January 31, 2017
ESTATE PLANNING, financial planning, probate, retirement, taxes, trusts, wills
Here is some more information about probate: Understanding Probate
What is Probate?
Probate is the legal process of petitioning the court to declare that a will is valid and appointing an executor to oversee the estate. The executor is the person chosen to carry out the wishes of the decedent. And the will provides instructions for what’s to be done.
Probate assets are typically assets titled in the decedent’s name alone. Common examples include:
Personal property such as furnishings, jewelry and collections.
Bank accounts or deeds to real estate, in the decedent’s name alone.
An interest in a busine...
November 5, 2014
ESTATE PLANNING, financial planning, probate, taxes
Whether you have a will or not, probate will be required if assets you own don’t pass by operation of law.
A Will Goes So Far
If you have a will, you specify who gets what with respect to only certain assets. A will does not control everything. For example:
If you own real estate in joint names, the surviving owner may get the property by virtue of the title on the deed. It doesn’t pass under your will.
For IRA, pension and 401(k) assets, the person named on the designated beneficiary form inherits your account. If you don’t name a beneficiary, then it does pass to your estate and will go through probate.
If your will provides ...
November 3, 2014
elder law, financial planning, probate, trusts, wills
When you acquire property (real estate, investments, etc.), what you pay for property you acquire is known as your “cost basis” or investment in the property. It is this number that becomes important when you determine the tax on any gain, when the property is sold. The basis rules become very important in estate planning. Here’s why: If someone gives you property, you get that person’s basis in the property, which is known as a “carry over basis.”
But if you inherit property, you get a basis equal to the property’s fair market value on the date of death. If you have substantially appreciated property, it may be better to hold it, ...