There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
A critical item is often missing from back-to-school college checklists — and it could be far more valuable than anything else your student takes to school this fall: signed legal documents.
These days it’s easy to feel overwhelmed by many things such as politics, gas prices, the gyrating stock market, summer travel, heatwaves and your health. One thing that shouldn’t overwhelm you is estate planning.
Everyone needs a will. However, some people need more than that. To save on taxes and make for a smooth transition, they could really use a revocable trust, a family limited partnership or a gift trust.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
