It is important to understand the probate procedure after a person dies and why probate should be avoided. Here is a brief summary of the steps that occur if a deceased person's assets must go through the probate procedure:  more...

DEAR BOB: My husband and I own several investment properties. We plan to transfer a piece of each property to our daughter (20 years old) within a short period of time. What is the best way to transfer the property without having to pay gift tax? Also, what is the gift tax rate on gifts exceeding $10,000? – Janice L.

DEAR JANICE: Please consult your tax adviser before you make any transfer. I think you are making a big mistake transferring investment property to a 20-year-old who has not earned it. Such a gift is not very smart and could cause major future problems.  more...