February 09, 2013 (Press-News.org) Why you should create an estate plan
Article provided by Cohen Fineman, LLC
Visit us at http://www.cohenfineman.com/
Creating an estate plan is one of the most important things a person can do. An estate plan is not just for those facing illness or old age -- one never knows what will happen, and an estate plan can help people prepare for the worst. An estate plan can help people control their assets upon death, and make sure that their families can focus on grieving instead of dividing up the estate.
But, what is the best way to go about making an estate plan? The most typical estate planning tools used include wills and trusts. Wills and trusts are not mutually exclusive, and people can use both to pass on their assets.
Why should I have a will?
When people die without a will, their assets are passed according to intestacy laws. The court will decide who receives the deceased's property and who will take care of his or her kids.
The court will also decide who is responsible for controlling the estate and distributing the property. This person will have a lot of responsibility; he or she will pay the income taxes for the deceased and pay off all of his or her creditors. It is important that this person is someone whom the deceased can trust and who is willing to take on the responsibility. Therefore, it is best for people to appoint this person themselves.
Creating a will can help make sure that people have control over these things. A will can designate who will receive particular assets, can suggest who should be appointed as a guardian for any minor children and can nominate a personal representative.
Why should I create a trust?
Creating a trust can also help people control his or her assets, even after death. People can set up a trust to only contain certain pieces of property or certain assets. One of the many benefits of a trust is that estate and gift taxes can be avoided or lessened when property passes through a trust.
There are many types of trusts, but the two main categories are living trusts and testamentary trusts. Testamentary trusts come into being after the person's death, whereas living trusts are created during the person's lifetime.
Living trusts can also be revocable or irrevocable. A revocable trust allows the person creating the trust to maintain control over the assets and can be revoked at any time. In contrast, once a person transfers his or her assets to an irrevocable trust, he or she cannot make any changes or exercise any control over the assets.
Other types of trusts are also available and the type of trust best suited to an individual's needs varies depending on his or her unique situation.
How do I make a will or trust?
If you need to create an estate plan, it is a good idea to contact an estate planning attorney. An attorney can help ensure that your will is valid and prepare a comprehensive estate plan that minimizes your tax liability. Estate planning is complex, and an experienced attorney can ensure that nothing is overlooked.
Why you should create an estate plan
An estate plan is not just for those facing illness or old age -- one never knows what will happen, and an estate plan can help people prepare for the worst.
2013-02-09
ELSE PRESS RELEASES FROM THIS DATE:
Adding a patient to nurse workloads increases infections, study finds
2013-02-09
Adding a patient to nurse workloads increases infections, study finds
Article provided by Cranwell, Moore & Emick P.L.C.
Visit us at http://www.cranwellmoorelaw.com/
A new study published in the American Journal of Infection Control found that adding just one patient to a nurse's already heavy workload adds one hospital-acquired infection to every 1,000 patients admitted to the facility.
Study finds burnout plays a large role in patient safety
Researchers at the Center for Health Outcomes and Policy Research at the University of Pennsylvania School of ...
Recent Texas Supreme Court decision allows do-it-yourself divorce forms
2013-02-09
Recent Texas Supreme Court decision allows do-it-yourself divorce forms
Article provided by Carlock & Gormley L.L.P.
Visit us at http://www.carlockgormley.com
A decision from the Texas Supreme Court may make it easier for couples with comparatively uncomplicated divorces to use a standardized form to petition for divorce. The form may be helpful to some couples, but in other cases it may carry a risk of significant mistake that can be difficult to undo.
Standardized form may help couples divorce without an attorney
In a 5-3 decision, the Texas Supreme ...
Data shows fatal car accidents still a major problem in Tennessee
2013-02-09
Data shows fatal car accidents still a major problem in Tennessee
Article provided by MART G FENDLEY ATTORNEY AT LAW
Visit us at http://www.fendleylaw.com
There are few things worse than getting an unexpected phone call from the police letting you know that your loved one has been killed in a car accident. In nearly all cases, this news brings a sickening mix of shock, grief and anger -- both at the loved one's death and at the negligent driver who caused it to happen.
Thankfully, these phone calls have gotten much less frequent in Tennessee over the last few ...
Additional factors present in a military divorce
2013-02-09
Additional factors present in a military divorce
Article provided by Michael T. Webster, P.A.
Visit us at http://www.mtwlaw.com
Even if you have no property to divide or child custody and support details to work out, few -- if any -- divorces could ever be called uncomplicated. If you or your spouse are in the armed forces, that military service also means you'll have special factors to consider along with all the usual concerns if you decide to end your marriage.
The Uniformed Services Former Spouses' Protection Act
The Uniformed Services Former Spouses' ...
Surviving a small business tax audit
2013-02-09
Surviving a small business tax audit
Article provided by Baker Law Firm
Visit us at http://www.cttaxlawyer.com
No matter how meticulous the records are kept, perhaps nothing strikes fear into the heart of a small business owner than an audit notice from the Internal Revenue Service. Although the process can be stressful, the following tips can help you avoid being audited, as well as help you deal with the tax audit process.
