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Considering your estate plan together can be emotionally-charged and complex. There are several components to consider. One of the primary goals of estate planning is to ensure your assets are distributed in the manner you intend after you die. This can be done...
Rhode Island is one of the minority of states that has an estate tax. That means high-value estates may be subject to this state estate tax in addition to the federal estate tax. The threshold increases each year. The estates of those who pass away this year have a...
If you have a will, it is customary and very important to include what is known as a residuary clause, leaving any property not otherwise accounted for to a designated beneficiary or beneficiaries. After payment of your debts and taxes, and satisfaction of specific...
In addition to the preparation and execution of a will and/or any associated trusts for the distribution and management of your financial estate after your death, estate planning provides an opportunity to address other concerns. If you are a parent of minor children,...
Many people have executed a will, trust(s), health care designation documents, and/or powers of attorney, and put them in a “safe place” for when they’re needed. It is best to review these documents periodically for general assessment, and additionally upon the...
Rhode Island is one of a minority of states that has an estate tax. That tax is in addition to the federal estate tax. For 2024, that tax kicks in only if an estate is valued at more $1,774,583, which is considerably lower than the current federal estate tax...
When you die having executed a valid Last Will and Testament, that is called dying “testate.” When you die without having executed a valid will, you are considered to be “intestate.” Major differences are that in a will you can determine who will inherit your...
Importance of Estate Planning If you do not prepare a will or other estate planning documents, your property will transfer to your heirs at law; your surviving joint tenant(s) with regard to jointly titled property; and named beneficiaries on accounts which are held...
Choosing an Executor - Factors to Consider When you make a will, you will have to name someone to serve as Executor. That person will be required to submit your will to probate and to administer your estate as you have provided in your will. Often, a responsible and...
If you die without a will, that is called dying “intestate.” If you die with a will, it is called dying “testate.” If you have no will, the law of the state where you live will then determine who inherits from you. Although it is universal that your spouse and...