Answer Number Six:
Community property is a property which is acquired during the marriage by either wife or husband and is jointly owned by the couple. If Mr. Graham or Daisy purchased a property during their marriage (except for the properties which are gifted or which are inherited) which is shared equally between both Onslo and Daisy thenboth Mr. Graham and Daisy have an equal right to transfer or sell the half of the property to another individual. The spouse of the retirement account owner i.e. Daisy who resides in a community property must be the sole beneficiary of the community property.
Answer Number Seven:
Revocable Living Trust:
Revocable living trust is invented to help people in skipping the probate process. The property of Mr. Graham whichis not listedin his Will and the propertywhich is not probated, will be passed directly to the inheritors of Mr. Graham. Mr. Graham just has to maintain a trust document and then transfer the property title to the trust. Mr. Graham can name himself as the trustee to keep control of the trust property. Mr. Graham can also determine the alternative beneficiaries, and the beneficiarieswouldn’t have to wait too long after the death.It would also be quite difficult to be sued by the court.
Make Tax-Free Gifts:
Making gifts help Mr. Graham to avoid probate. The simple reason for this is that Mr. Graham will no longer own the property when he dies. However, if the amount is more than the allowed amount the tax will have to be paid but it does save the probate costs.
Answer Number Eight:
Mr. Graham should inform Daisy and Rose about the smooth transfer of his estate after his death. Mr. Graham should have to communicate openly and frankly with his wife and daughter. Mr. Graham should also discuss the details of the account and Daisy and Rose should also be aware of the brokerage firm and the type of investment to keep the process as smooth as possible.
Mr. Graham should also communicate with the brokerage firm or the insurance provider regarding the inheritors of his property. Brokerage firms also provide services to account holders and their ultimate beneficiaries to discuss the property, last wishes and the process of transfer after the death.
Mr. Graham should have to keep its account statement at a safe and logical place where the access of his wife and daughter is feasible and should have to hire the brokerage firm which Daisy and Rose can quickly locate and can easily find out the necessary information upon death.
Answer Number Nine:
As per the law, every individual is permitted to give a gift up to the value of $14000 without giving any tax. Mr. Graham could gift his estate which has the value of up to $14000 to his wife.Similarly,he could also give agift to Rose which also amounts to $14000. With the help of this strategy, Mr. Graham can give thegift of his estate to his family without incurring any cost of thetax…………………
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