Preservation | Family Wealth Protection & Planning

Probate is the process by which estate assets pass to a person’s surviving heirs after death. With certain exceptions, any asset the decedent owned in his or her individual name must go through probate.

If a decedent dies with a valid will in place, it is referred to as a testate estate. If the decedent dies without a valid will, it is known as an intestate estate. In either case, probate of the estate will be necessary.

As a result of legislation enacted in 2015, the filing deadlines for certain tax returns due in 2017 have changed. Congress included tax return due date legislation as a revenue provision in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The legislation, signed into law in July 2015, made changes to certain tax return due dates generally effective for tax years beginning after Dec. 31, 2015, making the changes applicable to 2016 tax returns filed in 2017.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for April 2017, reflecting increases from the March rates. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for April 2017: