Decisions, decisions, decisions. You can leave your home to your heirs through your will, of course. Or, you can use a beneficiary deed. Choosing to Leave Your Home Through Your Will. Your Last Will and Testament (“Will”) determines how your property is divided when you die. You can (and most people do) leave your real [...]
If you have any type of retirement account — a 401(k), IRA or pension—estate planning for these accounts is critical. Inherited Retirement Accounts. For tax purposes, retirement accounts are considered to be “income in respect of a decedent.” As such, any amounts withdrawn from non-Roth accounts are subject to income tax at the beneficiary’s ordinary [...]
These days it seems that people will argue over just about anything. When it comes to your estate, avoiding time-consuming and expensive arguments —like will contests—is critical. Below are 3 Tips that will help you to avoid having your estate tied up in a will contest. What is a Will Contest? But before we get [...]
Usually when we mention probate, we are talking about how to avoid it. Today we thought we would give you a peek into the (dreaded) probate process. What Is Probate? Probate is the court-supervised process of distributing your assets to your heirs when you die. If you die leaving property (especially real estate) in [...]
Are there things that you should not put in your Will? Yes. Here are 3 of them. Certain Types of Property. Your Will (“last will and testament”) is a legal document that states your final wishes and gives instructions about how to divide up your property when you die. But there are certain types of [...]
Here at Esser, Bradley & Khalsa, PLLC, we encourage everyone to get a professionally-drafted will and to never die without a will (“intestate”). But we have to admit, there are times when you might as well have no Will at all. There are times, not often mind you, when having a will is useless. Which [...]
One of the things you want to try to avoid when you die is having someone contest your Will. (The other thing is probate. But that is the subject of other posts.) Why is that, you ask? Because will contests embroil your estate and family members in bitter and often prolonged legal battles. They can [...]
Ever wish you could secure an income for life, avoid taxes and contribute to your favorite charity at the same time? Well, you can. Here is how. Consider Setting Up a Charitable Remainder Trust. Talk to your estate planning attorney about setting up a charitable trust. A charitable remainder trust is an estate planning tool [...]
According to research, over 95.5 million people have some kind of step-relationship. Given the high divorce rates, this is not surprising. If you are divorced, widowed, or remarried, it is very important that your estate planning documents are carefully drafted by knowledgeable trusts and estates counsel. Why not just do it yourself? Because in a [...]
