Posts tagged "Estate Administration & Probate"
At the beginning of the year, millions of Americans make New Year's resolutions. Some pledge to lose weight, some say that they will be better with money, and others promise to be more active with their charities. A few will promise themselves that they will make sure to update their estate plans, but like many people who make resolutions, they fall by the waste side in about a month.
A common question that people toiling in debt may have is what happens to their debts when they pass away? Unfortunately, they don't always go away as a creditor can make a claim against one's estate to collect an outstanding debt.
For executors, one of the things that can keep a person up at night is the prospect of probating a will. This is the name given to the process of transferring legal possession of property from one person (the deceased) to another (a person identified in the will). It should be known, though, that the probate process may only apply to assets that can be controlled by the probate court. In essence, there are a number of assets that do not have to be transferred through court order because they are not necessarily transferred exclusively through a will.
For some people, learning that they have been named as executor to a loved one's can be overwhelming. After all, how are you going to deal with the myriad of responsibilities that come with being an executor. For others, it is old hat, as they had expected to be the point person for handling all of the administrative duties that come with closing one's estate. Regardless of your level of experience in administering estates, it is helpful to know what to expect. With that, this post will highlight some of the duties and expectations that come with being an executor.
If you have been named an executor or are responsible for administering an estate, determining which costs may be tax deductible is no easy task. In fact, given how complicated the U.S. Tax Code may be, mistakes over deducting expenses are ripe to happen. Because of this, having an experienced estate administration attorney to guide you through the process is invaluable. But before hiring an attorney, it is helpful to have a basic understanding of what expenses can be deductible when administering an estate.
The comedy world lost an icon in September when Joan Rivers lost her life to complications during a surgical procedure. Much has been made about the impeding medical malpractice lawsuit, the investigation against the Yorkville Endoscopy Clinic, and the citations issued by the Centers for Medicare and Medicaid Services.