Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You—and the people you love—will be glad you did.
Portability allows spouses to combine their exemption from estate and gift tax. This allows a surviving spouse to use the unused estate tax emption of the deceased spouse.
There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
The intent of the laws and regulations is to allow the community spouse to have enough income and assets, so that he or she has enough income and assets to continue to live at home, whether that be a home, an apartment, or other living place.
A critical item is often missing from back-to-school college checklists — and it could be far more valuable than anything else your student takes to school this fall: signed legal documents.
If husband and wife did not own together or separately any land, a house, a boat etc. but only rented a home and had no children, is the surviving spouse responsible to pay medical bills that insurance did not cover?
What do these appointments mean to the person(s) named to act? What happens if they fail or decline to act? Can the planning appoint alternative representatives?
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Graber & Johnson Law Group, LLC is devoted to serving clients in the highly specialized areas of estate and business planning. Book a time to meet the Graber & Johnson Law Group Kansas Estate Planning Law Firm.