When you die, your accounts and property pass to minor children in equal shares. However, such money often proves insufficient for individual heir’s expenses.
Category Archives: Trusts
Whether you filed for Chapter 7 or Chapter 13 bankruptcy, assume that you own less money and property than before the bankruptcy. However, during the bankruptcy process, the court reports certain accounts and pieces of property under a federal or state exemption.
No trust contains unlimited funds or an interminable time horizon. In the end, every trust eventually ends.
In most cases, people emphasize the complexities associated with court involvement. Namely, court supervision makes the process of distributing money and property a public proceeding.
Unfortunately, despite our best efforts, millions of people misplace wills and trust documents.
The first way to properly prepare to receive an inheritance is to discover what you will be inheriting. Is it real estate, a 401(k), or an individual retirement account (IRA)?
At the time of a death, the legal determinations ensure that the court distributes inheritances in an orderly fashion. Issues may arise during death or divorce depending on whether you live in a community property or separate property state. Based on differing expectations of all parties involved, disagreements may arise.
When a married couple (the grantors) uses a joint RLT for estate planning, they also serve as initial trustees of the trust. The grantors then combine their separate property and joint property into the same trust.
Does creating or updating your estate planning seem daunting? If so, this blog addresses common questions senior citizens ask about estate planning.
Depending on your parenting philosophy, decide you you want to treat your children or grandchildren. Treating loved ones equally means that they all receive the same amount.