What Are Non Probate Assets?
By: Julie Garber - March 12, 2018
Non-probate assets are a special type of property that won't need to go through the probate process after you die and will instead pass directly to your heirs. Owning non probate property is one of the easiest ways to avoid costly and time-consuming probate. Non probate property will generally be available to your heirs within a short period of time after your death once your heirs receive a death certificate.
Learn About Funeral Expense Deduction
By: Patti Spencer - March 09, 2018
Federal and state estate taxes are excises taxes on the value of the property transferred by a decedent. State inheritance taxes are an excise tax on the value of property received by beneficiaries. In both cases, funeral expenses are permitted as deductions in determining the value of the property that is subject to tax.
How To Choose Beneficiaries For Life Insurance Policies
By: Julie Garber - March 07, 2018
When you create a Revocable Living Trust as part of your foundational estate plan, it will be important for you to update the beneficiaries of your life insurance policies. Whether you'll need to change both the primary and secondary beneficiaries will generally be dependent upon your marital status and net worth. Before you do anything, however, you should consult with your estate planning attorney to determine what will be the best options for you and your beneficiaries.
By: Julie Garber - March 05, 2018
For a Revocable Living Trust to function properly, it is not enough for the Trustmaker to simply sign the trust agreement. After the agreement has been signed, the Trustmaker must “fund” his or her assets into the trust.
How To Fund Oil, Gas Or Mineral Rights Into A Trust
By: Julie Garber - March 02, 2018
A living trust can't avoid probate unless and until it holds all the property of your estate. Funding a trust by moving your property into it is a critical component of creating one. It doesn't have to be a complicated process if you own oil, gas or mineral rights and you decide to fund them into your revocable living trust, but it depends on the exact nature of the rights you own.