Month: July 2020

Testacy vs. Intestacy  At its most basic, a Last Will and Testament (“Will”) is a legal document that provides for the distribution of your assets (often referred to as your “probate estate”) upon your death. Generally, your Will does not control the disposition of non-probate assets on your death. Common examples of non-probate assets include […]

Updated February 4, 2026 In general, when one individual transfers money or property to another and does not receive an adequate return (i.e., makes a gift), the transfer is a potentially taxable event for the transferor. Such transfers made during life are inter vivos transfers subject to the federal gift tax, while such transfers made at death are testamentary transfers subject to the federal estate tax. The federal gift and estate taxes are coordinated by design to tax the transfer of wealth.