Remove Consultant Remove Liability Remove Pass-Through
article thumbnail

Understanding Probate: A Comprehensive Guide to the Probate Process

Planned Giving

However, this essential procedure plays a critical role in ensuring that a loved one’s wishes are honored after they pass away. The church courts handled probate issues, ensuring that the deceased’s soul was cared for through proper distribution of their estate. Assets that must go through probate are known as probate assets.

article thumbnail

Crafting Your Own Will: Benefits and Drawbacks for Willmakers

Planned Giving

Creating a will is a crucial step in ensuring your final wishes are respected and your loved ones are taken care of after your passing. Online platforms provide user-friendly interfaces, guiding you through each step of the process, making it accessible even for those with limited legal knowledge.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

7 Vital Tips for Successful Estate Planning for Aging Baby Boomers

Planned Giving

Estate planning is a crucial step in ensuring that your assets and wishes are handled according to your preferences after your passing. However, for those with estates exceeding this amount, advanced planning is essential to minimize tax liabilities and ensure a smooth transfer of wealth. Life changes, and so should your estate plan.

article thumbnail

Your Open House on Gifts of Real Estate

Center for Major Gifts

While these words, though seen frequently, are valid, rarely are they fulfilled more meaningfully than through a gift of real estate to the nonprofit you cherish most. Many parents and grandparents purchase second homes and assume their heirs will want this property after passing. This is a property you should keep.

article thumbnail

501c.yada, yada, yada

Sharpshooter Communications

There are probably a million loopholes through and around these requirements. If you have questions or concerns about your own status, please consult someone with expertise in tax status regulations. The nonprofit isn’t sure that the land isn’t a liability so, to protect the organization, they create a separate entity to be the owner.

article thumbnail

Estate Planning Essentials: 10 Crucial Documents for Organizing Your Affairs

Planned Giving

Beneficiary Designations Certain assets can be transferred directly to beneficiaries without going through probate. Home Insurance : Covers property damage and liability. Additionally, consider appointing a digital executor in your will to manage or close your digital accounts and distribute your digital assets after you pass away.

article thumbnail

The Fundamentals of Grant Writing for Nonprofits: How to Write an Effective Grant Proposal

Allied Grant Writers

It should also pass the reviewer’s criteria. This is to protect both the board and staff from legal liabilities. It will be best to consult or hire the services of an attorney. Through your online hub, people can learn more about your venture, share their comments and testimonies. File these documents.