Smartasset.com

An Overview of Filial Responsibility Laws

Filial responsibility laws are legal rules that hold adult children financially responsible for their parents’ medical care when parents are unable to pay. More than half of U.S. states have some type of filial support or responsibility law, including: Puerto Rico also has laws regarding filial responsibility.

Actived: 5 days ago

URL: https://smartasset.com/estate-planning/filial-responsibility-laws

All About Taxes on Lawsuit Settlements

(7 days ago) Check out our income tax calculator.. The Different Kinds of Lawsuit Settlements. If you get a settlement from a lawsuit it could be for one of a few reasons. You could receive damages in recognition of a physical injury, damages from a non-physical injury or punitive damages stemming from the defendant’s conduct.

Category:  Laws Go Now

The SECURE Act: Everything You Need to Know About …

(3 days ago) The SECURE Act provides more part-time employees with access to tax-friendly workplace retirement plans like 401(k)s. Signed into law by President Trump on Dec. 20, 2019, it also lets individual retirement account (IRA) holders save in these plans indefinitely with tax-deferred growth.

Category:  Laws Go Now

Intestate: Definition, Risks and State Laws

(Just Now) When there’s no will or estate plan in place, asset distribution follows the order of intestate succession laid down in state law. The Uniform Probate Code serves as a guide for state laws and it includes some specific rules for determining how assets should be divvied up among heirs. For example, under the code:

Category:  Laws Go Now

The Best States to Be a Lawyer – 2019 Edition …

(3 days ago) Law office density. This is the percentage of law offices per total establishments. Data comes from the 2016 Business Patterns Survey. To create our final score. we ranked each state, plus the District of Columbia, in each metric. Then we found each …

Category:  Business Go Now

Texas Inheritance Laws What You Should Know

(1 days ago) It recognizes common law marriages and therefore will afford your common law spouse inheritance rights even if there’s no marriage license attributed to your relationship. To achieve a common law marriage in Texas, you must agree to be married with your spouse, have represented yourselves as married to others and have lived together in the state.

Category:  Laws Go Now

Michigan Inheritance Laws: What You Should Know

(6 days ago) Other Situations in Michigan Inheritance Law. As with any state, there are some unique situations in Michigan inheritance law. For example, half-relatives inherit the same share as whole relatives, an heir’s immigration status doesn’t matter in terms of their inheritance, and in order to inherit property under the state’s inheritance laws, an heir must outlive you for at least 120 hours.

Category:  Laws Go Now

Federal and State Guide for Inheritance Tax

(8 days ago) For example, Indiana once had an inheritance tax, but it was removed from state law in 2013. Avoiding Inheritance Tax. Besides getting married or convincing your family members to move, there are other steps you can take if you’re trying to figure out how to avoid an inheritance tax.

Category:  Family Go Now

Head of Household Filing Status: Definition & Rules (2021

(1 days ago) Other non-child qualifying dependents include a parent, step parent, niece, nephew, aunt, uncle and daughter-, son-, mother- or father-in-law. Note that you can claim a parent as your dependent even if the parent doesn’t live with you, as long as you pay for half the costs of their home, including if they live in a nursing home.

Category:  Laws Go Now

COVID Relief: Penalty-Free 401(k) & IRA Withdrawals

(7 days ago) As part of the CARES Act, which was passed in 2020, there is a provision temporarily amending the rules for taking early distributions from retirement savings plans, including 401(k) plans and individual retirement accounts (IRAs). Essentially, if you needed cash, you could take up to $100,000 from your retirement plan, even if you are under the normal minimum age of 59.5, without being

Category:  Laws Go Now

Nevada Inheritance Laws: What You Should Know

(4 days ago) Spouses in Nevada Inheritance Law. In Nevada, intestate deaths can be tricky, since Nevada is a community property state. This means that spouses each own half of any assets received during the marriage. This supersedes who actually paid for the property or whose name is on the deed. Of course, there are exceptions to (nearly) every rule.

