Could you avoid probate by leaving a deed filled out and notarized but not filed until death? In some states it would work, in others it would not. To be sure that it would work for you, you would have to check out the laws of your state. Beware though, with this kind of “dresser drawer deed,” there might be some negative tax consequences, such as owing capital gains tax on the amount the property has increased in value over the years. → Read More
Revocable Living Trusts A revocable living trust is created for the purpose of avoiding probate proceedings. Revocable living trusts remain in the control of the trustor during their entire life and can be canceled (revoked) at any time. → Read More
How To Create Right of Survivorship Using a Survivorship Agreement Right of survivorship can be created in community property using a survivorship agreement. A survivorship agreement dictates that all community property passes to the survivor outright. → Read More
Pennsylvania Durable Power of Attorney for Health Care In Pennsylvania, the concept of power of attorney for health care is called Pennsylvania Durable Power of Attorney for Health Care. → Read More
Are life insurance and jointly-held property considered part of the estate of the deceased, and thus subject to the estate tax? When a person passes away and leaves behind an estate, the total amount of the estate’s value is subject to the federal estate tax. The percentage of the estate tax varies each year, and typically is applied directly to the estate’s total value, unless the value of the estate falls below a certain threshold, in which case the estate is exempt from the tax. → Read More
What is a will codicil, and when can I use a codicil to change my will? A codicil is a document executed after the will is in effect, generally used to update a will. Although a codicil can be useful in some circumstances, such as when only a small change to a recent will is made, it is sometimes advisable to simply begin with a fresh will to avoid the confusion that multiple or complicated codicils can cause. → Read More
Why hire an estate planning attorney? This article focuses on the considerations a person should take into account when deciding whether to hire an estate planning attorney to draft a will. Whether hiring an attorney is the right approach to creating a will depends on a number of factors such as assets, business ownership, medical matters, or whether children are involved. → Read More
What are dynasty trusts and how can they be used as estate planning tools? Assets in a dynasty trust are continuously manged and disbursed without being transferred to a specific beneficiary. A dynasty trust allows successively younger individuals, usually family members, access to the assets of the trust without fully disbursing the funds. As the trust earns income, their children, grandchildren, and other descendants can draw upon the assets according to the terms of the dynasty trust. → Read More
Ohio Health Care Power of Attorney In Ohio, if you would like to designate someone else to make important medical decisions on your behalf should you become incapacitated, the form you will need to file is the Ohio Health Care Power of Attorney form. → Read More
The Rights of Trust Beneficiaries Trust beneficiaries have certain rights under the law, including the right to written reports of the administration of the trust and accountings of the trust from the trustee. Read on for more information about the rights of trust beneficiaries. → Read More
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