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If you really want to help your heirs out, these are some of the best assets to leave them.
The administrators of the late musician’s estate recently settled a complicated dispute with the Internal Revenue Service over the value of Prince’s assets. The precise value was undisclosed, however, although it could exceed $100 million.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
For more than a decade, Brown’s heirs and estate administrators, including Mr. Bauknight and Adele Pope, a former executor, have battled in court over the value of his estate.
Good estate planning must consider more than what you want to happen to your property and for your beneficiaries. It also must consider what you intentionally want to avoid happening.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
Should the Royal family be an exception to the normal laws governing probate?
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