Estate Planning

TOD = Transfer of Death POD = Payable on Death Last week, I posted on the use of trusts to avoid U.S. probate. I received the following question on Facebook from Na Hauser: Do you need to go to probate and a will if you sign a TOD with the investment company? Great Question! Here are some reasons why a Trust works better than a TOD: 1) TODs Do Not Handle Incapacity A TOD only transfers property after death. If the owner becomes incapacitated, a TOD does nothing. The account

What happens if I don’t make a US Estate Tax plan? Good Question!  Let me tell you about a file that I am working on. An Israeli man, we’ll call him Boaz, died with $285,000 of real estate in Georgia. He lived in Israel and died about 5 years ago. His estate was probated in the Israeli courts. The lawyer for his heirs called me and asked me to work out freeing up the real estate assets for sale. No problem- first step is to get the US Estate tax return filed. The return is re

A will is a curious thing. It’s practically meaningless for legal purposes while you are alive; when you die, it’s really the only thing that has any legal validity. To quote Benjamin Franklin, “In this world nothing can be said to be certain, except death and taxes.” When you discuss Wills, you have to discuss dying. Not a cheery subject, but a necessary one. So, dear reader, let’s be frank, you are going to die; Hopefully, not for many years, but nonetheless, at some time.