What is Probate Property?

May 2017

If you were to Google the question “what is probate” the standard definition would appear, which reads, “the official proving of a will.” However, the legal definition is a little more specific. Probate is the process of transferring a deceased person’s “probate property” using the court system. The next question in your mind is likely… Read more >

Life Insurance Considerations for Estate Planning

May 2017

During the estate planning process, we typically will analyze the impact of potential life insurance.  Life insurance policies (if owned individually) are counted towards the decedent’s taxable estate, while the life insurance proceeds are income tax-free to the beneficiaries.  However, there are ways to shift life insurance out of the estate of the decedent, which… Read more >

Let’s Get Charitable!

May 2017

Tax day may have passed, but it’s important to already start thinking about your upcoming taxable year. For instance, are you required to take minimum distributions from your IRA but don’t want or need the additional taxable income? Are you charitably inclined? On a temporary basis since 2006, IRA owners have had the ability to… Read more >

The Revocable Trust as an Estate Planning Tool

April 2017

A revocable trust is typically viewed as an alternative to a traditional Last Will and Testament. A revocable trust is also referred to as a “Living Trust” or an “Intervivos Trust” and can be particularly attractive to those seeking to avoid probate. The process entails creating a legal document whereby a trust is established. The… Read more >

The Interplay Between a Will and the Probate Process

April 2017

Many people believe that if they have a Will, their estate will avoid probate – and this is not true.  A Will does not automatically make probate unnecessary, but it does make the process easier. Probate is the process of transferring a deceased person’s “probate property” using the court system.  Probate property includes, but is… Read more >