It is perhaps more important for unmarried couples to have an estate plan in place than it is for married couples. Unlike married couples, unmarried couples have no right to the probate property of a deceased spouse, including the right to remain in the residence for a duration of time, receive a spousal allowance, receive a vehicle and at least a portion of the estate. Indeed, your unmarried partner, like any other person who is not your spouse or is otherwise unrelated to you, has no right to your property. Thus, for an individual to pass on property to his unmarried partner, it is not just … Read the rest
For the majority of Americans, most net worth is held in the home and/or tax deferred retirement accounts. Estate planning for the home was covered in our previous post, http://www.perlalaw.com/blog/estate-planning-for-your-home-simple-will-transfer-on-death-affidavit-or-revocable-trust/. This post will focus on planning for tax deferred retirement accounts.
What is a Tax Deferred Retirement Account?
A tax deferred retirement account is a financial account where your contributions can grow tax deferred until they are withdrawn. Traditional IRAs, Annuities and 401(k)’s… Read the rest
Probate property is property that does not have a mechanism to transfer ownership at death. Examples of mechanisms to transfer ownership at death are beneficiary designations or a transfer on death designation affidavit.
Examples of probate property are bank accounts without beneficiary designations, automobiles titled in one person’s name, houses titled in one person’s name and without a transfer on death designation affidavit, household items, family heirlooms, etc.
A Will only dictates the transfer of probate property. A Will has no bearing on non-probate property.… Read the rest