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26 Tag Results
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January 07, 2010
Estate Tax
Federal estate tax is slated to be abolished in January 2010, but Senate Democrats are likely to pass a temporary measure early in the year to reinstate death tax and make it retroactive to January 1st.
At present, estate tax is assessed at the rate of 45-percent for inheritances valued above $3.5 million for individuals and $7 million for couples. Smaller estates are exempt from taxation. However, as the estate tax hangs in limbo, beneficiaries may soon find they will be charged a capital gains tax on inheritance property gifted through decedent's last will and testament.
Real Estate Investing article on "Estate Tax"
December 19, 2009
Heir
Heir is the term used to reference an individual entitled to inheritance property. Legal heirs can include surviving spouse, biological or adopted children, and direct lineage relatives such as mother, father, sister or brother.
Each heir should be listed within last will and testament along with specific inheritance property they will receive. When decedents elect to disinherit heirs they should include a disinheritance statement within their last will. This provides evidence to the probate court the decedent knew the heir was alive, but intentionally chose to leave them out of their Will.
Real Estate Investing article on "Heir"
November 07, 2009
Estate
The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.
When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.
Real Estate Investing article on "Estate"
November 04, 2009
Wills Probate
Wills probate refers to a legal last will and testament executed by a person who had died. During probate, the last will must be validated and the estate settled before inheritance assets can be distributed to designated heirs.
An estate administrator is appointed in wills probate. This individual can be a spouse, family member, friend, attorney, estate planner or financial expert that specializes in handling probate cases.
Real Estate Investing article on "Wills Probate"
October 10, 2009
Decedents
'Decedents' is a term used in legal documents to reference persons who have died. It is most commonly used in last wills, revocable trusts and irrevocable life insurance trusts. Wills and trusts are used to bequeath inheritance assets to beneficiaries.
Decedents can give their personal belongings, financial assets and real estate holdings to whomever they wish. Most individuals gift assets to their spouse, children or direct lineage relatives such as sisters, brothers, mother, father, nieces and nephews.
Real Estate Investing article on "Decedents "
September 14, 2009
Will
Executing a legal Will is one of the greatest gifts you can leave your loved ones. A Will is used to express burial preferences and name beneficiaries to receive property and personal belongings. The Last Will and Testament gives you the opportunity to have the final say in the event of your death.
A Will is also used to appoint an estate administrator. Most often this person is a family member or close personal friend. Depending on the size and complexity of the estate, some people retain a professional estate planner or probate attorney to manage their estate. It is a good idea to use the services of a neutral third party if family strife exists.
Real Estate Investing article on "Will "
July 27, 2009
What is Probate
"What is probate?" is a question I hear on a regular basis. In a nutshell, probate is the legal process used when a person dies. A series of events occur to tie up loose ends and distribute inheritance assets to heirs or beneficiaries. Everything decedents own must be accounted for and outstanding bills and taxes paid before assets can be distributed.
Let's further probe the question of "what is probate?" Probating estates is required within all 50 states of the Union. Probate is governed by state law, but the process can be different within each county of the state. This non-uniform standard can create confusion; particularly, if the estate administrator resides in another state or county and is not familiar with probate laws.
Real Estate Investing article on "What is Probate"
June 01, 2009
Life Insurance Trust
A life insurance trust is used to protect insurance proceeds from estate taxation. Beneficiaries are designated within the policy and distribution schedules are established. The life insurance policy is placed inside the trust and managed by a Trustee.
A life insurance trust consists of a Trustor, Trustee and beneficiaries. The Trustor is the person who establishes the trust. The Trustee is the person who manages the trust. This person is designated through the policyholder's Will.
Real Estate Investing article on "Life Insurance Trust"
May 30, 2009
Probate Courts
Probate courts were established over 200 years ago to handle legal matters governed by equity law. The primary difference between equity law and civil matters is that equity cases involve entering decrees which direct someone to act or refrain from acting.
Probate courts focus on life matters that do not involve monetary awards. The most common cases heard in probate courtrooms include inheritance, estates, trusts, guardianship and conservatorships. Probate laws vary by state, city and county. Most cases require the assistance of a probate attorney.
Real Estate Investing article on "Probate Courts"
April 26, 2009
Inheritance Cash Advances
Inheritance cash advances aren't loans. There are no monthly payments to pay back. Inheritance cash advances don't have to be repaid by heirs at all. The estate repays the lender once it has been probated.
Inheritance cash advances supply money to beneficiaries of estates immediately. When a loved one dies, their estate goes into probate unless the decedent created an irrevocable living trust. The probate courts ensure the validity of the Last Will and Testament of the deceased, but the courts main purpose is to ensure creditors are paid before heirs.
Real Estate Investing article on "Inheritance Cash Advances"
