| Gifts During Life - II |
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| An intentional transfer of property made from the generosity of the transferor is known as a gift. The person who makes a gift is known as the donor. The person who receives a gift is known as the donee. More... |
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| Inheritance Without Planning Means No Changing the Default Plan |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under with his or her net estate is disposed. When a person dies intestate, there is no changing the default plan. The default plan's sequences for determining who inherits and how much can not be changed. This article discusses the disadvantages of descent and distribution related to that inability to change who inherits and how much. More... |
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| Hilton on Charity |
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| A remarkable statement about the nature of charity entered the public domain after hotel chain founder Conrad N. Hilton died on January 3, 1979, in Santa Monica, California. As the founder and head of Hilton hotels, Mr. Hilton was a very financially-rich man. A portion of his will revealed that he had begun to measure the riches of a man or woman in other ways. In his will, Mr. Hilton bequeathed property to the Conrad N. Hilton Foundation. He also described the nature of charity as follows. More... |
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| Will Substitutes |
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| In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death. More... |
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| Kinds of Powers of Attorney for Finances |
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| There are two kinds of durable powers of attorney for finances: those that take effect immediately and those that take effect only upon your incapacitation where one or two doctors declare that you can no longer manage your financial affairs. More... |
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