Tax Strategies and Implications when Settling a Trust or Estate Dispute

Married couples often don’t give much thought to the characterization of their property as community or separate. In general, community property is all real or personal property acquired by a married person during the marriage. Separate property is all property owned by the person before the marriage, all property acquired by the person after marriage by gift, bequest or devise, and the rents and profits from the person’s separate property.

Is this a good time to update your estate plan? Any time is a good time for review, and an unanticipated consequence of Sheltering in Place may be that individuals will do so.

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