What will happen to my money and possessions if I die without a will?
If you die without a will, what happens to your assets will be determined by the state in which you reside. Every state has intestacy laws in place that parcel out property and assets to a deceased person’s closest relatives when there’s no will or trust. Keep in mind these laws vary from state to state. A good resource to help you find out how your state works is About.com’s Wills and Estate Planning site, which provides a state-by-state breakdown of how your estate would be distributed if you die without a will. See StateIntestacyLaws.com for a direct link to this page. In the meantime, here is a general (not state specific) breakdown of what can happen to a person’s assets, depending on whom they leave behind. Continue reading
The government has made a commitment to close the “donut hole” gap in Medicare coverage by 2020, but many current beneficiaries still find themselves falling into this pricey crevasse. Continue reading
A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada. With a $2.5 billion estate, there were substantial federal and state taxes. While the estate proceedings were held in Nevada, both California and Texas sued to collect state estate tax. The Nevada Court eventually determined that the domicile or personal residence of the businessman was in Nevada. While this was an unusual case with a very large asset value, there are several reasons why you should understand the basic rules of domicile. Where you live can affect both the distribution of your estate assets and your estate taxes. Continue reading
1. Pack swim suit 2. Stop the mail for the week. 3. Ask neighbors to water the flowers. 4. Review estate plan. – – – – Say What? Truthfully, all of us are aware that increased travel brings with it increased risk. Travel accidents occur every day, and we would not be doing our family justice should we neglect to insure that our affairs are in order before leaving for that long awaited vacation. Some concerns: Continue reading