Before asset distribution, the estate’s executor should make every effort to pay all outstanding debts. After bills are paid, and the remaining assets are accounted for.
Category Archives: Estate Planning
The probate process is generally efficient in smaller estates but can become lengthy and complex in larger ones. States have varying probate codes, and many have informal and formal processes.
The key to ensuring that your estate plan will work the way you envision is understanding that how you own your money and property (i.e., how title is held) determines whether your will or trust, or neither, controls who will receive that money and property.
Normally, somebody in the will specifies an administrator (a person who oversees settling of the estate).
Bruce Wayne possess something key to moonlighting as Batman: money. Heir to an enormous fortune, Wayne emerges as one of Gotham’s wealthiest citizens. A major philanthropist who donates money to various causes, neither role would work without assets.
When people create estate plans, they typically focus on distributing their money and property to loved ones. For those interested in multigenerational wealth transfer, consider dynasty trusts.
surprised young business woman looking through binoculars on yellow background.
When choosing trusted decision makers, select individuals based on their strengths. In other words, consider which characteristics or traits each decision-making role requires.
The Internal Revenue Service (IRS) describes S corporations as “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”
With a nongrantor trust, the trust maker has given up all power over the trust and has no right to any of the trust’s accounts or property. In many circumstances, the trust maker may not even be a trust beneficiary.