Guardianship Provisions Ensuring that your children are well cared-for in the event of your death is usually the very first provision of a simple will. This ‘guardianship provision’ requires specific language to ensure that your children are both cared for and that they properly inherit under your will. The first part of the guardianship provision is the naming of all members for your immediate family. Naming the family members assists the children’s personal representative in finding nearby relatives and locating assets. → Read More
How to Avoid Probate Probate is an expensive and long court proceeding in which a will is reviewed, made public and determined to be valid or invalid. While probate should ideally last no longer than four to six months, realistically some wills take as long as two to three years to probate. With so many disadvantages to the traditional court system, it is no wonder that many people seek ways to avoid the probate system entirely. The following are some of those ways. → Read More
How To Give Property to Children Before Death You don’t have to wait until you pass away to give your wealth to your family. In fact, in the case of large estates, it is frequently in your best interests to take advantage of the gift tax exemption and to be generous with your children before you die. Otherwise, a large portion of your money will go to the IRS instead of your children. → Read More
California Elder Abuse Lawsuits: How Are They Typically Resolved? Elder abuse and dependent abuse cases involve the neglect and mistreatment of senior citizens and those in the care and custody of others such as nursing homes, assisted living facilities and home care situations often involve horrific circumstances. While not all of these cases result in litigation, many do. So, how are those typically resolve → Read More
My father is in a nursing home and I pay for the entire cost. Can I deduct this on my tax return? You may deduct qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a Multiple Support Agreement, to the extent the medical costs exceed 7.5% of your gross income. → Read More
What are do-it-yourself wills? Do-it-yourself wills consist of several fill-in-the-blank forms. Some cover all bases and are easy to understand while others are confusing and missing important information. Because of this, it’s important to review do-it-yourself will forms carefully before downloading or purchasing them from a retailer. Do-it-Yourself wills must be tailored to your state because requirements for making a valid will vary from state to state. → Read More
Estate Taxes & Irrevocable Trusts Estate tax is applied to any estate worth more than a set annual amount. One way to avoid excessive estate taxes is through an irrevocable trust. Wealth placed into an irrevocable trust is not considered part of the deceased person’s estate. In other words, money placed into an irrevocable trust will not be taxed upon death. → Read More
Pennsylvania Probate: The Basics When a Pennsylvania resident dies, their property and assets (collectively known as the’estate’) are subject to Pennsylvania probate laws that dictate their collection and distribution. → Read More
Ohio Probate: The Basics Ohio probate law is the set of rules that regulate the distribution of a deceased person’s estate (assets and property) in the state of Ohio. → Read More
Georgia Probate: The Basics Aside from being an emotional process, the death of a loved one can carry legal ramifications as well. In Georgia, the collection and distribution of a decedent’s possessions and property (collectively known as their’estate’) falls under probate law. However, don’t hire a lawyer just yet’ some situations allow you to navigate Georgia probate law yourself. → Read More
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