Suffice it to write, we have all probably heard of or know of a taxpayer who was assessed a huge tax bill or had their personal or business assets seized by the IRS. On the flip side of that, we all probably have heard of or know of a taxpayer who had been assessed or […]
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Probate fees are based on the value of your estate and vary from state to state. Life insurance can provide the necessary funding for probate costs, burial and funeral expenses, estate administration costs (i.e., executor fees, valuation and appraisal fees) and any legal or accounting fees that may be incurred. Life insurance policy proceeds are
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If you have heard any advice about probate, you were probably told to avoid it at all costs. In probate, the court system takes stock of all of these assets, pays the debts and distributes anything that remains to your heirs. If the deceased left a will, the court tries to honor the requests indicated.
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During probate, it must be proven in court that the person’s Will is valid, their property must be inventoried and appraised, taxes and debts must be paid (as well as the lawyers and court fees), and then the remaining property is distributed among the heirs and beneficiaries. Probate becomes a matter of public record at
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