Estate Planning

When someone passes away, his or her property must somehow pass to another person. In the United States, any competent adult has the right to choose the manner in which his or her assets are distributed after his or her passing.
(The main exception to this general rule involves what is called a spousal right of election which disallows the complete disinheritance of a spouse in most states.) A proper estate plan also involves strategies to minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability. On the personal side, a good estate plan should include directions to carry out your wishes regarding health care matters, so that if ever you are unable to give the directions yourself, someone you know and trust can do that for you.

Senior male and female with silver hair, meeting with lawyer to setup estate and trust

Related Blogs

Why You May Need a Death Certificate When Administering an Estate

December 16, 2020
Why You May Need a Death Certificate When Administering an Estate

If you have been named the executor of the estate, you likely have a number of different duties on your plate. In fact, the process can become a little overwhelming at times. Yet, there are certain things that need to be done. One such task is to obtain a death certificate for the deceased. At first, this may seem like a trivial task, but there are some important legal ramifications if you fail to take this step. Learn why you need to take immediate action to get a death certificate in accordance with estate law.

Estate Planning: Issues With Transfer on Death Tax Plans

October 07, 2020
Estate Planning: Issues With Transfer on Death Tax Plans

When you receive an inheritance, it can seem like your lucky day. Yet, you may find that your luck runs out when the IRS becomes involved. It can come as a surprise to some that an inheritance is subject to taxation. This includes property received through a transfer on death account. As a creator or recipient of a transfer on death account, there are some important considerations.

Why You Should Avoid DIY Estate Planning Tools

November 19, 2019
Why You Should Avoid DIY Estate Planning Tools

It's no secret that everyone prefers to save money. This is perfectly fine when you are talking about groceries, auto repairs or vacation deals. However, there are some areas where frugality doesn't pay off in the long run: The law is one of them.

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