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The creation of a will allows you to control the distribution of your property and name the beneficiaries you want to receive your assets after your death. You can even name guardians for your children. In addition, you can designate an executor to distribute your assets according to your plan....
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If you buy a new home, it’s important to understand your responsibilities. You should ask if you’re responsible for repairs on the property. If you are, you have a legal right to seek compensation for any damages caused. This can be done through mediation or a lawsuit. A real estate...
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Whether you are an individual or business owner, you need to protect your assets. If you are not adequately protected, your assets could be lost in a lawsuit, bankruptcy, or creditor’s claim. To protect your assets, you should learn about the different laws and safeguards you can take. You should...
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A child custody or guardianship order is important to protect a child’s future. These legal arrangements are made by a judge in order to ensure the best interests of a child after a parent dies or becomes incapacitated. The court appoints a custodian, who is typically the parent of the...
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Medicaid is a state-run program that covers various health care expenses, including inpatient and outpatient care. It also covers a portion of out-of-pocket costs, such as copays. The rules for Medicaid vary by state, but they are generally based on income. The primary objective of Medicaid is to provide health...
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Trusts are legal arrangements between two parties. The trustor establishes the trust and transfers his or her assets into it. Another person, called the trustee, holds the title to the trust assets and manages them. Occasionally, the trustor will serve as trustee until his or her death. In a business...
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If you are attempting to contest a will, you will need to file objections to probate the will with the court within a specific time period. This can take up to six months. If you do not file objections in time, the will is automatically valid and will go to...
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Wills and living trusts are two different estate planning tools. While they have similar benefits, they are not exactly the same. It is important to assess your situation and goals to determine which is best for you. Once you know what you want, you can begin the estate planning process....
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A will is a common legal document that transfers property after the death of a person. In some states, it is required to have a court-appointed executor sign it. This process can be expensive and time-consuming. Another disadvantage of a will is that it does not give your minor children...
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You can leave money to a charity in your will to support a specific cause. But it’s important to consider the charity’s purpose and the impact your gift will have. If you want your gift to go towards a specific program, you should contact the charity to request that it...
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A trust is a legal document that allows you to protect your assets while at the same time providing your family with income. There are various types of trusts available, and you should choose the right one for your situation. A revocable trust, for example, allows you to change the...
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Before you enroll in Medicaid, you should consider which plan would be best for your situation. Different plans have different benefits and may not cover certain expenses. To get a better understanding of which plan will best suit your needs, talk to a representative of your state Medicaid program. You...
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If you’d like to avoid probate and keep your estate private, there are several ways to do so. One option is to create a trust. A trust can be used to outline how you would like your assets to be distributed after your death. This will help avoid probate court...
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If you are planning to create a trust, you probably want the information contained in the trust to remain confidential. It is also important to keep in mind that most states require that trust agreements be recorded with the local government. However, Delaware does not require this. If you plan...
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While many people think a trust is only for the wealthy, a trust can benefit families of all income levels. It allows family members to avoid handling financial matters that can be complicated and time-consuming. It also allows beneficiaries to create a charitable legacy. Trusts are useful in addition to...
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The sale of a property without the consent of your spouse is illegal in California. This is due to the fact that a creditor of one spouse cannot place a lien on the property and force the sale without his or her consent. A court will only allow a sale...
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The gift tax is a federal tax imposed on free transfers of property between individuals. It applies to the transfer of money, property, or the income generated by the property. It is calculated at 40% of the amount of the gift, and it applies when the value of the transfer...
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When a person passes away, the assets in their name go through probate or non-probate. It is a good idea to consult a New York estate lawyer if you aren’t sure. Usually, the executor files the original will in court as proof of the decedent’s death. In addition, non-probate assets...
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If you die without a will, your property will be divided according to state intestacy laws. If you have married someone and have children, you would leave all your assets to your surviving spouse. In a separate property state, the children will inherit half of the estate and the surviving...
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If you’re a beneficiary of an estate, you should consider appointing a separate executor, preferably someone who is not also a family member or best friend. This can be a difficult decision for beneficiaries, as they will likely want to be certain of what happens to their inheritance. Aside from...
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In a community property state like California, you can legally disinherit your spouse from your estate. If you disinherit your spouse from your estate, he or she cannot contest the will. However, it is possible for you to agree to leave less than you agreed, or he or she can...