Busy as ever, many of us supervise kids (in-person or virtually), pursue new employment opportunities and/or adapting to new work environments. What’s more, most of us are adjusting savings and investment goals.
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Court fees, attorney fees, executor fees, and the cost of probate itself often diminish the value of an estate. The overall costs vary widely from state to state. But the average probate in the U.S. costs between 5 and 10 percent of the value of the estate.
Unfortunately, accidents happen to everyone. Moreover, even innocent accidents could lead to litigation and potential loss of personal wealth. A tool such as a DAPT may protect your property for your family, both now and in the future.
DAPT laws vary significantly by state. Residency requirements vary from state to state, as does the required connection of the grantor with the DAPT state.
Lawyers create testamentary trusts in a will. They write this type of trust upon the individual’s death. Therefore, they do so to protect the money and property on behalf of a beneficiary.
A generation-skipping trusts allows you to distribute your money and property to your grandchildren, or even to later generations, without taxation, by using your lifetime exemption to offset any tax that could be due.
Depending on the size of the estate and the nature of the accounts and property held by the estate, these expenses reduce the final amount available for heirs or beneficiaries.
Part 2 in a 2-Part Series Last week, we started a two-part series about how to prepare your estate documents prior to heading out for a summer vacation. Click here to read part one of this series. More documents to gather before heading out for a summer vacation:
(Part 1 of a 2-Part Series) After months of near confinement in our homes, most Americans are stir-crazy. As such, we are eager to travel to make vacation plans. As more states are open, take these precautions before your summer travels.
Or, you could manage their financial affairs as a conservator. This takes time and money. It also involves public testimony and evaluations about your parents’ health and living situation.