A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Being married is significant both for a married person’s lifetime estate planning and subsequent administration of the estate at death. Important rights and responsibilities exist between married persons.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
In terms of federal tax law changes, the last year had much ado but little change.
Estate planning is a term generally applied to the steps taken to create a roadmap for a person’s assets when they die or become incapacitated.
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
It’s generally recommended that you review your will and other end-of-life documents at least every few years, although there can be reasons to do a checkup more often.
A 14-year-long legal fight among five siblings over a Queens woman’s estate has gotten so nasty that it landed two elderly sisters in jail, and now one of them may lose her home.
