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An executor is an individual named in a person’s will to manage their estate after they pass away. An administrator can refer to anyone appointed to manage the affairs of a deceased person. An executor is a specific type of administrator named in a person’s will to manage their estate after They are both responsible for overseeing the administration of a deceased person’s estate. They are both responsible for overseeing the administration of a deceased person’s estate.

The business owner of a sole proprietorship is personally responsible for any debts the business incurs However, unlike a corporation, the sole proprietorship belongs to one person and is legally a business indistinct from that one person. you have a tax ID, even if your business has a storefront, employees, and assets that are clearly not personal A sure way to make sure your heirs get your business without losing an inheritance from your personal

Instead, LLC owners pay taxes on business profits on their personal income tax return. And like a trust, just about any type of asset can be transferred into an LLC, including personal assets like cash and bank accounts, property, and personal possessions. In fact, just about any asset can be placed in the LLC, including money and personal possessions. LLCs have the added benefit of personal liability protection, but they typically have higher ongoing

positively impact future generations or even a cause they care about can be a life-changing experience for a person Yes, despite putting so much effort, and even a sense of personal value into setting up the trust, a This person, though someone you trust, just does not have the knowledge and experience required to make To make matters worse, if this person’s efforts are not “good enough,” it can anger the other heirs.

specific, like including full addresses when identifying the property and a complete description of personal Along those same lines, appoint a guardian for minor children. Money (August 17, 2016) “4 Things You Should Know Before You Make Your Own Will” #AssetProtection #Guardianship

“Redstone Case Spotlights Rise in Competency Litigation,” usually beneficiaries wait until after a person Many of these battles hinge on whether an aging person had the capacity to decide important personal

You should create the legal documents such as a will (in which you’ll designate a guardian for your minor It gives your spouse or another person you choose the authority to handle your affairs while you’re on Reference: Kiplinger’s (May 27, 2016) “Estate Planning for Military Families” #Guardianship #PowerofAttorney

The first definition is a disease that a person will live with for many years. The legal definition of chronic illness states “the person is unable to perform at least two activities Without a plan that includes a HIPPA authorization and healthcare directives, the person that you choose

Probate is a legal process to distribute a deceased person’s assets to their heirs or beneficiaries. need these copies to close accounts, transfer assets, and handle other matters related to the deceased person and Income Tax Returns After probate, you must file estate and income tax returns for the deceased person This includes filing a final income tax return for the deceased person and an estate tax return (if necessary probate is over in Texas, you can ensure that everything is properly settled and that the deceased person

grandchildren, great-grandchildren, or other young descendants, who are known collectively as “skip persons It can take years or even decades before grandchildren and other skip persons become eligible to receive Along with the lifetime exemption, you can make annual exclusion gifts to skip persons without incurring

It allows you to place assets like your home, investments, or personal property “into trust” (a separate Arrangement There are three main parties in a basic living trust arrangement: Grantor – This is you, the person Many Texans find this an invaluable benefit, sparing relatives from court-supervised guardianship of Living Trust Works A living trust has no real effect until it is “funded” by retitling assets from your personal

Proposed Changes In 2021, federal estate and gift tax exemptions are $11.7 million per person and $23.4 The “For the 99.5 Percent Act” would reduce this exemption to $3.5 million per person or $7 million per