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In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time.
Probating an estate is an expensive, time-consuming and sometimes adversarial affair. It is possible, and sometimes advisable, to avoid probate. With the help of an estate planner and, perhaps, an ...
As noted above, a certain amount of each estate is exempted from taxation by the law. Below is a table of the amount of exemption by year an estate would expect. Estates above these amounts would be subject to estate tax, but only for the amount above the exemption. For example, assume an estate of $3.5 million in 2006. There are two ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
Community property laws also apply in Alaska in certain circumstances. ... interests to be handled either per-stirpes or per-capita.It’s important to note that each state typically has estate ...
With the help of an estate planner and, perhaps, an attorney, you can learn how to avoid probate for your estate. Remember, too, that estate laws vary by states and even jurisdictions.