Ordinarily, if someone transfers assets in which he or she retains an interest, the value of the retained interest is ignored for gift tax purposes. In other words, the value of the gift is the [...]
What is the difference between testate and intestate? A person who dies without a will is known as dying intestate. But, if someone passes away with a will is known as dying testate. The most [...]
Avoiding Probate Many people want to avoid probate for the following reasons: It is expensive. It takes time. It is public. An estimate of the value of your assets is filed, and an [...]
People can give property directly to their grandchildren and keep the property out of their children's taxable estates. Because of this, Congress enacted the generation-skipping tax on lifetime or death gifts that skip [...]
What are the limitations of a durable power of attorney? When you give someone the power of attorney, there are significant limitations to the agent's power. First, your agent must make decisions within the terms [...]