Avoiding an audit
Although every tax return filed can be subject to an audit, the IRS is more likely to choose to audit a small business ...
Overview of prenuptial agreements in California
2013-02-09
Overview of prenuptial agreements in California
Article provided by Law Offices of Victoria S. Linder
Visit us at http://www.sacramentoattorneys.net/
California residents entering into a marriage may wonder if they need a prenuptial agreement. Although most couples do not want to think about divorce before even being married, creating a prenuptial agreement is a practical approach to dealing with the reality that a substantial percentage of marriages end in divorce. A well-drafted prenuptial agreement can help protect valuable assets and prevent future complications.
What ...
Hiding assets is common during divorce
2013-02-09
Hiding assets is common during divorce
Article provided by Law Offices of Victoria S. Linder
Visit us at http://www.sacramentoattorneys.net/
California residents know divorce is complicated. It is even more difficult when one spouse attempts to hide assets during the divorce process.
Unfortunately, lying about assets is more common than most people think. According to the National Endowment for Financial Education, 34 percent of adults in the United States admit to lying to a spouse about finances or debt. Additionally, over half admit to hiding a minor purchase ...
Strong defense for increased enforcement of California DUI laws
2013-02-09
Strong defense for increased enforcement of California DUI laws
Article provided by Law Office of Gregory M. Alonzo
Visit us at http://www.alonzocriminaldefense.com
Driving under the influence of alcohol can be common, especially during the year-end holiday season. In recent years, 13 county law enforcement agencies in and around Santa Clara, California, have strengthened DUI enforcement through what has become an annual lookout program called "Avoid the 13."
In the last two weeks of 2012, Santa Clara County's law enforcement agencies made 432 DUI arrests. ...
The advantages of filing for personal bankruptcy
2013-02-09
The advantages of filing for personal bankruptcy
Article provided by Guthrie Law Office
Visit us at http://www.guthrie-law.com
Even now, in the years following the "great recession," when many people have found themselves in dire financial straits, many who could qualify for a personal bankruptcy would still never consider filing for one. First, they think of the stigma attached to it. Then, if they can get past that, they contemplate the effect of a bankruptcy filing on their credit report and that fact stops them in their tracks.
But when someone ...
Mediation may help couples going through divorce
2013-02-09
Mediation may help couples going through divorce
Article provided by Vaught Law Firm, P.C.
Visit us at http://www.austindivorcelawyer.com
There are many reasons why a marriage may break down. When a married couple decides to end their relationship, it can be surprising how contentious a divorce can become. Issues that can be quickly resolved turn into costly and time-consuming legal battles, pitting the soon-to-be ex-spouses against one another. Individuals may find themselves spending a lot of emotional energy trying to get through the divorce as quickly as possible.
There ...
LAST 30 PRESS RELEASES:
‘Molecular shield’ placed in the nose may soon treat common hay fever trigger
Beetles under climate stress lay larger male eggs: Wolbachia infection drives adaptive reproduction strategy in response to rising temperature and CO₂
Groundbreaking quantum study puts wave-particle duality to work
Weekly injection could be life changing for Parkinson’s patients
Toxic metals linked to impaired growth in infants in Guatemala
Being consistently physically active in adulthood linked to 30–40% lower risk of death
Nerve pain drug gabapentin linked to increased dementia, cognitive impairment risks
Children’s social care involvement common to nearly third of UK mums who died during perinatal period
‘Support, not judgement’: Study explores links between children’s social care involvement and maternal deaths
Ethnic minority and poorer children more likely to die in intensive care
Major progress in fertility preservation after treatment for cancer of the lymphatic system
Fewer complications after additional ultrasound in pregnant women who feel less fetal movement
Environmental impact of common pesticides seriously underestimated
The Milky Way could be teeming with more satellite galaxies than previously thought
New study reveals surprising reproductive secrets of a cricket-hunting parasitoid fly
Media Tip Sheet: Symposia at ESA2025
NSF CAREER Award will power UVA engineer’s research to improve drug purification
Tiny parasitoid flies show how early-life competition shapes adult success
New coating for glass promises energy-saving windows
Green spaces boost children’s cognitive skills and strengthen family well-being
Ancient trees dying faster than expected in Eastern Oregon
Study findings help hone precision of proven CVD risk tool
Most patients with advanced melanoma who received pre-surgical immunotherapy remain alive and disease free four years later
Introducing BioEmu: A generative AI Model that enables high-speed and accurate prediction of protein structural ensembles
Replacing mutated microglia with healthy microglia halts progression of genetic neurological disease in mice and humans
New research shows how tropical plants manage rival insect tenants by giving them separate ‘flats’
Condo-style living helps keep the peace inside these ant plants
Climate change action could dramatically limit rising UK heatwave deaths
Annual heat-related deaths projected to increase significantly due to climate and population change
Researchers discover new way cells protect themselves from damage
[Press-News.org] Why you should create an estate planAn estate plan is not just for those facing illness or old age -- one never knows what will happen, and an estate plan can help people prepare for the worst.