Comments on: Probate: Understanding What Probate is-Steps in the Probate Process

By: Ray

Ray — Sun, 06 Dec 2009 16:00:26 +0000

If you have a will than your will most likely will have to be probated. unless all your assets are owned jointly your spouse may not always have access to them without a probated will.

By: brenda

brenda — Sun, 06 Dec 2009 07:34:22 +0000

If I leave my entire estate to my spouse, does the estate need to be probated?

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Thu, 03 Sep 2009 09:10:18 +0000

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By: Probate- Why and How to Avoid Probate Fees | Financial Highway

Probate- Why and How to Avoid Probate Fees | Financial Highway — Tue, 01 Sep 2009 09:03:40 +0000

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By: Carnival of Personal Finance #220 : Carnival of Personal Finance

Carnival of Personal Finance #220 : Carnival of Personal Finance — Mon, 31 Aug 2009 14:47:37 +0000

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Fri, 21 Aug 2009 13:26:51 +0000

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By: Jason @ Redeeming Riches

Jason @ Redeeming Riches — Fri, 21 Aug 2009 02:06:18 +0000

Ray, that’s correct they are income tax free. I should clarify – I was referring to the Federal Estate Tax Exemption. The way I understand it is that the proceeds are included in your estate, which means that it will make your estate larger and could potentially push you over the $3.5m exemption for Federal Estate tax purposes (if you have a large policy and you are the owner).

By: Wills and Probate To Safeguard Your Heirs | Senior Money Memos

Wills and Probate To Safeguard Your Heirs | Senior Money Memos — Thu, 20 Aug 2009 00:07:21 +0000

[...] is why it is so important to understand what probate is and the steps involved in the probate process. Probate is the legal process of distributing your assets according to your wishes, which includes [...]

By: Ray

Ray — Wed, 19 Aug 2009 20:11:39 +0000

@ Jason, no life insurance proceeds (as well as Critical Illness insurance proceeds) are tax free and bypass the estate. Often life insurance is used to reduce the tax burden on family members when transferring assets.

By: Jason @ Redeeming Riches

Jason @ Redeeming Riches — Wed, 19 Aug 2009 20:09:15 +0000

Ray, just to clarify your last sentence…I believe that life insurance proceeds ARE included in your estate for tax purposes if you are the owner of the policy, but they skip the probate process if there is a named benny. A sizeable life policy can create an estate tax burden that some often overlook.