Estate Planning Quick Guide Do I need an estate plan? Everyone should have at least a basic estate plan in place to ensure that your affairs are managed and your assets distributed according to your wishes and with minimal complications.…
Even estates with a thoughtfully crafted and updated estate plan can experience problems in probate. Read more.
A North Carolina probate case filed in June 2016 by the Court of Appeals in Beaufort County showcases the validity of handwritten notes on a will.
Income and estate tax implications vary for each estate depending on whether the decedent had a trust in place and, if so, the nature of the trust. Where the decedent transferred assets to a revocable living trust prior to death, one or more fiduciary income tax returns might be required to report income earned by assets in the estate and/or trust after death.
While some may be tempted to regard estate administration as a checklist, the unique and often unanticipated circumstances that might manifest during probate require careful consideration to ensure that all requirements have been met prior to closing the estate.
Executors are not legally required to retain a lawyer for estate administration. Many state-provided resources are available to executors. However, when an executor chooses to manage the probate process independently, they increase their chance of errors.
The preservation and resources needed to properly maintain collectibles pose distinctively different challenges and liabilities compared to real property, mutual funds, and assets outside of the art world.
An executor pressured by surviving family to distribute an estate early might be tempted to comply with these requests with the best of intentions. However, the executor might be required to personally pay estate debts if they distribute assets too soon. The personal risk of early distribution is often too great for an executor to oblige.
Tennessee has a favorable tax reputation. While it is widely recognized that Tennessee does not impose income tax on wages, the state levies the Hall income tax on dividend and interest income. However, that tax is no longer permanent. Legislation enacted one year ago approved full repeal of the Hall income tax by January 1, 2022.
The procedures for releasing estate tax liens on real estate sales 'changed' in 2016. The IRS quietly decided that an ever-present rule that had not previously been enforced would be actively imposed. Instead of the IRS waiving the lien, with the "new" process they will issue a 'conditional commitment.'