Your estate, will, and children

Article Abstract:

If guardianship choices for minor children are not specified in a will, a court appointed guardian will be named to be responsible for the children and administer their proceeds from an estate. Makers of wills are urged to specify heirs by name and identify assets clearly, to simplify execution of their estates. One should also consider specifying children's shares of the estate as percentages rather than dollar amounts, and examine insurance settlement options to minimize tax consequences. An estate's value can be decreased if gifts are given to children during life, taking advantage of the annual gift tax allowance of $10,000/year.

Planning, Distribution of decedents' estates

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You, family, business: which mistakes are you making?

Article Abstract:

One must look at estate planning as an ongoing process, reviewing wills and other instruments regularly so that changes in a personal situation as well as changes in tax law are taken into account. Article includes examination of some common mistakes made in estate plans, such as a failure to revise wills when a married couple moves between a common law state and a community property state. Lack of attention to the agreement of insurance coverage and will or other estate plan features is also a common error. Also considered are mistakes made in estate valuation. Article is part of a series devoted to estate planning considerations.

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You, business, executor: how to plan for your estate

Article Abstract:

Choice of an executor in a will is an important decision. A good choice will benefit the heirs and uncomplicate transmission of assets. A trustee or executor, to be named in the will, has the responsibility to protect assets, handle tax decisions and file needed elections, pay debts of the estate and get asset valuations, pay taxes for the estate, and administer and distribute the estate assets. Article further examines these duties and their implications. Included are three choices for options for closely held businesses and suggestions for business owners to avoid a forced sale by their heirs.

Practice, Executors and administrators, Executors

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