The Internal Revenue Service (IRS) has defined a gift as “Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.” For the purposes of income and inheritance taxes, courts have defined gifts as “proceeds from a detached and disinterested generosity.”...
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When evaluating the best way to transfer wealth or to provide for heirs, many issues must be considered in order to ensure that the maximum estate value is transferred, while satisfying legal, tax, income, total cost and the desired timing of the asset transfer....
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The probate process is called a testate probate or testate estate when an individual dies with a legally valid Will. In this situation the deceased individual is termed the “Testator.” In a testate estate, the Testator decides how the estate will be distributed and the legal system will support those decisions....
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When a person dies without a valid Will that person is said to be Intestate. Without a Will, the probate process through the probate court system is more time-consuming and more expensive than when a deceased person has a Will, termed Testate....
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