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Probate may be avoided altogether if the executor is able to prove that all debts have been paid by the Things can get trickier if the individual who passes does not have a will and a clear, legal estate plan The executor is responsible for ensuring that creditors have been notified of the individual’s death. Once all debts have been paid, the executor will file the appropriate paperwork and start to distribute Once the first four steps have been met, only then can the estate be settled.

“I do not know of the existence of a will and have no reason to believe that the Decedent executed testamentary Prince is estimated to have sold more than 100 million albums during his 40-year career and is thought to have left approximately $27 million in property.

Despite all the uncertainty, there have been some positive developments for taxpayers this year. include: Annual Gift Tax and Estate Tax Exclusions Are Increasing For the first time since 2018, the amount Initial proposals to limit Roth IRA conversions have not yet been enacted. Let’s say you contribute $5,000 to a traditional IRA, then claim a deduction for that amount on your Since gifts for medical or educational purposes do not count toward your lifetime exemption, it is an

Social distancing might not have inspired the development of the technologies below, but they have certainly Going Digital Digital documents are nothing new, but they have become more universally accepted in the E-signatures have been popular for some time, but they are only just now becoming widely accepted throughout Software Solutions Email and chat modules have revolutionized the way estate planning attorneys and their It is COVID-safe and incredibly convenient, which is something that is beneficial to everybody in today

If you want to remain anonymous but didn’t purchase the winning ticket in one of those states, you have You have 100% control of the trust, assets, and decisions. It doesn’t completely cloak the account, but it can make tying the trust to you more difficult in an The Claiming Trust should have a unique title not related or traceable to you. That catch is that some states have requirements when forming an LLC that would identify the name of

Have you ever wondered what happens when someone dies without a will? article, we’ll discuss the concept of Letters of Administration and how it applies to those who don’t have Most probate courts require you to have an attorney to help you through the process. The main challenge with obtaining Letters of Administration is proving you have a legitimate claim on Having an estate plan in place makes everything much easier for those left behind.

This money grows tax-free while it’s in the fund, but you will have to pay administrative fees in addition Usually, the more money you have in the fund, the lower the fees. That creates issues with the IRS since you’ve already received a tax deduction on the full amount of your investment choices are usually limited to those offered by the company with which you opened your account Although many do, you don’t have absolute control over the fund.

his wife, Nora, but since she was diagnosed with early onset of Alzheimer’s seven years ago, things have “What they did was basically sentence her to have to experience the full gamut of Alzheimer’s,” said He said he also wishes the judge would have ruled in the spirit of the law and not the letter.

special needs can go a long way toward ensuring that someone who needs extra help and support will have One of the most important things we help families who have a loved one with special needs do is establish When created and managed properly, the assets in a special needs trust do not count when the government It can really enrich your loved one’s life to have a trust they can depend on for things public assistance apply for government assistance, and shepherd them through the appeals process if they believe they have

Further, Ali’s Parkinson’s disease may have had both physical and mental impacts. Despite these reports, Ali is thought to have created a will—and perhaps other estate planning documents—with Most wills prepared by experienced estate planning attorneys have a clause that disinherits any unnamed Lonnie and any other executors appointed to serve would still have to handle claims from people looking

You have officially become an MD here in Texas. Congrats! Asset protection is the specialty of the law that addresses many of the concerns physicians have. Together, we’ll explore the strategies available to protect the assets you have now, and any that you

Real life changes can happen—like getting married, getting divorced or maybe having a child … or two It could be a change in: Estate valuation: The value of your estate may have changed significantly, Businesses: Your closely held business interest may have changed. A new vacation home in another state: This could have ramifications.