“Probate is a lawsuit you file against yourself, with your own money, on behalf of your creditors.”
Probate is the legal process of presenting your Will to the Court after your death to authenticate it, and appoint your Executor/Personal Representative. Your Executor/Personal Representative must be appointed by the Court in order to collect and distribute your assets as stated in your Will.
However, because it is a legal process, there are many steps that must be followed before your Executor can be appointed.
In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals. There are various problems with the Part 2 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making.
4. Talking about estate taxes is a waste of time.
For a majority of Americans, in the current tax year, estate taxes are not an issue – the exemption is currently at 5.49 million dollars. Every dollar above that exemption amount is taxed at a 40% tax rate for estate or “inheritance” taxes. So for those that have less, estate taxes aren’t an issue. This year.
That being said, Congress can change the estate tax exemption (they say they won’t – do you believe anything Congress says these days?). Unless you know that you will die in 2017, you can’t know...
When it comes to estate planning, the real problem is simple: you think you know. The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection.
The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys. Yes, it’s true.
The need for long-term care is also one of the biggest threats to your lifetime financial security. The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more...
This article regarding a last will and testament by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
When it comes to wills, people tend to have a lot of misconceptions. What, then, are the facts when it comes to a last will and testament?
If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about. You should be sure.
Also, you should know that...
This article regarding wills and trusts by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
Clients often come to me with ideas about wills and trusts that they learned from friends, neighbors, and the internet. I’ve come to realize that a lot of people think they know about wills & trusts - but they don’t.
Unfortunately, most people don’t ever find out they don’t know, because by the time it comes to light, it’s simply too late. Here are some frequently misunderstood facts about wills and trusts:
Listen and Learn! Nicole's Podcast Episode About Wills (click the orange arrow to listen):
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