Articles Posted in Wills

Three people in Ohio were recently convicted on multiple charges related to a scheme associated with creating and probating a fake will that left the entirety of a $2.2 million estate to a beneficiary and revoked an earlier will the deceased person had executed in 1993. In an additional twist, the person who forged the deceased individual’s signature on the fraudulent will acted as a government information after his request for $50,000 to remain silent was denied.

This plot was discovered following a series of 171 withdrawals for less than $10,000 which caught the attention of the Internal Revenue Service. A trial resulted which saw forensic witnesses who examined the signature on the will. As a result of this conviction, the three individuals will not face jail time.

The Overwhelming Rate at which Estate Planning Fraud Occurs

Many investors focus on amassing as large a savings as possible, but some also want to create an estate plans to make sure that these assets are passed on to loved ones.

By following some proven strategies, it is possible to reduce the amount of associated estate taxes. The biggest mistake that investors make when estate planning is failing to understand the rules. If accounts are not properly created, there are a number of unwanted events that can occur.

As a result, if you are an investor who is interested in passing on your assets, you should make sure to follow the recommended tips below.

Planning your estate is an extremely important process and should be taken very seriously in order to avoid hassles or any extra delay that could come with passing your estate through probate or otherwise transferring assets to loved ones and friends. With proper planning and attention to detail, most folks can avoid some of the most common estate planning mistakes and avoid any costly and prolonged probate process.

One of the most common estate planning mistakes is adding a friend or younger family member’s name to a joint account as a matter of practicality to make accessing the deceased’s bank account after passing away to pay for funeral costs and other bills. While this may seem like a good idea to some, the reality is that this can create confusion over the deceased’s intentions and may complicate probate. A better alternative is to give a trusted  individual power of attorney to make financial decisions if incapacitated and a prepay for funeral expenses.

Instead of leaving assets to heirs in a will outright, individuals should consider setting up a trust for these assets to pass onto upon the grantor’s death. This way the heir does not take on unwanted wealth to his or her name and complicate tax considerations or Medicaid planning. This can also shield the assets from creditors who may go after the wealth to recoup debts incurred by the heir.