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Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
This technique provides taxation, estate planning and business advantages by ensuring current owners (e.g. parents) of an asset can continue to control that asset while allowing other persons (e.g. children) to benefit from (and be liable for the taxes payable on) the increase in value of the asset after the date of the estate freeze. [1] [2] [3]
The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs ...
A digital estate plan is important because it can help your family more easily: Locate and access your online accounts. Determine if your digital property has any financial value that needs to be ...
Buying a house in retirement might be a dream for many Americans, but difficult to achieve due to various factors. Not only have inflation and soaring rates -- which affect everything from credit...
An administrator (sometimes known as the administratrix, if female) acts as the personal representative of the deceased in relation to land and other property in the UK. Consequently, when the estate under administration consists wholly or mainly of land, the court will grant administration to the heir to the exclusion of the next of kin.
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