Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics.
After losing a spouse or longtime partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate plan.
Most estate planning attorneys can help you craft an estate plan that minimizes or avoids probate altogether. To some extent, however, probate is often necessary. So, it’s important to understand how to navigate the process.
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, estate tax rules, capital gains rules, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers.