· What states require community property? Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. · What is community property? While the community property laws vary in each…
DetailsWhat is meant by “trustee ownership”? The form of property ownership most rapidly expanding in the estate planning field is that of trustee ownership. By establishing a revocable living trust,…
Details· What is tenancy in common? Tenancy-in-common is ownership of property between two or more people. Each of the owners owns a percentage of the property, called an undivided interest.…
DetailsOwnership of Assets · What does “title” mean in relation to property ownership? Title is the legal concept of ownership. When you take “title” to any piece of property, you…
Details· What is meant by “living probate’? It is possible that, prior to your death, you may become mentally disabled due to disease, stroke, or accident. Legally referred to as…
Details· Why should I do estate planning—don’t I have a duty to pay tax to my country? Consider a concept called the “hand of taxation.” Count the fingers on one…
Details· What is a step-up in basis, and why is it important? In general terms, basis is your attributed cost of a particular asset. Usually this is the purchase price.…
Details· How much property can I leave to my spouse without my estate having to pay federal estate tax? The federal estate tax law permits leaving an unlimited amount to…
Details· What is an estate? There is a common misconception that “estates” are exclusive to multimillionaires. Most people do not realize what actually makes up an estate and only have…
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