ASSETS
What is an asset? This question often leads to much confusion and worst mistakes. An asset is anything you own. But assets of your estate get murkier.

1. Probate Estate: the assets that you own at death that are transferred after your death.
2. Payable to the spouse vs. payable to the trust has tax differences
3. Do not simply get a revocable trust to avoid probate. You may have a taxable estate without even realizing.


The above is a summary of a radio show on MMFN Money Matters Financial Network, with host Gary Goldberg, of Gary Goldberg Planning Services, Inc. in Montebello, New York, and his guest Martin M. Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the audio clip of this segment on www.laweasy.com.