If the deceased has a will, it usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will.
A popular technique is to use a qualified terminable interest property (QTIP) trust.
In some cases, estate planning can be quite simple. In others, it can be a complex process with far-reaching consequences. In either case, it is important to review your wishes and have the proper documents prepared to ensure that they are followed at your death.
Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.
The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.
With the threat of COVID-19, we’ve all come face-to-face with our mortality, but are you prepared for the worst?
When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?
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