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An example of such an asset is the US$15 billion that United Airlines' frequent flyer program, MileagePlus, was estimated to be worth when it filed for Chapter 11 bankruptcy. [2] In divorce cases, a hidden asset is a property that is hidden by one spouse from the other and, as a result, is more difficult to discover during divorce proceedings. [3]
Living trusts can act as probate-repellent, but some assets need to be kept out. If you want to help your kids bypass probate when you die, here are 5 assets to avoid putting in a living trust ...
Community property issues often arise in divorce proceedings and disputes after the death of one spouse. These disputes can often be avoided by proper estate planning during the spouses' joint lifetime. This may or may not involve probate proceedings. Property acquired before marriage is separate and belongs to the spouse who acquired it.
Here are the main reasons people try to avoid probate court: It saves time: Probate can take several months or even years to complete, during which time assets are off-limits to beneficiaries ...
The probate court will then oversee the process of distributing the deceased's assets to the proper beneficiaries. A probate court can be petitioned by interested parties in an estate, such as when a beneficiary feels that an estate is being mishandled. The court has the authority to compel an executor to give an account of their actions.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust: for example, a house or money from ...
The family court division of Circuit Court has original jurisdiction in cases involving dissolution of marriage (divorce), child custody, visitation, maintenance and support (alimony and child support), equitable distribution of property in dissolution cases; adoption, and termination of parental rights.
This order is separate from the divorce agreement, though it’s based on the decree’s contents. A QDRO must be approved by the court and sent to your 401(k) plan administrator.
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