| Executors -- Federal Tax Issues |
| Federal gift and estate tax law permits each taxpayer to transfer a certain amount of assets free from tax during his or her lifetime or at death. (In addition, as discussed in the next section, certain gifts valued at $10,000 or less can be made that are not counted against this amount.) The amount of money that can be shielded from federal estate or gift taxes is determined by the federal unified tax credit. The credit is used during your lifetime when you make certain taxable gifts, and the balance, if any, can be used by your estate after your death. More... |
| Supplemental Needs Trusts versus Fully Discretionary Trusts |
| The typical special needs trust (SNT) will directly or indirectly prohibit the trustee from making distributions to the beneficiary that are or may be used for "food, clothing, and shelter," because such distributions could disqualify the beneficiary for Supplemental Security Income (SSI) purposes or affect his benefits. In a fully discretionary trust, the trustee's duties and powers can range widely, dictated by the written terms of the trust. And distributions made from the trust to the beneficiaries can be mandatory or discretionary. In addition, the trustee's discretion can be guided by additional provisions of the trust.More... |
| Guardianship or Conservatorship, Generally |
| Most people have legal control over themselves and their property. They are able to act on their own behalf. But when a living person is unable to protect or care for himself or herself, or for his or her property, because of old age, illness, or other disability, the law of guardianship (or conservatorship) permits the appointment of a competent person to protect and care for the incompetent person and/or manage the incompetent person's property.More... |
| Executors -- Informal Transfer Procedures |
| If the decedent died intestate (without a will), you have absolute freedom to select an attorney to help administer the estate. If the decedent died testate {with a valid will), you typically have the same flexibility, even if the testator specifically mentioned in the will that she wanted you to employ a particular attorney; this, under the law of most states, usually is considered merely a suggestion and is not binding. Since the attorney is an essential part of the estate administrative team, many executors prefer to have an individual with whom they can work effectively. Whether the attorney is the one selected by the decedent or one selected by you, his services are vital to the successful handling of many estates.More... |
| Gift Requirements |
| This article discusses the legal requirements for an ordinary gift: donor competence, donor intent, donor delivery, donee acceptance, and appropriate documentation, if necessary.More... |
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