All debts owned by the decedent, including those on their credit cards, will be settled from their estate purse. Therefore, family members do not have
It is common to find clients who ask, “Which of my assets will go through the probate process?” This question typically arises from the fact
The probate process is one people prefer to avoid altogether because of its complex, costly and time-consuming nature. During the process, debts and taxes are
An inheritance tax is a kind of tax imposed on beneficiaries when they inherit assets. Each inheritor is taxed separately as opposed to federal and
Your assets are not limited to those physical things you see such as your house, company, money in the bank, etc. Whatever you own that
Estate planning for distribution of assets The fundamental reason why people carry out estate planning is to distribute their assets. Through proper estate planning, you
While there seem to be several online resources that can easily prepare a fast estate plan and provide relevant documentation, the question however comes in
A will is very common. In fact, it is safe to say that a will is the most common component of estate planning which is
It’s always painful to lose a parent. You can find yourself struggling to make funeral plans, or figure out what to do with all their
The average American has over $200,000 in debt, including credit cards, mortgages, and student loans. Most individuals will not have enough to cover both funeral
Making a good estate plan is like securing your future. This shows the importance of estate planning. However, regardless of how crucial this plan is
How is Your Mortgage Handled During Probate in New York? When someone passes away, one of the many legal issues that must be resolved is
Probate proceedings calls for the validation of a Last Will and all that is stated in the estate document. As soon as an estate decedent
Lack of a valid Will or estate document. Wrong inclusion in a Last Will would do little to help duration of probate proceeding. The process
Ancillary probate is an additional probate proceeding resulting from a decedent owning assets or other estate properties in another state or states. Typically, a primary
Now you have created your revocable trust, you look forward to avoiding or minimizing probate. But now the big deal is to determine what assets
What is Joint tenancy? In a joint tenancy ownership, at least two people own a common property with both having equal rights to the property.
When doing estate planning, one is likely to think about probate. You must have heard or read that when you pass away, your estate would
Probate is a legal process undesirable to many. Because of its costs, hassles, and lengthiness, many people seek ways to avoid or minimize it. And
What are revocable living trusts? A revocable living trust, also simply called a living trust or revocable trust, is a legal relationship whereby the trustor
What is Estate tax exemption? When a person dies leaving valuable estate, the estate may be charged a tax known as estate tax. Notably, not
Just as an individual is charged personal income tax, their estate will still be charged for the income they earn during probate. Of course, a
Not planning for your minors While your adult children can inherit, your kids below 18 cannot. So if you’re leaving assets for that 15 year
What is generation-skipping Transfer? There is generation skipping when an individual transfers assets by gift or inheritance to a beneficiary who is at least 37.5
They ensure your estate plan says exactly what you want it to say While you can mean a thing in your heart, the way you
When someone dies in the United States, there are several types of taxes that may be charged on their estate. Taxes can take up a
Will A will is the simplest and most popular estate planning document. On your will, you name your beneficiaries and what portions of your estate
Not all estates are taxable. But during estate planning, you should always consider if your estate will be subject to any form of tax when
Our estate planning attorneys serve Buffalo NY 14265 and are willing to give you all the assistance you need. When you come to us, our
Estate gifts are simply what they imply. They are money offered to family members and loved ones by the owner of an estate. Offering gifts
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