The Connecticut probate process is a formal legal process which takes place after most people pass away. There are ways to avoid having assets transfer through probate, such as by creating a comprehensive plan to transfer assets via other means such as trust administration and pay on death accounts. However, even if assets have transferred [ ] The post Myths about the Connecticut Probate Process appeared first on Nirenstein, Horowitz & Associates P.C..
Estate tax planning is very important if you have valuable assets that you want to leave to your loved ones. It becomes especially essential for those with a family business or farm, which are illiquid assets that could be counted as part of your taxable estate and that could leave your estate struggling to find [ ] The post Myths about Estate Tax Planning appeared first on Nirenstein, Horowitz & Associates P.C..
As you go through life providing for your family, you may see a comprehensive picture. Your success can build on itself, and as you get older, you may recognize the fact that you are going to be in a position to leave behind a significant legacy for your loved ones to draw from after you are gone. This is a rewarding position to find yourself in as a senior citizen, but you do have to be aware of the potential impact of estate taxes. There are some misconceptions that people often harbor about taxes, and in this blog post, we will look at four myths that people often buy into. 1.) Every estate is subject to the federal estate tax. When you hear about the existence of estate taxes, you may automatically assume that your estate will be reduced through the imposition of these taxes after you are gone. This may be the case, but in fact, most estates are not subject to taxation. This is because there is a federal estate tax credit or exclusion that allows you to transfer a certain amount t
There are some myths that circulate with regard to estate planning and last wills. Most people have heard of the role of the executor. An executor is someone who handles the administration of the estate after an individual passes away. Many people assume that there is a reading of the will, and after it is read among family members, the executor can distribute assets more or less immediately. In reality, things do not work in this manner. There is a legal process called probate that enters the picture. The estate executor would be required to admit the will to probate under state laws. It would be up to the probate court to supervise the administration of the estate. The will would be examined to determine its validity, and the executor would be required to notify creditors. They would be given a certain amount of time to come forward. Ultimately, the executor would prepare the assets for distribution among the heirs in accordance with the wishes of the decedent. If you think about it