Married couples in California have the right to receive at least a portion of the property the spouse owns up on that spouse's death. The California inheritance laws are a little more complicated than those in other states because California has what are known as community property laws. These laws divide property a couple owns into community and separate property. What this means for spouses is that you have a right to inherit specific kinds of property if your spouse dies. Let's take a look at … [Read more...] about Spousal Inheritances in California
Estate Planning
Tips For Executors Who Want to Do A Good Job
A good executor makes the probate process go smoothly, efficiently, and helps it finish as quickly as possible. Sometimes, however, executors feel as if family members, creditors, or others interested in the estate pressure them to wrap things up quickly or before the appropriate steps are taken. Your job as an executor requires you to follow probate procedures regardless of the pressure others are putting you under. To do this, there are several key mistakes you will want to avoid. Tip 1. … [Read more...] about Tips For Executors Who Want to Do A Good Job
Estate Planning Considerations Upon Moving to a New State
Whether you are new to California or are leaving the state to go somewhere else, you need to take some time to review your estate plan as part of the moving process. Moving to a new state means that there are new laws you may need to consider. This is especially important if you move from a community property state, such as California, to a non-community property state, or vice versa. Here are a few issues you'll need to keep in mind when reviewing your estate plan as part of a move. Spousal … [Read more...] about Estate Planning Considerations Upon Moving to a New State
What You Should Know About Conditional Gifts
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article by my friend and colleague Tereina Stidd, an estate planning expert, explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest. Read on to learn more. … [Read more...] about What You Should Know About Conditional Gifts
What You Need to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about What You Need to Know about the Corporate Transparency Act
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients may with to utilize … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
Estate Planning for Non-Citizen Spouses: Special Considerations
Estate planning involving non-citizen spouses presents unique challenges and considerations. Due to the differences in legal and tax treatment, a standard estate plan may not be as effective. Here are some important aspects to consider for ensuring a comprehensive estate plan: 1. Understanding Estate Tax Rules The rules for estate and gift taxes can differ significantly for non-citizen spouses compared to citizen spouses. For example, the unlimited marital deduction on estate and gift … [Read more...] about Estate Planning for Non-Citizen Spouses: Special Considerations
How to Plan for Unexpected Health Care Costs
Unexpected health care costs can have a significant impact on your financial well-being and estate planning. Preparing for these potential costs is essential to safeguard your assets and ensure that your health care needs are met without undue financial strain. Here are some strategies to consider: 1. Health Insurance Review Ensure that your health insurance coverage is adequate. Regularly review your policy to understand what is covered, including hospital stays, surgeries, and long-term … [Read more...] about How to Plan for Unexpected Health Care Costs
Estate Planning for Young Professionals: Building a Foundation
For young professionals, starting on estate planning early can lay a solid foundation for future financial security and clarity in asset distribution. Even if you're just beginning to build your wealth and assets, having a basic estate plan in place is crucial. Here are key components to consider: 1. Drafting a Will or Trust A will is a fundamental estate planning tool that specifies how you want your assets distributed and who will manage your estate. For young professionals whose estates … [Read more...] about Estate Planning for Young Professionals: Building a Foundation
How to Deal with Debt and Mortgages in Estate Planning
Addressing debt and mortgages in estate planning is essential to ensure that these obligations are handled according to your wishes and do not unduly burden your heirs. Here are some strategies and considerations: 1. Understanding the Impact of Debts on Your Estate Debts, including mortgages, do not disappear upon death; they are typically settled using the assets of the estate. It's important to understand how these debts will impact the value of your estate and the inheritance you plan … [Read more...] about How to Deal with Debt and Mortgages in Estate Planning