Category:  Laws Go Now

Florida Inheritance Laws What You Should Know

(3 days ago) Under Florida intestate law, a spouse will lose all inheritance rights when he or she divorces the decedent. But if the decedent passes away during the divorce process or after the couple become separated, the spouse will maintain inheritance rights. Children in Florida Inheritance Law.

Category:  Laws Go Now

Democrats Want to End This Lucrative Retirement Account

(3 days ago) Under current tax law, individuals making more $140,000 per year are barred from contributing to a Roth IRA, where retirement savings grow tax-free. However, since 2010, workers who exceed this income threshold have been permitted to convert their pre-tax contributions into a Roth IRA.

Category:  Laws Go Now

Maryland Inheritance Laws: What You Should Know

(6 days ago) Maryland levies both an inheritance tax and an estate tax, in addition to the federal estate tax. Here is an overview of what you need to know about probate and how the state’s laws vary according to different family situations, among other topics.

Category:  Laws,  Family Go Now

What's a Certified Regulatory and Compliance Professional

(7 days ago) A Certified Regulatory and Compliance Professional (CRCP) is a designation given to a compliance, legal, or regulatory professional. This professional must proves an in-depth knowledge of the theory and practical application of securities, laws, and regulations.

Category:  Laws Go Now

Kansas Inheritance Laws: What You Should Know

(4 days ago) Kansas does not have an estate tax or inheritance tax, but there are other state inheritance laws of which you should be aware. In this detailed guide of the inheritance laws in the Sunflower State, we break down intestate succession, probate, taxes, what makes a will valid and more. If you want professional guidance for your estate planning after reading this article, the SmartAsset …

Category:  Laws Go Now

Idaho Inheritance Laws: What You Should Know

(3 days ago) Under Idaho law, adopted children have just as much right to their share of intestate inheritance as biological children do. In addition, if the decedent placed their child up for adoption and that child was adopted by another family – other than your spouse – they are not legally eligible to receive intestate inheritance from the decedent, unless the decree of adoption specifically

Category:  Family Go Now

Utah Inheritance Laws: What You Should Know

(2 days ago) Utah inheritance law labels these types of estates “intestate,” which means there is no valid will. The court then follows intestate succession laws to determine who inherits your property and how much of it they get. If there isn’t a will, the probate court will appoint a personal representative to take care of the estate of the decedent.

Category:  Laws Go Now

Pennsylvania Inheritance Laws What You Should Know

(8 days ago) The law in Pennsylvania treats half-blood and full-blood relatives the same in intestate succession. So even if you only share one parent with a brother or sister, he or she gets typical inheritance rights for siblings. If someone in your family was pregnant when you died, and he or she has their child after you’ve already died, the child is

Category:  Family Go Now

Indiana Divorce Laws: What You Need to Know

(1 days ago) Note that some common causes for divorce — such as adultery and other forms of marital misconduct — are not part of Indiana law. So in those cases, a no-fault divorce is necessary. A third option is an uncontested or bifurcated divorce.

Category:  Laws Go Now

Alabama Divorce Laws: What You Need to Know

(1 days ago) A recent Alabama law limits the time period for alimony to five years. That is, unless the judge finds that one spouse can’t become self-sufficient. Should that occur, alimony can last for as long as the marriage did. 401(k) and IRA and Divorce in Alabama.

Category:  Laws Go Now

California Inheritance Laws What You Should Know

(6 days ago) In California, an estate worth at least $150,000 must, by law, open a probate case with the court, according to California inheritance laws. The value of an estate is determined by the value of any life insurance or retirement benefits paid to it as well as its real and personal property on the day of the individual’s death.

Category:  Laws Go Now

Missouri Divorce Laws: What You Need to Know

(2 days ago) According to the divorce laws of Missouri, it is a no-fault divorce state. In turn, one spouse simply needs to prove to the judge that the marriage is “irretrievably broken.”. Missouri is unique, though, in that this must be shown rather than simply stated. Practically, though, simply explaining why the marriage can’t be saved is enough.

