Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in
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This estate planning vehicle, which is sometimes also known as a bypass trust or a credit shelter trust, can save literally tens of thousands of dollars in taxes. When one spouse dies, all his or her property goes tax-free to the surviving spouse, thanks to the marital deduction. Unfortunately, this transfer also means that the
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Although some probate is almost inevitable since a court must generally approve the will for it to take legal effect, a trust can considerably streamline the process, simply because when the decedent dies, the property passes through the trust, which is not subject to a will, as opposed to the decedent’s personal estate. People wanting
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Five people who claimed to be Prince Nelson’s half-siblings have no basis for their claims, according to the Minnesota Court of Appeals. The five people did not trace their lineage through John Nelson, who was married to Mattie Shaw at the time of Prince’s birth in 1958, and Carver County DIstrict Judge Kevin Eide had
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Over the course of a long life, every different person will acquire a different set of assets and liabilities. When it comes time to think about passing them on to family and friends after you pass on, though, there is a trifecta of instruments that do the bulk of the work. While others might be
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When it comes time to plan for end-of-life measures, many people become confused about what may be needed while they are still alive, especially if they become incapacitated. Both health care directives and powers of attorney are tools that can be useful if you lose the ability to manage your own affairs and/or make your
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Many people are unaware that disabled people are restricted by law in the amount of assets they are permitted to own. If a disabled person acquires too many assets, whether by their own work, by marriage, or some other way, they will lose their disability payments. This sounds reasonable, but in reality, SSDI payments for
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Many people have causes and charities that they want to continue to support after they pass away. Without these generous gifts from people like you, many charities would simply go out of business. However, surprisingly to many people, leaving assets to charity is often a complicated process. Indeed, without proper estate planning, not only might
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Many people move to a different state at some point in their lives. In fact, according to data collected by the United States Census Bureau, 41 percent of Americans currently live in a different state than they one in which they were born. Moving out of state can affect your life in many different ways;
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