Rest assured that you are not expected to get to work as the executor or trustee of a living trust the day after your loved one dies. Keep in mind that most tasks related to a person's estate are not actual emergencies and you can take the time you need to grieve. You will have space to make plans for memorial services and other related events.
Managing appreciated assets can be a challenge for multiple reasons. If you are looking to take an appreciated asset and turn it into retirement income or benefits for your children and grandchildren, your first thought might be to sell the asset and reinvest the money into something else.
If you are a veteran or married to one, it is vital that you understand the many benefits that potentially come along with your status. For veterans that qualify, Aid and Attendance can enhance the pension that you received from the US government and help you manage health care expenses. Both veterans and surviving spouses are eligible for Aid and Attendance.
The period of time directly after a loved one's death is stressful. If the deceased named you in charge of their trust in the state of California, an additional responsibility you have is controlling the trajectory of the trust.
There are millions of Americans without a Last Will and Testament, which presents huge potential problems for families of all kinds. Even if you do not hold much in the way of assets, it is still wise to at least have a simple Will on hand to ensure that the probate courts can disseminate your estate as efficiently as possible. Failure to do so can lead to lingering family repercussions, such as in the case of Wilbur Fox's estate.
If you own property, it is a good idea to consider filing a homestead declaration for your primary residence. The process and protections offered are different depending on the state that your property is in; however, there are several commonalities between states. All states offer the ability to file a homestead declaration and offer some level of protection.
One of the quickest ways to start a family feud is to die without a Will in place, particularly if you have several adult children. While everybody would like to believe that cooler heads would prevail when it comes to disseminating your estate, this is rarely the case without the support an estate plan and a Will gives.
There is no overstating the importance of having an Estate Plan in place. Estate planning is a journey that is unique to every individual or couple. Not only can proper estate planning ensure that your assets go to your desired beneficiaries, it can also ensure that family relationships stay positive for years after your death. There are few ways to start family feuds faster than dying with no will in place.
Thinking about the end of your life may be stressful, but the more you prepare, the better the situation will be for you and your loved ones. For instance, in the story of Cynthia McKennedy, having an advanced care directive was crucial to ensuring that her physician honored her end-of-life wishes when she was not lucid enough to advocate for herself. Not having one would have put an unbelievable amount of stress on her family during an already-difficult time.
Thinking about selling a highly appreciated asset such as a real estate investment, corporation or business can be overwhelming. While it is certainly a positive to have highly valued assets, navigating the tax laws surrounding such assets is a difficult process. One option that is becoming more and more popular for persons in this position is a Deferred Sales Trust.