It is only a slight exaggeration to say that federal estate taxes are not a worry for most people unless they have (or control, or have given away) well over eleven million dollars ($11,200,000 to be precise).
Affidavits of Heirship can be used to transfer assets of some kinds when the owner is dead, and there is not going to be a probate or a small estate proceeding.
In many situations, there is little benefit in a race to the courthouse. Sometimes, however, it can make quite a difference who becomes the Personal Representative (executor) in a probate.
In Oregon, after a Medicaid recipient dies, the Medicaid Estate Recovery Unit, also called the Estate Administration Unit seeks to recover amounts paid for care by Medicaid from the estate of the Medicaid recipient who has just died.
Probate is the process by which a Will is given effect, and the assets of a person who has died are distributed to his or her heirs and beneficiaries.
A probate will take a minimum of four months, and usually will take at least five months.
There are several major kinds of trusts.
These include Special Needs Trusts and Supplemental Needs Trusts (sometimes called SNT Trusts).
They also include Revocable Living Trusts (which are perhaps the most common kinds of trusts).
There are many reasons to do a trust.
One reason is that it can simplify things if the person who does the trust ever becomes unable to manage their own affairs.
Having an up to date Will can be crucial to achieving your estate planning goals.
In general terms, if a person has benefitted from a Qualified Partnership Plan Long Term Care Insurance policy, the person can keep extra amounts from Medicaid spend down that are equal to the benefits received from the Qualified Partnership Plan (QPP) Long Term Care Insurance policy.
In Oregon there is (with rare exceptions) no such thing as community property.
However, property that is acquired during a marriage, unless it is acquired by inheritance, is generally subject to division upon a divorce.