While most people understand the basic concept of a will, it seems that not everyone is willing to put one together. A recent survey by Merrill Lynch and Age Wave found that only 18% of Americans age 55 and older have a…
It’s human nature to avoid thinking about your post-mortem plans: After all, it can be uncomfortable for most people to even imagine their life coming to an end. However, it’s crucial that you have an effective estate plan in place…
Estate planning and the creation of a will involves outlining the allocation of assets following death. An important component of estate planning is something many people don’t even think about until themselves or a family member is filing their will: taxes.…
After a loved one’s death, the last thing you want to deal with is the paperwork associated with the event, such as arranging funeral services, closing bills, dealing with bank accounts, and more. Amidst all the grief and emotional turmoil,…
The Difference Between Escrow & Escrow Accounts First-time home buyers are often confronted with many confusing and unfamiliar terms, most of which are essential for any future homeowner to understand. This is especially true of those that refer to purchasing…
What Is a 1031 Exchange? Section 1031 of the Internal Revenue Code (IRC) allows buyers and sellers to exchange property of equal or near value in lieu of trading money for property, which would be subject to immediate taxation. Also called…
What Happens to Debt After Death Debts typically don’t just disappear after the debtors are deceased, nor are creditors typically inclined to let outstanding balances remain unpaid. At this point, debts are transferred to the estate and paid off in…