It is important to consider listing a trust as an IRA beneficiary when designating someone to receive the money in your IRA account after you pass away. The typical individual retirement account (IRA) is a tax-advantaged investment account that allows you to accumulate wealth without an income tax burden, typically as a (limited) portion of …
A living will and an advance directive are legal documents allowing individuals to specify their end-of-life care preferences. However, there are some key differences between a living will vs advance directive. Continue reading for analysis. Many aspects of American law champion the rights of an individual, especially personal freedoms – such as our base liberties …
Creating a will is often the first step to a comprehensive estate plan, but it is far from the last. No matter what you plan to leave behind, someone must facilitate the process of managing your bequeathments and distributing them among your beneficiaries. That is where an executor comes into play. Continue reading for an …
If you stand to inherit, you may be thrilled about your upcoming windfall, but if you find that the circumstances don’t align with your plans or values, you may consider disclaiming an inheritance. For instance, if you have been far more fortunate than your siblings and feel that they or their children would benefit more …
Property rights must transfer to the living in the event of an owner’s death. You cannot take the ownership rights of a home into the grave with you. However, you can pre-empt the inevitable and determine who gets the home and at what point with a remainderman, which is someone who has the right to inherit …
Let’s say you’ve got your last will and testament all written out and finalized. Should anything happen to you tomorrow, you’ll be alright, right? Well, that depends. A last will and testament is only considered complete and legally binding once it meets certain requirements, such as having your signature and the signature of at least …
Homeownership is often part and parcel of the American dream, and for countless families, the house is the primary asset in the eventual inheritance. But what do you do when you inherit a house? Do you need to amend a deed? Sign or fill out a change of ownership form? Pay more taxes? Settle a …
Contesting a will is not easy, nor is it something one should consider lightly. As a document, a last will and testament constitutes a person’s final set of instructions on how their belongings should be distributed in death. You will need a solid legal basis to contest such a document, especially if it can be …
The purpose of probate is to facilitate the distribution of a decedent’s assets among the living. However, it is rarely as simple as taking everything a person ever owned and giving it to someone else wholesale. Read on for a look into how the value of assets in probate is determined. There are processes involved, …
Any property transfer in California may require filing a Preliminary Change of Ownership Report. For most people, this report is needed whenever real estate is transferred from one person to the next, even if only partially. An interest in real estate must be reported to the state for tax appraisal purposes. All 58 counties in …