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Online trusts are a common and increasingly popular option as more and more people take to the internet for all of their daily needs. In our instant society, we can do our banking, bill paying, shopping, communicating, and business online with almost instant service. That convenience has even transcended to the legal level. More and more ...
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Offshore asset protection trusts are ideal for people in professions that are riddled with lawsuits. Lawyers, doctors, architects, entrepreneurs, contractors, accountants and property developers are often at risk to many charges or the expensive costs of malpractice and liability insurance. These people may want to protect their assets from ...
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When your child turns 18, it’s more than just a birthday. In the eyes of the law, your child has just stepped into adulthood, and is now legally responsible for his or her own medical care and finances. While there’s nothing wrong with helping your child out with college and health care, you are not able to make medical and legal ...
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If your parent’s cognitive abilities have diminished as they have aged, you may want to look into the situation. In some cases, parents who contract dementia will fail to tend to household finances, and instead accumulate exorbitant amounts of debt. In Time Magazine, one reporter explained a situation where two elderly parents had been living ...
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If you were named the executor of a will, you were given a big responsibility. You are now in charge of upholding the wishes of your decedent and making sure that the probate procedure goes smoothly. In fact, you are legally responsible for protecting assets the entire time that the probate is in process. It isn’t until after you have ...
Continue reading "Now that You are an Executor: Things you Should Know" »
When you adopt a step-child, inheritance issues can get complicated. In a typical adoption, parents relinquish all rights to their child when they are adopted by another parent, and the child loses all family inheritance rights. However, when a step-parent chooses to adopt a step-child, this isn’t necessarily how it works. Normally, the best ...
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Our bodies change as we get older, so we head to the doctor in order to make sure that we are functioning properly. Sometimes in a check-up, a physician may find that we have some sort of illness or condition, and set about finding a way to fix the problem. Cars are the same way. As your car gets older, you take it to a serviceman for some help. ...
Continue reading "Event Check Points that Signal it is Time to Update your Will" »
Imagine, an older woman writes a will bequeathing her fine jewelry to her granddaughter. The woman collected precious gemstone necklaces, bracelets, earrings, and rings her entire life, and has amassed over $50,000 in jewelry. The granddaughter eagerly waits for the day that she will obtain the jewels. She plans to sell them all for profit, so that ...
Continue reading "The Definition of Ademption" »
An advancement is a special gift made by a parent to his or her child that is an "advance" of that child's share in a future inheritance. The advancement is normally parent to child, but people can offer this gift to any person that they wish to include in their will. Normally, when someone asks for an advancement, it is because he or ...
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If you have a relative that is disabled, he or she may qualify for government benefits. In some cases, the government will grant money to men or women who are physically, mentally, or developmentally disabled because of a birth defect, medical malpractice situation, drug abuse issue, or injury. Sometimes benefit programs like SSI or Medicaid can ...
Continue reading "Beneficiary or Benefits? The Special Needs Trust Lets Them Have Both!" »
As you live you collect things of value. A lot of these items may be worth a significant amount of money, but more than that they may just be very special to you and a member of your family. Maybe you have a wedding ring that has been in the family for generations, or a grandfather clock that was your great-great grandfather's. These timeless ...
Continue reading "Inheriting an Heirloom: How to Take Care of Specific Items in Your Will" »
It is important to plan for your future, no matter what business you are involved in. However, when it comes to agriculture, estate planning is of the utmost importance. Like most Americans, many farmers haven't spent time planning for the future of their land and their business. Yet the US farming and food system contributes almost $1 trillion ...
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For various reasons, sometimes people want to change their first or last name to something more fitting or appealing. Maybe the name change is needed because of a family situation, such as a divorce, or an adoption. In many states, the probate court takes care of this process, because it becomes an essential part of the probate procedures later on ...
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When a decedent leaves his or her inheritance to a family member or friend, that new heir gains the estate, and all the taxes that may come with it. In some cases, you may be able to acquire estate tax exemption, especially if the estate is worth less than $5 million dollars. Larger estates that supersede this value will have an estate tax tacked ...
Continue reading "Inheritance and Taxes: What You Should Know" »
Since the invention of the internet, more and more of our life has been placed online. People now store all sorts of information on websites. The many different ways that you use the internet comprises your online identity. Your websites, e-mail addresses, e-mails, usernames, banking information, social network accounts, blogs and passwords are all ...
Continue reading "Your Online Identity: How to Plan for the Future" »
For many people, pets are like family. A dog or a cat can warm your heart and hold your affection much like a child, and some people want to make sure that their animals will be well-taken care of after they pass on. When you are planning for the future of your estate, you may want to include specifications as to how the court should deal with your ...
Continue reading "Can Your Pet Become Your Heir? How to Plan for Your Pet's Future" »
F. Francis D'Addario has been called one of the most colorful and successful industrialists in Connecticut. Sadly, the wealthy businessman was cheated of his life at the age of 63, when his small plane fell from the sky. When he died in March of 1986, the prosperous businessman left his massive estate to be distributed among his wife and five ...
Continue reading "Prolonged Probate Case Obliterates $162 Million" »
Probate always has to do with the family. Naturally, most people leave their assets to their family when they pass away, so that they can keep heirlooms within the household and keep estates in the family name. It is very important that you know where your family members reside, so that they will be easy to locate when they inherit your fortune. ...
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One of the biggest shocks a person can experience is being told that he or she is the heir to a fortune that he or she did not know about. Sometimes, distant relatives have no one to give their fortune to, and will locate an obscure relative that they have never met. Other times, a person may not realize that a relative or friend has the amount of ...
Continue reading "Unsuspecting Heirs: What to Expect" »
Most people know exactly who they will leave their estate to when they pass away. If you have a spouse, he or she has the first right to your assets. After that, your children, relatives, and close friends may take precedence. You can organize your own will and apportion your property to the people you believe best deserve it. If you do write a ...
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There are many special cases in probate and this one is no exception. Yet after a lot of debate, the Supreme Court ruled on May 21 st, 2012, that the twin boys of a father who passed away will not receive his Social Security survivor benefits. The twins were conceived after his passing through artificial insemination. According to the Huffington ...
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If you are curious about a deceased relative, and want to know more about his or her past, the probate court is a great place to start. The probate court keeps records about every person who passes away. These detailed documents show how the estate was divided, and profile the heirs. Also, the records show how much money went to creditors, and ...
Continue reading "Probate Court Records: The Way to Find Your Ancestors!" »
It makes an excellent movie screenplay: the elderly man hides his will and sends his children on a quest to retrieve it. The last words on his lips as he lies in bed are a clue. Then the search is underway. Yet while this may be an interesting story to watch from a plush red seat with a popcorn in one hand and a soda in the other, it's not a ...
Continue reading "Why You Shouldn't Hide a Will" »
The probate court is a very important element of the American justice system. Ever since the early years of civilization, ancestors have perished, leaving their fortunes to younger heirs. In many ancient cultures, the eldest son always received the fortune. Normally an eldest nephew would receive the land if a son did not exist. This was called a ...
Continue reading "The History of Probate in America" »
Probate courts are bustling with activity, because so many cases take place in these court rooms. While many people associate probate with the estate distribution of a decedent, this is not the only role these courts fulfill. These courts normally wear many hats and take care of a variety of legislative concerns. This makes it incredibly important ...
Continue reading "The Many Duties of a Probate Court" »
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