Many people understand the benefits of creating an estate plan. However, there are those who never take into consideration the details associated with tax planning. Remember one thing: Both of these details should be important to you now, as they will impact your loved ones in the future.
If you are someone saddled with debt, including tax debt, it is common to wonder what options are available for relief. Bankruptcy is often a good solution for those suffering under the weight of insurmountable debt, but what if your debt is related to taxes owed?
When it comes to matters regarding estate administration and probate, it is common to have many questions on your mind. What will happen next? Am I making the right decisions?
Probate is the legal process by which an estate is settled through the court system. Typically, an executor must file specific estate documents with the court, will validity must be proven, a list of debts and assets must be provided to the court and creditors and potential beneficiaries must be notified about the death of the deceased. All of this occurs before the settling of the estate, which means probate can be a lengthy process.