for many individuals with special needs. Many people in this situation require care that is very … [Read more...] about What Is a Supplemental Needs Trust?
Who Can Create a Power of Attorney in Charlotte NC?
A power of attorney is a legal device that is used to name someone else to take legally binding actions on your behalf. There are limited powers of attorney, and there are general powers of attorney. A general power of attorney is intended to give the agent or attorney-in-fact that you choose the ability to do anything that you can do for yourself without limitations. A limited power of attorney is just that; it gives the attorney-in-fact the ability to act on your behalf on a limited … [Read more...] about Who Can Create a Power of Attorney in Charlotte NC?
Estate Planning: Take Action in 2014
There are surveys conducted periodically that are intended to measure estate planning preparedness. What they tend to prove is how unprepared we are as a society. As you may imagine, older people are more likely to have an estate plan in place than younger adults. However, a significant percentage of people who are over 50 have not executed all of the estate planning documents that are recommended. Why do so many people fail to plan ahead for something that is absolutely going to happen to … [Read more...] about Estate Planning: Take Action in 2014
Estate Planning Seminar Schedule Updated
When you do not know much about estate planning you may not know why it is important. There are those who just assume that things take care of themselves, but this is not really the case. When you do not make the appropriate preparations, your family members will be left behind to pay the price. When you understand a bit about estate planning you know why you should take action. As you digest more and more information you start to understand some of the intricacies. You may realize that you … [Read more...] about Estate Planning Seminar Schedule Updated
What Are the Drawbacks of Probate in Charlotte North Carolina?
Any discussion of estate planning should involve an examination of probate to one extent or another. Just about everyone has heard of a last will. It is the vehicle of asset transfer that is most commonly utilized among people in North Carolina who want to arrange for the future distribution of their financial assets. If you do use a last will, you should understand the fact that the estate must be probated before the heirs receive their inheritances. Probate in Charlotte North Carolina During … [Read more...] about What Are the Drawbacks of Probate in Charlotte North Carolina?
What Is an Elder Law Attorney in Ashland Kentucky?
Elder law attorneys focus on certain legal matters that are sources of concern for elder Americans. Many estate planning attorneys also practice elder law, because the two are inherently connected. If you consult with an elder law attorney in Ashland, Kentucky, you will learn a bit about long-term care and the expenses that go along with it. Long-Term Care Expenses Long-term care is extremely expensive. The costs have been rising on a year-by-year basis, so the expenses that you may be facing … [Read more...] about What Is an Elder Law Attorney in Ashland Kentucky?
Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
When you have been financially successful throughout your life, you need to measure your level of success as it compares to the amount the estate tax exclusion. In 2014, the federal estate tax credit or exclusion in North Carolina is $5.34 million. This is the amount that you can pass on to your heirs before the estate tax would become a factor. If you are exposed, you may wonder if a trust could protect your family wealth. Trusts in Charlotte NC Revocable and Irrevocable Trusts Some people … [Read more...] about Trusts in Charlotte NC: Can a Trust Protect Family Wealth?
