by eschmitz | Feb 23, 2023 | Estate Administration, Probate, Wills and Trusts
One of the most common myths in estate planning is that if you have a will, a probate will not be necessary at your death. This is absolutely not true, a will is a ticket to the probate process and will direct the distribution of any probate assets. Probate assets are...
by eschmitz | Feb 23, 2023 | Estate Administration, Wills and Trusts
When a person dies, there are certain tax reporting responsibilities that survive death. Personal Income Taxes. A personal income tax return (Federal and State 1040) will need to be filed for the final year of a person’s life. For example, if they passed away in...
by eschmitz | Jun 21, 2022 | Estate Administration, Probate
When someone dies you need to be aware of income tax and estate tax rules. There may be tax returns that need to be filed. INCOME TAXES Income Earned Before Death A final income tax return needs to be filed for the deceased person which includes all income earned by...
by eschmitz | Jun 21, 2022 | Estate Administration, Estate Planning
An important part of a complete estate plan is making sure your beneficiary designations will accomplish your goals. Naming beneficiaries for your life insurance death benefits may seem simple, but designating beneficiaries requires careful preparation. This article...
by eschmitz | Apr 21, 2022 | Power of Attorney, Estate Administration
If you have been appointed as an agent, or “attorney-in-fact,” under a durable power of attorney, general power of attorney or financial power of attorney, you may have questions about your duties, responsibilities and powers as agent. Your appointment...
by eschmitz | Apr 1, 2022 | Estate Administration
Motor vehicles are one of the most overlooked items in estate planning. Often all of a deceased person’s assets are joint, have beneficiary designations or are payable on death to beneficiaries except for a motor vehicle. If the motor vehicle is in the deceased...
