Dividing marital assets is an important part of the divorce process. Though the standard procedure is to distribute assets equally between spouses, a trust may be able to protect your assets from division. So, can a trust protect assets in divorce? Asset division according to divorce law can be complicated, but your Montana Trusts Lawyers …
Probate is the court-supervised process of collecting a decedent’s property and assets and distributing them to their beneficiaries. Unless there are family members fighting over the assets, there’s very little actual court time involved. Probate is mostly paperwork. If probate does move to court, however, the process is a little bit different. Find out how …
When someone dies with a last will and testament, it passes into the court-supervised process of probate, which is used to authenticate the will and distribute the assets to the beneficiaries. Depending on whether there is a valid will, the will itself, the outstanding debts and the size of the estate, probate can be a …
If a person passes away without a valid will, all the assets in their estate must be distributed to beneficiaries according to legal guidelines known as the rules of intestacy. In these cases, only married or civil partners, along with some other relatives, are able to inherit intestate assets. Intestacy can also occur if someone …
If you’re looking into estate planning, understanding the difference between revocable and irrevocable trusts is vital to your family’s future. If you select the option that doesn’t align with your goals, you could end up with considerable tax and legal penalties. In most cases, the revocable living trust will become irrevocable if the trustmaker dies, …
What is the Difference Between Revocable and Irrevocable Trusts? Read More »
Even if you’re a person of modest means, you have an estate. Naturally, you want control over the allocation of your assets after you die and want to be sure that your family is cared for properly, which is where an estate plan comes into play. There are two strategies for allocating your assets after …
When someone dies without a will, especially with a spouse or children, it can be stressful for the person left to distribute the estate. This is known as “intestate,” and means that laws of the state where the deceased resided will determine the property distribution, such as bank accounts and real estate. To fully understand …
Co-ownership of property can be a very tricky subject in today’s world. Whether it’s a married couple, business partners, roommates, or a romantic couple that simply lives together. Each type of living arrangement has different benefits and drawbacks, and there’s a lot of confusing terminology that goes along with it. Unfortunately, these terms carry legal …
Tenants in Common vs Joint Tenants with Rights of Survivorship Read More »
Owning a large estate is a tremendous benefit to you and your family. However, it can also cause major burdens when you pass away. An estate tax can have a hefty cost and drastically decrease the financial well-being you worked so hard to build for your loved ones. A trust will keep your assets safe …
For years people have looked for creative ways to avoid paying heavy income and estate taxes. The federal tax overhaul law recently signed by President Trump left many people confused about its implications on their assets. Wealthy families actually benefit the most. Overall, the tax overhaul has made it easier to set up trusts and …
How To Use Trust And Gifting To Reduce Your Income Taxes Read More »
