When a person dies, the tax department considers their property sold at fair market value, resulting in a capital gain. That’s why effective estate planning is necessary. This article discusses strategies that can reduce your estate taxes.
Embarking on the estate planning journey is a commendable decision, ensuring your loved ones are taken care of and your wishes are honored. However, the process can be complex and often overwhelming, especially when you’re unprepared. To streamline the experience and make the most of your consultation with an estate planning attorney, think about certain crucial factors ahead of time.
A power of attorney (POA) is an essential and legally binding document that can grant someone legal authority to manage your affairs in unforeseen or even anticipated circumstances. But with so many different types of power of attorney, deciding which is best for you can be tricky. Here are four of the most common types of power of attorney.
Nobody wants to think about their death, but death is inevitable. Fortunately, you can still control the management and distribution of your assets and finances after your death. The best way to do that is to prepare a will. Here are the benefits of preparing a will.
A will is one of the most fundamental documents every American should have. It protects the assets you’ve worked hard for as well as your family and legacy. However, that will could be undone by a successful will contest. Contests—probate litigation by an heir or other stakeholder that challenges the legality of the will—are not common, but they do happen.
When you pass away, most or all of your estate will go through a process known as probate. While many people have heard of probate, few really understand what it is and how it works. Here are some answers to your questions.