| Executors -- Federal Tax Issues |
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| 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... |
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| Lapse, Ademption, & Abatement |
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| At common law, if a beneficiary should die between the execution of the will and the death of the testator, the bequest to that beneficiary lapses - that is, the gift becomes void - and the bequeathed property is distributed according to the will's residuary "catchall" clause. If the will contained no residuary clause specifying disposition of the rest, residue, and remainder, of the estate and named no contingent beneficiary, the property is distributed according to the state's intestacy law.More... |
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| Will Formalities |
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| The body of a will is where is where the testator directs the disposition of his or her estate. This article discusses the clauses before the body of the will and the clauses and signature lines after the body of the will, that are necessary to comply with the customs and requirements--the formalities--for the making of a will.More... |
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| Executors -- Managing the Assets |
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| The best way to consolidate the decedent's liquid probate assets, to pay the decedent's taxes and debts, and to pay and keep track of your administrative expenses as the executor is to open a bank checking account under the title of executor of the decedent's estate.More... |
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| Federal Estate-Tax Return - Deductions |
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| To be deductible, death-related expenses must be necessary, reasonable, allowable under state law, and have been paid (or be payable) by the estate. The IRS will attempt to disallow deductions for expenses that are not necessary to pay the dents or taxes of the estate or to preserve the estate or distribute it. More... |
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