Probate

If a person is named pay on death (POD) beneficiary of an account wants to divide the money in the account between people not named, will there be a gift tax? The person named POD is the Executor.

My sister died. I had power over medical decisions.I never got power of attorney. She had no children. How can I get her money from her bank?

Whitney Houston’s Will Nancy Grace made two points about Whitney Houston’s will. First, that her ex-husband was still named. Second, that her daughter would receive all of her inheritance outright by age 30, but she assured viewers she would be provided for until then. Let’s take a look at what these comments really mean to…

Summary: Estate litigation can be ugly! Nobody wants their kids to fight over their estate, but estate battles are more common than Republican Primary debates! But you can lessen the risk of antagonism, and these mud hurling brawls (we’re talkin’ about estate litigation, not the debates). But you have to use the Dr. Phil approach…

Yes, revocable trusts (living trusts, loving trusts, etc.) can avoid probate. But, in most cases (yawn!), that just doesn’t get as exciting as Dancing with the Stars! The real problem with revocable trusts are the clients (or perhaps more correctly, prospective clients) that have attended the free seminar at the local [fill in the blank],…

Introduction/Overview: The 2010 Tax Act created a $5 million federal estate tax exemption. So why bother with a credit shelter or bypass trust in your will? question Give us a quickie explanation of a bypass trust. Answer It’s a trust commonly used in estate planning by a married couple. Instead of leaving everything outright to…

All five children (myself and my siblings) are in our parents will, but only 3 are on the deed to their home. Would the to remaining two siblings who aren’t on the deed be entitled to any money from the estate from the sale of our parents house? It is being sold because are parents…

In STATE-NAME how long after a death is the last will and testiment valid for?

Michael Jackson’s Estate May Own the Taxman, but Not Owe the Tax Man! The untimely death of famed pop singer Michael Jackson raises some interesting estate tax issues. For estate tax purposes, assets generally must be valued at their fair market value at the time of the decedent’s death. Treas. Reg. Sec. 20.2031-1(b). Assets are…

How family members cut others out of a will, the problems with doing so, and the tragedies it creates, are tremendous. Sadly, these are not rare events. It is a human story, not a technical legal discussion. This is a similar issue to the Brook Astor case, but affects so many people all the time. The…