The process of a divorce can be long and complicated, with multiple important decisions pushed to the wayside for the sake of timesaving and emotional relief. Many fail to follow through with updating their estate plan soon after they get divorced. This is a task that should be completed as close to the divorce as possible, if not before the actual divorce itself. There are some simple steps that you must take, in terms of estate planning, after a divorce. Taking care of these few simple and … [Read more...] about Estate Planning After a Divorce
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Consult With A Probate Lawyer
When an estate goes through the process of probate there are many details that need to be addressed, and just how complex the matter is depends on the specifics of the estate in question. The probate or surrogate court proceeding requires the filing of a great deal of standard paperwork, and making sure that this is done and done correctly is the first step. There can also be matters of guardianship or conservatorship involving fiduciaries that need to be addressed. Any outstanding debt must be … [Read more...] about Consult With A Probate Lawyer
Protecting Your Inheritance from Creditor Claims
Generally, beneficiaries are not held legally responsible for unpaid debts held by the deceased. However, the deceased is liable for their unpaid debts, so when they die the value of their estate is used to pay their creditors. As you go through the probate process as a beneficiary, you will need to take care of a few things before the estate is settled. When someone dies, their estate may or may not go through probate. Depending on how they have planned out their estate, some or all of the … [Read more...] about Protecting Your Inheritance from Creditor Claims
Four Reasons to Contest a Loved One’s Will
Not Properly Signed The most common grounds for a Will contest is if an heir at law or previous beneficiary believes or can prove that the Last Will and Testament was not signed according to state law. Your attorney will know what the state law requires including: who can be a witness, who must be present and how the signatures must be notarized. If all state laws for signing a Will are not followed, that document can be considered invalid. Lack of Testamentary Capacity If it is believed … [Read more...] about Four Reasons to Contest a Loved One’s Will
Your Estate Plan Depends Upon More Than Net Worth
If your net worth is large, an estate plan is vital. Net worth is not the only factor in deciding if you need an estate plan. There are several circumstances that may require you to have an estate plan to safely cover your interests and those of your family members. Minor Children If you have children under the age of eighteen, you need an estate plan to name your children’s guardian after your death. You can also use your plan to make provisions for your children’s education and other … [Read more...] about Your Estate Plan Depends Upon More Than Net Worth
Advantages of a Charitable Remainder Trust
For many people an important part of advanced estate planning is providing funds for a charity close to their heart. If you want to use your estate plan for a bit of charitable giving, a charitable remainder trust may be a great option. This Irrevocable Trust provides many benefits to you and your estate while also helping you help others. Save on Taxes When you create a Charitable Remainder Trust you can save money on three different types of taxes. First, you will receive an income tax … [Read more...] about Advantages of a Charitable Remainder Trust
Everyone’s Guide to IRAs
An IRA, or individual retirement account, is one of the most popular ways to save for retirement. An IRA can be created at a bank, a brokerage firm, or a mutual fund company. IRAs differ from pensions and 401(k) plans in that individuals, not employers, typically open them. Tax Benefits You can deduct the money you deposit into an IRA from your taxable income, thus reducing your tax burden. This tax shelter saves many investors a great deal each year, since this portion of their income is no … [Read more...] about Everyone’s Guide to IRAs
Welcome to the Blog of The Augulis Law Firm
The Augulis Law Firm Blog will be updated regularly with posts containing up to date information about topics like Estate Planning and Estate Tax Law changes that can be affecting you and your loved ones. … [Read more...] about Welcome to the Blog of The Augulis Law Firm
