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July 2014 Archives

Estate Planning: Lifetime Gifts

There are three steps involved in making a lifetime gift: the first is that the donor intends to give the gift, the second is that the gift is delivered to the donee, and the last step is that the donee has to accept the gift for it to be a valid transfer.

Nonprobate Assets

Nonprobate assets do not get distributed at a testator's death through use of a will. Instead, these items automatically transfer to whomever survives the decedent without use of probate. Nonprobate assets are transferred at death regardless of the testator's will, or the transference is established during the life of the decedent. For example, when a man and his wife own a piece of property together, the property automatically goes to the surviving spouse and no distribution of that property is needed. How is this beneficial?

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Casey & Lundregan, P.C.
71 Washington Street
Salem, MA 01970

Phone: 978-224-8893
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