If probate is necessary, it begins when the executor of a will files the will with the local circuit court. Once filed, the executor's attorney will send a notice of proceedings to the deceased's heirs. If an individual passes away without a will, the executor's attorney will send these individual's notice regardless of the fact they were not formally named within a will. Creditors The executor's attorney will also publish an announcement of the individual's death in a local newspaper. The … [Read more...]
Archives for January 2016
2016 Estate & Gift Taxes at a Glance
Posted on January 3, 2016 //
Estate planning is not something that should be taken lightly. As the rules change, and limits are adjusted, individuals should stay on top of their estate plans to ensure that transfer of their estate is smooth and efficient after their passing. 2016 Estate Exemption Limit The IRS has recently announced the 2016 estate and gift tax exemption. They have increased it to $5.45 million. This means that an individual may leave this amount to their heirs without them having to pay federal … [Read more...]
