How to Avoid Probate
May 16, 2021
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Johnson Law Firm
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
When the legendary singer, songwriter and performer Prince died suddenly in 2016, he left an estate estimated to be worth between $50 and $300 million dollars – and no will. Without a spouse, living parents or children, his sister and five half siblings have been battling it out since, in one of the most complicated probate court proceedings in Minnesota history, with tens of millions of dollars being spent on fees for lawyers and consultants.
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
You may love your son-in-law or daughter-in-law now, but that could change down the road. So, if you don’t want your money going to your child’s future ex, here’s what you should do.
What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?
Leaving behind a home for a loved one to inherit is a huge gift, but without the right planning, it could be an equally large headache.
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.
While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.
The person signing the power of attorney, which gives someone else the authority to act for them, is called the ‘principal’ and the person who is given the power to act for you is called your ‘agent.’
