Estate Planning, Elder Law & Probate Attorney
The topics of Probate and Estate Taxes cause a great deal of confusion. Somehow, it is generally thought, if you avoid one you avoid the other. This is not true. Probate and Estate Taxes cover two different distinct areas. Probate generally refers to those assets that you die with in your name alone. If assets … Read more
Many people now have IRA’s as part of their estate plan. Putting the money in is the easy part but taking the money out and ultimate distributions can be tricky. So here are some helpful rules and hints: IRA money cannot be withdrawn (without a penalty) until you are age 59 ½. You must start … Read more
There are 4 ways to hold assets and each has its own consequences when you die. 1) Assets held in Your Name Alone – will pass by your Will to your named beneficiary/s or by State regulated distribution if you have no Will. This is known as Probate. Try to minimize assets in your … Read more
Many people are aware that they can make an annual $15,000 gift (although most people think of it as a yearly $10,000 gift), called the Annual Exclusion, but they are unclear as to the details. So here they are: An individual (the Donor) may give an annual gift to another individual (the Beneficiary) without that … Read more