Category:  Laws Go Now

Ohio Divorce Laws: What You Need to Know

(8 days ago) 401(k) and IRA and Divorce in Ohio. A divorce may involve division of a 401(k) or other retirement savings plan as part of the settlement. Remember, any money put into the account during your marriage is considered marital property, and as such the judge may order that some of the money in the account be transferred to the other spouse.

Category:  Laws Go Now

Iowa Inheritance Laws: What You Should Know

(2 days ago) There are Tax Rate B beneficiaries, which are siblings, half-siblings, and children-in-law. There are Tax Rate C beneficiaries, which applies to uncles, aunts, nieces, nephews, foster children, cousins, brothers-in-law, sisters-in-law and all other individuals. The inheritance tax rate for Tax Rate B beneficiaries ranges from 5% to 10%, and the

Category:  Laws Go Now

What Is the Volcker Rule, and How Does It Work

(5 days ago) The Volcker Rule was established following the Great Recession of the late 2000s and early 2010s. Essentially, the law stops depository banks from making risky and speculative investments with customer deposits. Furthermore, it prohibits banks from owning and investing in private equity funds, hedge funds and some other specific investments. This is meant to protect customers’ funds from

Category:  Bank,  Invest Go Now

What Does a Real Estate Lawyer Do

(4 days ago) Real Estate Attorneys and State Law. Different states address real estate settlements in different ways and some of them (such as Massachusetts, Delaware, New York and South Carolina) require homebuyers and sellers to have attorneys present to sign off on home sales.

Category:  Real estate Go Now

Arkansas Inheritance Laws: What You Should Know

(6 days ago) Under Arkansas law, adopted children have just as much right to their share of intestate inheritance as biological children do. In addition, if the decedent placed their child up for adoption and that child was adopted by another family – other than your spouse – they are not legally eligible to receive intestate inheritance from the decedent.

Category:  Family Go Now

California Property Tax Calculator

(3 days ago) The law has two important features. First, it limits general property taxes (not including those collected for special purposes) to 1% of a property’s market value. And secondly, it restricts increases in assessed value to 2% per year. These two rules combine to keep California’s overall property taxes below the national average, which in

Category:  Laws Go Now

California Paycheck Calculator

(9 days ago) Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center.

Category:  Laws,  Business,  University Go Now

A Guide to Connecticut Inheritance Laws

(9 days ago) The estate tax is due within six months of the estate owner’s death, though a six-month extension may be requested. The estate tax rate is progressive and payable on the value of the entire taxable estate. The tax rate ranges from 7.8% to 12%. Finally, Connecticut caps the total amount of an estate tax at $15 million.

Category:  Laws Go Now

Arizona Inheritance Laws What You Should Know

(3 days ago) Community Property in Arizona Inheritance Law. Arizona is a community property state, one of nine across the U.S. Property is considered communal between two spouses if either one of them acquired the property within the time the marriage was legal. Because the principle of community property must include spouses, a decedent can have community

Category:  Laws Go Now

Guide to the California Capital Gains Tax

(1 days ago) As of the time of this writing, this proposal has yet to become law. California’s Overall Tax Picture. California is generally considered to be a high-tax state, and the numbers bear that out. There is a progressive income tax with rates ranging from 1% to …

Category:  Laws Go Now

Montana Inheritance Laws: What You Should Know

(5 days ago) Spouses in Montana Inheritance Law. Montana is an equitable distribution state, not a community property state, and it recognizes common law marriages. Spouses are generally entitled to your estate according to state succession laws, but how much depends on whether the deceased leaves behind other living relatives, such as parents or children.

