When you are determining how to leave money and property to your loved ones, you should strongly consider talking with living trust attorneys. A living trust attorney can provide you with help determining if creating a revocable living trust is the best choice for you to provide for your loved ones. Living trusts have many benefits, and [ ] The post Here s Why Your Heirs Would Prefer to Inherit Through a Living Trust appeared first on Nirenstein, Horowitz & Associates P.C..
Trust attorneys at Nirenstein, Horowitz & Associates will help you to create a living trust so your assets that are held in the trust can pass through trust administration instead of having to be passed on to heirs or beneficiaries using the probate process. There are many benefits to creating a living trust, but one of the biggest benefits is that [ ] The post Top Reasons Your Heirs Would Prefer Trust Administration to Probate appeared first on Nirenstein, Horowitz & Associates P.C..
Effective inheritance planning is going to involve research. You should understand all of the facts and make fully informed decisions. If you make assumptions based on incomplete information, you may create unnecessary difficulties for your loved ones. One misconception that people often harbor is the notion that a last will is the simplest, most efficient asset transfer vehicle in the field of estate planning. In reality, the process of estate administration is really not that simple when a last will is utilized. The executor of the estate is the person who administers the estate after the passing of the testator. This estate administrator cannot immediately distribute assets to the heirs. There is a considerable delay, because the will would be admitted to probate. This is the legal process of estate administration. The probate court supervises the administration of the estate. There are various different time-consuming endeavors that must be undertaken during the probate process. T
An inheritance tax is a tax that would be levied on distributions to every inheritor who is not exempt from the tax. In other words, there could be multiple impositions of an inheritance tax when one estate is being distributed among the heirs. The states have the ability to impose state-level inheritance taxes, but most states are not exercising this option. Only six states in the union have state-level inheritance taxes, and fortunately, Connecticut is not among them. The states with state-level inheritance taxes are New Jersey, Pennsylvania, Maryland, Nebraska, Iowa, and Kentucky. Topics covered in this report include: Inheritance Taxes Estate Taxes Click here to read the whole article or download the PDF.
You probably want your heirs to receive their inheritances in a timely manner after you pass away. If you feel this way, you should be aware of the facts, because there can be misconceptions. The last will is the most commonly utilized vehicle of asset transfer in the field of estate planning. If you use a last will to facilitate future asset transfers, the heirs to the estate do not receive their inheritances right after you pass away. The will must be admitted to probate, and there is a proving of the will. The probate court examines the will to determine its validity, and the court will ultimately supervise the administration of the estate. This process does not run its course overnight. The exact duration of the process will vary depending on the jurisdiction and the circumstances. An uncomplicated case will typically pass through probate in a little bit under a year. Timely Asset Transfers It is possible to proactively implement probate avoidance strategies. There are a number of