Gift tax is a federal tax that may apply when you give someone more than the annual exclusion amount—$18,000 per recipient in 2024—though most people...
A beneficiary is a person or entity you legally name to receive assets, money, or other benefits, often upon your death. Beneficiaries can be designated...
An inheritance is the money, property, or other assets a person receives after someone dies, typically through a will, trust, or state intestacy laws. The...
An executor is the person legally appointed to settle a deceased person’s estate through probate. They gather assets, pay valid debts and taxes, and distribute...
An estate administrator is a court-appointed personal representative who manages and settles an intestate estate (no valid will). They collect assets, pay debts and taxes,...
A durable power of attorney is a written legal document that authorizes 1 trusted agent to handle your financial matters if you become incapacitated. It...
An advance directive is a legal document that records your health care wishes and can name a medical decision-maker. It guides doctors and family if...
