- Estate Planning Tips for Unmarried Couples
Without the automatic legal protections afforded by marriage, unmarried partners must be proactive in managing their assets to ensure that their wishes are honored and their financial futures secured. From establishing wills and trusts to understanding state-specific estate laws it’s important to consider essential strategies that unmarried couples can employ to safeguard their assets and… read more…
- How a Transfer on Death Deed Works in Florida
A transfer on death deed (TODD) offers a streamlined solution for property owners looking to bypass the often lengthy and costly probate process in Florida. This legal instrument allows individuals to designate a beneficiary to inherit their property directly upon their passing, ensuring a smooth transition of ownership. With the ability to retain control over… read more…
- How a Life Estate Deed Works in Florida
A life estate deed in Florida allows property owners to transfer real estate to a beneficiary while retaining the right to live in the home for the rest of their life. This arrangement avoids probate by automatically passing ownership to the designated heir—known as the remainderman—upon the original owner’s death. Florida recognizes both traditional life… read more…
- My Dad Left Me $550k in an IRA, But I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals?
If you inherit a tax-deferred retirement account, like an IRA or a 401(k), you’ll pay income taxes on the money when you withdraw it. Those withdrawals are subject to your marginal tax rate, not the original owners. This can reduce the value of your inheritance, potentially by quite a lot if you are in a… read more…
- What Is Right of Survivorship and How Does It Work?
The right of survivorship is a legal concept that determines what happens to jointly owned property when one owner dies. In arrangements like joint tenancy or tenancy by the entirety, this right allows the deceased person’s share to automatically transfer to the surviving co-owner, bypassing probate. It’s commonly used for real estate, bank accounts and… read more…
- How the Lady Bird Deed Works in Florida
If you’re looking to transfer real estate property to a beneficiary when you die, a Lady Bird deed might do the trick. This powerful estate planning instrument is a popular choice among Florida homeowners. This state laws aims to safeguard properties from Medicaid estate recovery and circumvent probate. Let’s breakdown how a lady bird deed… read more…
- How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
- Do You Expect to Receive an Inheritance? Study Shows Most Americans Say They Aren’t Ready to Manage It
Many of us dream about receiving a financial windfall but the majority of us won’t know what to do with the money when the time comes. A financial advisor can help you manage an inheritance or other financial windfall. Find a fiduciary financial advisor today. According to New York Life’s Wealth Watch Survey, only 42%… read more…
- What Is the Average Inheritance?
People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will. If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to… read more…
- What Happens to an Inheritance If a Beneficiary Has Died?
If your heir dies, what happens next? This is an issue that comes up in estate law. If not frequent, it is certainly not rare. After you write your will, what happens if your heirs die before they can inherit?… read more…
- How Much Does an Inheritance Advance Cost?
If someone leaves you money in their will but you don’t want to wait until probate ends to claim it, you might consider getting an inheritance advance. An advance against an inheritance allows you to collect money that’s set to… read more…
- How Does an Inheritance Advance Work?
Taking an inheritance advance is something you might consider if you expect to receive money from an estate, but don’t want to wait for probate to conclude. An inheritance advance, also called a probate advance or probate cash advance, allows… read more…
- How to Buy a House With an LLC
If you’re buying an investment property, it may make sense to buy it using a limited liability corporation (LLC). While there are certain hurdles you’ll have to clear, buying a house with an LLC can have many legal and financial… read more…
- How a Transfer on Death Deed Works
Part of planning for the future involves getting your estate in order, and determining who you want your assets to pass to when you die. If you have real estate property, and want it to transfer to loved ones without passing… read more…
- How to Remove Someone from a Life Estate
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath a home to children while allowing them to continue living in… read more…
- Understanding Inheritance Theft Laws
Receiving an inheritance could provide an unexpected (or anticipated) financial windfall. There’s just one thing you may have to contend with – people attempting to steal what you’ve inherited. Inheritance theft is sometimes a very real problem for people who… read more…
- How to Deposit a Large Cash Inheritance
If someone close to you has died, the last thing you may want to talk about is money. However, in order to honor their final wishes, you’ll need to follow their will (if they left one) or potentially go to… read more…
- Inheritance Rules for In-Laws
When someone passes away, whether unexpectedly or not, it can raise questions about who will inherit what. Specifically, you might be wondering whether in-laws have a right to any of the assets of the deceased person. The short answer is… read more…
- What Estate Expenses Are Paid by the Beneficiary?
Settling an estate can be a complicated and sometimes time-consuming process. It’s the job of the executor to inventory assets, determine what expenses need to be paid and distribute the remainder of the estate to the deceased’s beneficiaries. If you’re… read more…
- Naming an Estate as the Beneficiary of an IRA
When people pass away, their wealth is generally passed on. In the case of passing on your individual retirement account or an IRA, you have two choices. You can name a beneficiary or multiple beneficiaries to receive the income from… read more…
- Settling a Small Estate in Florida
Florida provides two ways to settle small estates without going through the often time-consuming and costly process of probate. A procedure called Disposition of Personal Property Without Administration allows beneficiaries to quickly and inexpensively settle a very small estate that… read more…
- What Happens to a Bank Account When Someone Dies Without a Beneficiary?
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a “beneficiary,” meaning that you have named the person who will take possession of any given… read more…
- Minor Child as IRA Beneficiary: Requirements
If you want to leave your individual retirement account (IRA) to your grandchildren, you should know that minors can’t inherit an IRA directly. Instead, a custodian should be appointed until the minor is of legal age. Here are some things… read more…
- What Is a Family LLC?
Limited liability companies can protect your personal assets if you own a business but they can also be used in estate planning. Specifically, you could establish a family LLC to shield assets from creditors while ensuring a smoother transfer of… read more…
- Can an Illegitimate Child Claim Inheritance?
The term illegitimate child—historically used to describe a child born to unmarried parents—is largely outdated in modern legal contexts. Today, inheritance rights are typically based on legal parentage, not the marital status of the parents. In most states, a child has the right to inherit from both legally recognized parents, regardless of whether the parents… read more…