Collecting Debts on Behalf of Your Deceased Loved One
Angermeier & Rogers LLP Blog
by elly.odman@thomsonreuters.com
1y ago
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved one has died and you think they were owed money at the time of their death, keep the following information in mind. Does the Debt Die with the Person? The fact that someone dies does not mean that the outstanding debt owed to them disappears or is no longer owed. The debt survives the death of the cr ..read more
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Four Things Your Spouse Should Know Before You Die
Angermeier & Rogers LLP Blog
by elly.odman@thomsonreuters.com
1y ago
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes. Death is final for the departed. For the surviving spouse, death can leave unanswered questions. As uncomfortable as it might be to discuss subjects like burial arrangements and remarriage, they should be broached as part of creating a comprehensive estate plan. Seemingly mundane details, such as the location of important d ..read more
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Are You Single with a Minor Child? If So, You Need a Plan.
Angermeier & Rogers LLP Blog
by elly.odman@thomsonreuters.com
1y ago
If you have a young child who depends on you, it’s important to ensure they will be taken care of if a crisis leaves you unable to. By making an estate plan, you can deal with the care and custody of your child and give directions on how your money and property should be used to support their well-being in case something happens to you. Care and Custody of Your Child Creating an estate plan allows you to name someone to care for your minor child if you are unable. A child under the age of majority (eighteen or twenty-one depending on your state law) cannot legally care for themselves (unless t ..read more
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Integrating a Community Property Trust into Your Estate Plan
Angermeier & Rogers LLP Blog
by elly.odman@thomsonreuters.com
1y ago
Being cautious and relying on trust when planning your estate is the most effective approach to guarantee a better life for you and your loved ones. However, a thorough estate plan involves various components. Couples who own assets or property that have significantly increased in value over time can benefit greatly from community property trusts. These trusts treat jointly owned accounts and property as communal assets, resulting in notable tax savings, regardless of whether the couple resides in a community property state. Why Community Property Trusts Are a Great Idea The primary benefit of ..read more
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Retirement Plans Are Not Complete Without An Updated Estate Plan
Angermeier & Rogers LLP Blog
by elly.odman@thomsonreuters.com
1y ago
Retirement (or partial retirement) is a milestone that is worth celebrating. You have put in many years of hard work, and you are now able to focus your energy on the next chapter of your life. But just as you had to plan to get here, you need to plan for this new phase. There are certain estate planning issues that you need to consider. If You Have an Existing Estate Plan Having a properly executed and legally binding estate plan is a great first step toward ensuring that you and your loved ones are cared for. However, estate planning is not a one-and-done event. It is important that you revi ..read more
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Why a Trust Is the Best Option to Avoid Probate
Angermeier & Rogers LLP Blog
by yashavanthakumar.ts@thomsonreuters.com
1y ago
When someone passes away, the process of mourning is often interrupted with paperwork and material concerns associated with the passing. With adequate planning, these matters become more predictable and straightforward, allowing them to fade into the background during a stressful time. In fact, the whole business of estate planning—or at least a significant piece of it—is concerned with avoiding headaches. How can money, property, and legacies be transferred to the next generation in a harmonious, stress-free, fair process? To that end, many people strive to avoid burdening their loved on ..read more
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An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor
Angermeier & Rogers LLP Blog
by yashavanthakumar.ts@thomsonreuters.com
1y ago
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved ones may be in for a stomach-turning surprise when it is time to put your plan into action. Let us take a look at some common life changes and the impact they may have on your already established estate plan. Birth of a Child It is common for parents to have their estate plan prepared after the birth of their first child. Howe ..read more
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Estate and inheritance taxes: what exactly is the difference?
Angermeier & Rogers LLP Blog
by yashavanthakumar.ts@thomsonreuters.com
1y ago
The death of a loved one overwhelms those left behind. If you stand to inherit the deceased’s assets, you must understand what you will inherit and how taxes will impact that bequest. When planning your estate, it is important to consider how much your loved ones will owe the government. States levy two types of taxes upon estates left to family or friends, inheritance tax and estate tax. Who pays these taxes? The beneficiary pays the inheritance tax upon receipt of the assets while the deceased’s estate pays the estate tax. The executor for the estate files one estate tax return and funds the ..read more
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Questions First Responders Must Consider to Best Protect Their Loved Ones
Angermeier & Rogers LLP Blog
by yashavanthakumar.ts@thomsonreuters.com
1y ago
Thank you for all that you do for us. We understand that being the first one on the scene can come with many different risks. We are dedicated to protecting you and your loved ones from the different types of emergencies that may pop up during your life. The following are some important questions for you to consider that can help you prevent your own family emergency. What Happens if I Am Injured or Unable to Make My Own Decisions? Being unable to work or make decisions for yourself can seem like an unimaginable scenario. You spend your time coming to other people’s rescue, so it may be diffic ..read more
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What You Should Know About Life Insurance
Angermeier & Rogers LLP Blog
by yashavanthakumar.ts@thomsonreuters.com
1y ago
Part of protecting your loved ones when you pass away is making sure that you have a proper estate plan in place. Another aspect is making sure that the right amount of money is available to carry out your goals for their futures. Life insurance has helped many people provide for their loved ones in the way they had envisioned. Who can benefit from life insurance? Many different types of people can benefit from having adequate life insurance coverage. Here are a few of the most common groups: Business owners. If you own a business and want to leave it to some but not all of your children, a li ..read more
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