Debt does not simply go away when the debtor passes, which is true of a mortgage. Therefore, the beneficiaries will inherit the property and the existing debt if a home still carries a loan. Various situations may arise, contingent upon the specific terms of the mortgage. For example, beneficiaries may take over the mortgage or…
Estate planning attorneys, probate attorneys, and trust administration attorneys each fulfill vital yet distinct functions within the legal procedures related to legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a person’s assets and affairs, while probate and trust administration attorneys settle an estate or trust after…
Families diligently plan their estates to organize and distribute money and property for the benefit of their loved ones. For most families, what they leave has been hard-earned by them throughout their lives. However, there are circumstances of stolen property within an estate. The discovery of such can lead to legal, financial, and emotional complexities….
We are proud to announce that Law & Stein LLP has changed its name to Law Stein Anderson, reflecting the continued and impactful contributions of partner Shauna R. Anderson. Shauna achieved remarkable success in her private practice before joining Law Stein Anderson. For over a decade, she has showcased unparalleled expertise in estates, trusts, tax…
There are various avenues to consider when crafting an estate plan. Some favor the flexibility offered by a revocable living trust, while others contend that a last will and testament (commonly referred to as a will) is more suitable. For those seeking a balanced approach, a combination of both, facilitated by a testamentary trust, is…
Effective financial management, particularly for married couples, includes a crucial component: estate planning. A critical factor in this process is reducing estate taxes, as taxes can significantly impact the allocation of money and property to loved ones. Planning could involve utilizing the deceased spousal unused exclusion amount. What Are Gift and Estate Taxes? In 2024, individuals…
In 2017, the Tax Cuts and Jobs Act (TCJA) substantially raised the federal estate tax exemption to $10 million. This designated sum allows you to gift assets to your loved ones, free from gift or estate tax obligations upon your passing. Any portion of this exemption utilized during your lifetime diminishes the available amount at…
For most of us, our pets become cherished members of the family. Yet, during estate planning, the needs of these beloved animals are sometimes overlooked. Including your pets in estate planning isn’t merely an act of care; it’s a crucial responsibility. Decided Who Will Care For Your Pet in the Event You Cannot During life’s…