Planning for succession and estate planning for farm and ranch real estate as well as related livestock, equipment, and other personal property has unique challenges. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing…
As the executor or personal representative of someone else's estate, you have been chosen by them because they deem you trustworthy to handle their assets and affairs after death. Even though the decedent nominated you to be their executor, you…
Legally validating a will, naming or validating a personal representative (executor), and transferring assets to intended beneficiaries is a process called probate. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws…
It is common knowledge that estate planning is important for older adults, but almost half of them lack a will or power of attorney, and even fewer have a living will or health care directive. These documents help guide your…
It's common for people to associate estate planning with wills and trusts and passing assets on to children. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you…
A probate court oversees the distribution of a decedent's property if your loved one passes away without making a will, known as intestate. Also known as intestate succession, it has similarities to the probate process when a will is present.…
In spite of the fact that probate can be complicated, long, and expensive, proper estate planning can mitigate unwanted risks by anticipating what might happen and preventing problems before they arise. Sound estate planning can make the probate process run…
As we deal with a loved one's death and receive an inheritance, we experience mixed feelings. The loss of a loved one is sad but the influx of funds can bring joy or relief. It can be hard to think…
The IRS adopted the portability of deceased spousal unused exclusions on July 8, 2022. This adjustment made it easier than ever for high-net-worth married couples to avoid paying federal estate taxes. Understanding the Portability of a Deceased Spousal Unused Exclusion…
Generally, a fiduciary is an individual, professional, or organization legally required to act in the best interest of the person appointing them. Carrying out the terms of a will or trust or making medical or financial decisions on behalf of…