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January 11, 2010
Inheritance Law
In the United States, inheritance law is governed by the Uniform Probate Code. In place since 1969, UPC is a statute that outlines what happens to assets, debts, and financial affairs of a deceased person. Currently 18 states have adopted the Uniform Probate Code in its entirety, while the remaining 32 states have adopted parts of it.
Although inheritance law varies by state, the majority adhere to similar processes. First, an estate executor must be appointed. Oftentimes the executor is appointed through the decedent's last will. If no will exists, or the appointed estate executor does not want to accept responsibility, an Administrator will be appointed through probate court.
Real Estate Investing article on "Inheritance Law"
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"
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"
October 24, 2009
Trust
Trust refers to a vault which holds valuable assets, along with a person's Last Will and Testament. People use trusts to transfer inheritance assets upon their death. When a trust is used, inheritance assets do not have to pass through probate and generally are exempt from taxation.
Many people believe establishing a trust is complicated. While this can be true for exceptionally wealthy people, many types of trusts exist which are simple to establish. Some of the most common include living, revocable, irrevocable, testamentary, and irrevocable life insurance trusts.
Real Estate Investing article on "Trust "
October 14, 2009
Estate Administrator
Estate administrator refers to a person appointed to manage the estate of a person who has died. Administrators are generally family members, a professional estate planner or probate attorney. When a family member is appointed to this position, they typically require assistance from a professional to ensure legal documents are properly filed through probate court.
An estate administrator has multiple duties. It is important to appoint someone capable of handing financial matters and able to make difficult decisions under stress. Administrators must be at least 18 years of age and never convicted of a felony. It is best to appoint an estate executor who resides in the same state as the decedent. However, this is not a necessary requirement.
Real Estate Investing article on "Estate Administrator"
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"
July 03, 2009
Last Will and Testament
Executing a Last Will and Testament is a relatively simple and inexpensive process. A Will is used to bequeath inheritance to beneficiaries. There are many ways to draft a Will, but the most common is to utilize the services of a professional estate planner. Doing so can protect the Will from being contested in probate court.
The Last Will and Testament involves several elements. First, a probate executor is designated to handle estate-related affairs. Estate administrators are responsible for a variety of duties, so it is best to discuss this position with the person before naming them in the Will.
Real Estate Investing article on "Last Will and Testament"
May 05, 2009
California Probate Lawyer
A California probate lawyer is an integral part of estate planning for residents of the Golden State. Probate is the legal process used to determine the value of estates and to properly distribute assets to heirs and beneficiaries. California probate code is complex; consisting of eleven divisions and hundreds of pages of legal jargon.
California probate lawyers specialize in helping individuals develop estate planning strategies. Some strategies can keep assets out of probate while others reduce or eliminate inheritance taxes. Probate attorneys can help individuals establish payable-on-death and transfer-on-death beneficiaries for investment and banking accounts, automobiles, motorcycles, boats, recreational vehicles, real estate holdings and businesses.
Real Estate Investing article on "California Probate Lawyer"
