Here are some necessary components often omitted or wrongfully used in do-it-yourself wills
- October 3rd, 2024
- David Greene
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(1) you need two witnesses, (2) A Notary Public must notarize the testator’s signature, (3) Neither the witnesses nor the Notary can be a beneficiary of the will, (4) A will should always be typed on a computer to avoid…
How is real property owned by a deceased person transferred if no probate estate was ever opened?
- April 1st, 2023
- David Greene
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The only way to transfer real property owned by a deceased person who died less than ten years ago is to open or reopen a probate estate and obtain a Deed of Distribution. If the deceased died more than ten…
Can a spouse change his spouse’s will after he/she dies?
- May 23rd, 2022
- David Greene
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First let me remind everyone that each person must have his or her own will. A husband and wife cannot have a joint will. In short, a will cannot be changed or altered by anyone after the maker of the…
How Are Taxes Handled In Probate?
- September 9th, 2021
- David Greene
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Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…
How are income taxes filed for a deceased person?
- July 16th, 2020
- David Greene
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When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died. A death certificate must be attached to the return. For this…
How do you transfer a piece of property after the probate estate of the owner is closed?
- September 25th, 2018
- David Greene
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The only way to transfer real property owned by a deceased person who died less than ten years ago is to go through probate and obtain a Deed of Distribution. If the deceased died more than ten years ago, a…
Is an irrevocable trust better than a revocable trust?
- February 27th, 2018
- David Greene
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The answer is that one is better for some and the other is better for some. It depends on what you want to accomplish with the trust. Many advantages are common to both, such as: (1) both will avoid probate…
Does the new tax law eliminate inheritance taxes?
- February 1st, 2018
- David Greene
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With the new Tax Reform beginning to take effect, there is still a large amount of uncertainty when it comes to what changes are taking place and when they come into effect. When it comes to the Estate and Generation…
Tips On How To Avoid Will Contests
- October 24th, 2017
- David Greene
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It is very hard to be successful in a will or trust contest. However, many disappointed heirs file such contests every year. Here are some planning tips to hopefully avoid that headache and heartache for your heirs. (1) If you…
If you have a Living Trust do you also need a will?
- September 26th, 2017
- David Greene
- Comments Off on If you have a Living Trust do you also need a will?
That is a good question and the answer is: maybe or maybe not! If you have truly transferred all of your assets into your trust, then you do not need a will because no asset is in your name. However,…