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Law Offices of Nancy M. Rice
1236 Brace Road, Suite F
Cherry Hill, NJ 08034
Phone: 856-673-0048
Fax: 856-673-0052
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Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08021
Phone: 609-398-3447
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March 2017 Archives

Three reasons to get legal help with probate

Probate is the process by which courts adjudicate estates. Courts apply state laws to the matter, and they also consider the legal documents that are present in the estate, including wills and trusts. Most estates go through some version of the probate process, though certain assets can be protected from the process by placing them in trusts. Payable-on-death accounts such as life insurance policies also don't have to go through probate.

Giving money away now to avoid taxes later

If you know that you are going to pass away with a healthy level of assets in your estate, experts say that giving gifts to your heirs now and throughout your life can reduce the amount of tax that is levied on your estate. Federal estate taxes don't kick in until your estate is valued more than at $5.49 million, and married couples can leverage their status for an exemption that is effectively double the number for a single person.