Tangible Personal Property Lists
When a person dies, his or assets (known as the person’s “estate”) may be subject to tax if they exceed certain value limits. This type of tax is known as an “estate tax.” There is a federal estate tax that applies estates with a value over $5.49 million (the current value limit as of 2017). …
Read MoreFirst of all, what is a Personal Representative? A Personal Representative (PR) is the individual designated to administer an estate when a person dies. In other words, they are responsible for inventorying and taking control of the decedent’s (deceased person) assets, using estate assets to pay estate debts and taxes, notifying beneficiaries and creditors, and…
Read MoreLast Will, Living Trust, Living Will: What They Are & What They Do These three legal documents are often confused because their names sound similar. However, each of these documents serves a distinct purpose. Last Will A Last Will can provide crucial instructions for the administration of your affairs after your death. This includes who…
Read MoreUsing Tangible Personal Property Lists Creating a Will is a crucial tool in planning for you and your family’s future. Wills are important to control where your assets will go upon death, to name the person who will care for your property or children, and to state your general wishes regarding funeral arrangements. Once created,…
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