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A probate lawyer offers services in probate court, and may be retained to open an estate or offer service during the course of probate proceedings on behalf of the administrator or executor of the estate. Probate lawyers may also represent heirs, creditors and other parties who have a legal interest in the outcome of the estate.
Joint accounts work differently in community property states than in common law states. According to Travis Christiansen, an estate planning and family law attorney at Utah-based law firm Boyack ...
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 of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
“Revocable” means you can change the terms at any time, so long of course as you’re “living.” As the assets aren't considered a part of your estate, they sidestep the probate process.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
A trust is a document that allows you to keep control of your money and property and designate who receives it once you die. “Revocable” means you can change the terms at any time while you ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
This means that if you sell it immediately, you will pay no capital gains taxes: Sale price ($500,000) - Stepped-up original cost basis ($500,000) = $0.00 taxable capital gains
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