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Author Archives: elderlaw

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Advantages Of Revocable Living Trusts

· What are the benefits of a revocable living trust? Control, cost, convenience, and confidentiality are the four primary reasons that many people turn to trust-centered estate planning. CONTROL A…

August 8, 2016Estate PlanningBy elderlaw

Planning For A Family Trust

Planning for a Spouse · Am I required by the laws of my state to leave a portion of my assets to my spouse? The inheritance and succession statutes of…

August 5, 2016Assets, Estate Planning, Living TrustBy elderlaw

Everything You Should Know About Community Property

· 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…

August 2, 2016AssetsBy elderlaw

Trustee Ownership & The Revocable Living Trust

What 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,…

July 28, 2016Living TrustBy elderlaw

Tenancy-In-Common Property

· 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.…

July 28, 2016Estate PlanningBy elderlaw

Traditional Methods Of Estate Planning

Ownership 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…

July 28, 2016Estate PlanningBy elderlaw

What is Living Probate

· 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…

July 28, 2016Will and TestamentBy elderlaw

Probate

Death Probate and Administration · What are the origins of the probate process? In our country’s earlier times, a person would homestead a particular piece of land and obtain a…

July 28, 2016Will and TestamentBy elderlaw

Tax Planning

· 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…

July 28, 2016Law, TaxesBy elderlaw

Step-Up in Basis/Capital Gain Tax

· 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.…

July 28, 2016TaxesBy elderlaw
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