Category:  Laws Go Now

Michigan Divorce Laws: What You Need to Know

(2 days ago) The process for a divorce in Michigan is pretty straightforward, but there are a series of steps you need to follow. First, one spouse will need to file a divorce complaint. This spouse becomes known legally as the plaintiff. The other spouse, legally known as the defendant, will then be served with papers. He or she then has 21 days to file an

Category:  Laws Go Now

What Is a Conservatorship, and How Does It Work

(4 days ago) A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in …

Category:  University Go Now

Ohio Inheritance Laws What You Should Know

(Just Now) The Probate Process in Ohio Inheritance Law. Probate is the system by which the courts overlook an estate either to ensure the decedent’s wishes are met if there’s a testate will or implement intestate succession laws if there isn’t a will. A significant chunk of estates that fall under Ohio inheritance laws will need to go through the

Category:  Laws Go Now

A Guide to New Hampshire Inheritance Laws

(1 days ago) Other Situations in New Hampshire Inheritance Law. There are a few unique situations regarding New Hampshire’s inheritance laws to keep in mind. For example, according to state law, half relatives are treated the same as whole relatives, and an heir’s immigration status does not affect their right to inherit their share of your estate.

Category:  Laws Go Now

Testate vs. Intestate: Estate Planning

(9 days ago) When you die, a section of law known as estate and probate law governs how your assets are distributed. Someone who dies (known as the “decedent”) with a legitimate will has set up what is known as a testate inheritance. This means that …

Category:  Laws Go Now

Kansas Divorce Laws: What You Need to Know -- SmartAsset

(Just Now) Kansas has both no-fault and fault divorces. A no-fault divorce means that no one has to prove wrongdoing on the part of their partner. The only grounds for a no-fault divorce is that the two parties are incompatible and can’t reconcile. Beyond that, no reason for the break-up has to be given.

Category:  Laws Go Now

Loudoun County, VA Property Tax Calculator

(6 days ago) Under Virginia state law, cities need to do a new value assessment every two years. At the county level, Loudoun County assessors are required to update values every four years. What exactly is reassessment? Reassessment measures a property’s fair market value. This is the price that the home would hypothetically sell for in a normal fair market.

Category:  Laws Go Now

What Is the Pension Protection Act of 2006 (PPA)

(4 days ago) The law states that the couple can choose to have all benefits paid to the retiree during his lifetime, leaving nothing to the surviving spouse. However, the couple can also choose to leave the surviving spouse a larger survivor’s benefit, meaning there would be a …

Category:  Laws Go Now

Louisiana Inheritance Laws What You Should Know

(5 days ago) Forced Heirship in Louisiana Inheritance Law. Forced heirship is an inheritance law principle that has its roots in Roman civilization. As the only state to implement this idea, Louisiana will force the children of a decedent to be included in the inheritance of their estate. What’s surprising about this isn’t that children are a focal point.

Category:  Laws Go Now

Vermont Inheritance Laws: What You Should Know

(5 days ago) Vermont has no inheritance tax but it does have its own estate tax.In this article, we go into detail about that tax, and break down the state’s other inheritance laws: what happens if you die in the state without a valid will, probate, what makes a will valid and more.If you want professional guidance for your estate planning, we recommend using the SmartAsset advisor matching tool to find

Category:  Laws Go Now

Glossary of Life Insurance Terms SmartAsset.com

(6 days ago) A life insurance policy in which a customer uses a cash value from a surrendered non-forfeiture policy to purchase a reduced amount of fully paid-up insurance of the same kind as the surrendered policy. Reinstatement. The restoration of a life insurance policy that has lapsed.

Category:  Laws Go Now

Arizona Divorce Laws: What You Need to Know

(1 days ago) 401(k) and IRA and Divorce in Arizona. If you have a 401(k) or other workplace retirement plan, you may have to take some money out of it to give to your spouse as part of a divorce. Normally, taking money out of a retirement plan early will incur some fairly hefty fines and taxes.

Category:  Laws Go Now

A Guide to South Dakota Inheritance Laws

(Just Now) Other Situations in North Dakota Inheritance Law. As with many state laws, there are some unique inheritance laws in South Dakota. For one, the survivorship period dictates that in order to inherit their share of your intestate property, an heir must live 120 hours longer than you. Additionally, half relatives are treated the same way under the

Category:  Laws Go Now