Do Heirs Have to Pay Debts from an Estate?
First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.
Singles Need Estate Planning to Protect During Lifetime
You’re single, and you don’t have an estate plan or even a will. Perhaps you think you don’t need either because you’re not wealthy and don’t have children.
Estate Planning for Blended Families
There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
Use Estate Planning to Prepare for Cognitive Decline
Data from sources like the U.S. Census Bureau shows in no uncertain terms that the U.S. population has grown older over the prior two decades.
How a Special Needs Trust Protects Loved Ones
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
Older Singles Can Plan to Protect Themselves
Aging solo is about those individuals who are widowed or not married, live alone and have no family or none they can count on. They are going through the last years of their lives on their own. It can be just fine until one’s health declines and the usual activities and access to friends get out of reach.
Does Divorce Have an Impact on Estate Planning?
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
What Elements are Overlooked in Estate Plans?
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
What Is Probate?
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
What Is the Meaning of Step-Up in Basis?
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
