When you start to look into the subject of estate planning you see a lot written about employing strategies that are intended to help you avoid probate. Unless you are in the field you may not know exactly what probate is and why you might want to avoid it, so an explanation may be in order. Probate is the legal process that the typical estate has to pass through, and it is supervised by the probate court. The court must determine the validity of the will, and it is the venue within which any … [Read more...] about Why Would Someone Want To Avoid Probate?
Due to provisions contained the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for 2010. However, the estate tax is scheduled to return to its pre-2001 existence on January 1, 2011. For this reason it really has not had much impact on long term estate planning unless you were somehow certain that you were going to pass away in 2010. The thing about the return of the estate tax in 2011 that is quite relevant is the fact that the exclusion amount will … [Read more...] about Giving Tax-Free Gifts Provides Estate Tax Relief