What Are Life Estate Deeds?
As life estate deed with reserved powers grow in popularity, it is important to discuss and understand the benefits and limitations of these deeds.
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As life estate deed with reserved powers grow in popularity, it is important to discuss and understand the benefits and limitations of these deeds.
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it’s an important aspect of good financial planning that shouldn’t be ignored.
Naming secondary beneficiaries can help estate planners avoid the delay and costs of going through probate, as well as ensure that your wishes are carried out.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
It is quite a tragedy when a loved one passes away. You may want to remember them by keeping sentimental objects from their home, or perhaps they wanted you to inherit a specific item.
Vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.
A competent elder law or estate attorney can keep the estate process on track, and knows of provisions like family allowances, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.