A trust administration lawyer at Nirenstein, Horowitz & Associates can provide invaluable help during the trust administration process. The trust administration process is the process by which assets held in a living trust transfer after the death of the trust creator. The trustee oversees this process and has a fiduciary duty to manage the assets within the trust and act [ ] The post Questions to Ask When Choosing a Trustee appeared first on Nirenstein, Horowitz & Associates P.C..
A Westport trust administration lawyer can provide assistance with the trust administration process. This process can take place after a death when someone created a trust and transferred assets into that trust. When the trust administration process takes place, the assets held within the trust can transfer to new owners under the direction of the trust administrator. While [ ] The post Top Reasons Trust Administration is Better than Probate appeared first on Nirenstein, Horowitz & Associates P.C..
There is a legal process called probate that plays a very big role in the estate planning field. You may assume that assets can be distributed immediately after you die if you create a will, but this is really not the case. The estate must be probated before the heirs can receive their inheritances when a will is utilized to transfer assets. Probate is in place to provide oversight, but it is time-consuming, and it can be expensive. As a result, it does not always benefit the heirs to the estate. Property that is considered to be probate property would be subject to the process. However, there are some types of transfers that are not subject to the probate process. We will look at some of them in this blog post. Payable on Death Accounts A payable on death account is an account that has a beneficiary. These accounts are offered at banks and many brokerages. Sometimes this type of account is called a transfer on death account. The beneficiary cannot access the resources in the account
Revocable living trusts are very useful for a wide range of people. You do not have to be a millionaire to benefit from the utilization of a living trust as the centerpiece of your estate plan. Many people assume that a last will is the only logical document to use, because they feel as though a will is the simplest and most efficient estate planning device. In fact, the estate administration process can get rather complicated when you utilize a will to state your final wishes with regard to asset transfers. The executor or the personal representative is the person who would handle the estate administration tasks after you die if you use a will. You could nominate an executor when you create the will. Under Connecticut state laws, the executor would be required to admit the will to probate after your passing. During this process, the probate court would supervise the actions of the executor while the estate is being administered. The heirs would have to wait out this process. Inherita
The government programs that are in place to assist senior citizens should not be overestimated. If you rely on these benefits as the centerpiece of your retirement plan, you may be sorely disappointed when you recognize that you will never be able to retire. First, we should explain the eligibility requirements. When you work and pay your taxes, the FICA or self-employment tax that you pay goes toward future Medicare and Social Security eligibility. This is done through the accrual of retirement credits. During the current calendar year, you get one credit for every $1220 that you earn, and you can earn as many as four credits in a year. When you have a least 40 credits, you will qualify for these benefit programs for seniors. The age of eligibility for Medicare is 65 for everyone under currently existing laws. Things are different with Social Security. The full eligibility age depends on the year of your birth, but it will be somewhere between 66 and 67. Modest Payouts Social Securi
The process of estate administration is something to take into consideration when you are devising your estate plan. Executing legal documents can seem like the long and short of it, but there is a human element. Someone has to make your wishes come to fruition after you pass away. If you use a last will as the centerpiece of your estate plan, this person would be the executor or executrix. An executor is a male estate administrator, and an executrix is a female. We will use the term executor here for the sake of simplicity. You may envision the executor reading the last will to interested parties, with monetary distributions coming shortly thereafter. In fact, this is not the way that it works. When a last will is used as a vehicle of asset transfer, it must be admitted to probate. During probate, the court supervises the administration of the estate. This is not inherently negative in any way, and probate does provide certain protections. At the same time, this process is not always