Home » estate planning » Page 2
June 6, 2024
By
The Admiral Staff
Generally, if you’re not listed on your husband’s credit cards, you won’t be responsible for the debt if he dies. However, if you live in a community property state (Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, Wisconsin), debt acquired during the marriage may be jointly responsible. It’s crucial to consult a lawyer regarding your joint home ownership and wills to protect your equity, as unusual arrangements could impact debt repayment from the home’
February 3, 2024
By
The Admiral Staff
The author advises someone who was excluded from their mother’s will, despite it originally dividing assets equally among three children, to first obtain a copy of the will from the probate court to verify beneficiary status. They caution that the will doesn’t tell the whole story, and assets like retirement accounts bypass probate. The author suggests requesting documentation from the sister claiming the estate was depleted and recommends consulting with a probate attorney immediately, as legal challenges have time limits and can be costly. Potential issues include mismanagement of
January 27, 2024
By
The Admiral Staff
Inherited money and assets are generally not subject to federal income tax or federal estate tax, with the latter applying only to estates worth millions. Pennsylvania, however, does impose an inheritance tax on recipients, with rates varying based on the relationship to the deceased. For direct descendants like a child, the rate is 4.5%, though discounts are available for prompt payment, and exemptions exist for farmland or estates related to military service. Seeking professional financial and tax advice is recommended.
January 7, 2024
By
The Admiral Staff
A long-term unmarried partner may face challenges receiving a deceased partner’s retirement benefits, particularly Social Security, which typically requires marriage. While workplace retirement plans like 401(k)s can designate a non-spouse beneficiary, IRAs offer more flexibility. Estate planning, including beneficiary designations on retirement accounts, life insurance, and bank accounts, alongside a will and medical power of attorney, becomes crucial to protect assets and ensure the surviving partner’s well-being. The author suggests considering
December 31, 2023
By
The Admiral Staff
A woman is concerned about potentially being responsible for her estranged father’s funeral costs, as she’s his only child and he’s lived with a partner for 12 years (though common-law marriage is unlikely). The advice is to first consider the level of responsibility she feels towards her father, and whether buying a life insurance policy for final expenses is the best approach, given the cost and potential waiting periods. Instead, the author suggests initiating a conversation about his estate planning and final wishes
