Posts Tagged ‘Probate’

Can a spouse change his spouse’s will after he/she dies?

  • May 23rd, 2022
  • David Greene
  • Comments Off on Can a spouse change his spouse’s will after he/she dies?

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…

What is a Grantor Trust?

  • November 9th, 2021
  • David Greene
  • Comments Off on What is a Grantor Trust?

To be a grantor trust, the trust must meet specific rules set out in the Internal Revenue Code. There are several but the one that is used most frequently is that the grantor retains the right to remove assets from…

How can one avoid a will contest?

  • November 2nd, 2021
  • David Greene
  • Comments Off on How can one avoid a will contest?

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…

How can one protect assets held in trust from creditors?

  • October 27th, 2021
  • David Greene
  • Comments Off on How can one protect assets held in trust from creditors?

In my last blog I stated that a revocable trust will not protect against creditors.  However, there is a solution: the Irrevocable Trust.  In this trust, the maker of the trust generally cannot be the trustee, so a great deal…

Does a trust protect one’s assets against judgment?

  • October 20th, 2021
  • David Greene
  • Comments Off on Does a trust protect one’s assets against judgment?

Whether or not assets in a trust are protected from judgment creditors depends on the kind of trust.  The most popular trust is the Revocable Living Trust.  Usually, the maker of the trust is also the trustee, so he retains…

How Are Taxes Handled In Probate?

  • September 9th, 2021
  • David Greene
  • Comments Off on How Are Taxes Handled In Probate?

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,…

Should an IRA or 401k be transferred into a trust?

  • August 25th, 2021
  • David Greene
  • Comments Off on Should an IRA or 401k be transferred into a trust?

It is definitely not a good idea!  If you put your IRA or other qualified retirement account into your Living Trust, the IRS will consider it as a distribution and you will be taxed on the entire amount immediately.  There…

What bequests should not be put in a will?

  • August 23rd, 2021
  • David Greene
  • Comments Off on What bequests should not be put in a will?

Thank you for your question.  There are several items you do not want to put in your will.  Here are some: (1) Any real estate in which title is held in joint tenancy with right of survivorship, (2) bank acccounts…

HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?

  • January 13th, 2021
  • David Greene
  • Comments Off on HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?

Well, Christmas is over and we have rung in the New Year.  During this past week many people made New Year resolutions.  Did you make any?  Most of these deal with either working on a healthier and better body or…

New Year Thoughts

  • December 29th, 2020
  • David Greene
  • Comments Off on New Year Thoughts

As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning.  Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…

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