When dealing with estates and the intricacies that go into dealing with estates and inheritances, there are a lot of questions that can come up that someone may want answered. What happens when a person dies without a living trust, how estate taxes are figured out, and what happens when a person cannot take care of their estate are all questions that you may want answered before you figure out your estate decision.
One of the most common questions that have to do with estates concerns what would happen without the presence of a living trust; it’s the main reason why you should plan ahead and make sure you have a trust in place. Estates without a living trust become the jurisdiction of the local probate court to decide how to disperse the assets. The costs of this, however, are expensive, as the estate is then subject to estate taxes and can take a lot longer for it to be dispersed.
What happens when a person cannot take care of their estate?
There may be a situation where a person is still alive, but are incapable of taking care of their financial affairs. In this case, a court may appoint a conservator in order to take care of the assets. The conservator has the responsibility to report to the court on the financial situation of the estate holder, including how their monies are being spent.
What if an elderly person’s estate is compromised?
One of the biggest demographics susceptible to scams happens to be the elderly, so when the subject of estates come up, elderly abuse can become a reality. Currently, the issue of elderly abuse is still developing in terms of how law is enforced.
What can I expect from estate taxes?
When talking about estates, the issue of taxes inevitably comes up. Most people want to know how much money they expect to lose to the IRS. To figure it out, you have to understand the difference between gross estate and taxable estate. The gross estate is the fair market value of the items in your estate. Your taxable estate is what you’re left with after you take into account any items that can be deducted. This can include mortgages and other debts or property that is passing to a surviving spouse.
You may have plenty of other questions regarding your estate and the best thing to do is discuss these questions and any concerns you may have with the experts at Catanese & Wells, a top California estate lawyer.