People who have been able to accumulate a significant store of wealth must be concerned about possible federal estate tax exposure. This tax can take a huge bite out of the wealth that you are passing on to your loved ones. How big of a bite are we talking about? The maximum rate of the federal estate tax is 40 percent. To determine your level of estate tax exposure, you must compare the value of your estate to the amount of the estate tax exclusion. Anything that you intend to transfer … [Read more...] about What Is the Estate Tax Marital Deduction?
Estate Planning
Can Probate Be Avoided?
You should know some things about the probate process when you are planning your estate. If you use a last will to direct the distribution of your personally held property, the property would become probate property at first except in the case of a modest estate. During probate the probate court supervises the administration of the estate. The heirs to the estate typically do not receive their inheritances until this process has run its course. A simple and straightforward case will typically … [Read more...] about Can Probate Be Avoided?
Brain-Dead Woman Removed From Life Support After Court Order
Marlise Muñoz, the Fort Worth area pregnant woman whose husband has been fighting to have her removed from life support, was taken off life-sustaining machines after a Texas judge ordered her doctors to comply with her husband’s wishes. We blogged about this case previously, and as it came to gain national prominence, it has served as a national reminder about the importance of estate and incapacity planning. Court Hears Evidence About Brain-Dead Woman The court order brought an end to the legal … [Read more...] about Brain-Dead Woman Removed From Life Support After Court Order
Estate Planning When You’ve Been Diagnosed With a Terminal Illness
Sometimes, people come to an estate planning attorney after having been recently diagnosed with a terminal illness. Such situations force people to consider issues many have never considered before, such as inheritance choices and medical wishes. While creating an estate plan under a significant time pressure is not an ideal situation, you can create a plan that will protect you and your family if you have been diagnosed with such a terminal illness. Here are some important concepts you need to … [Read more...] about Estate Planning When You’ve Been Diagnosed With a Terminal Illness
Wills and Trusts in California: They Work Hand in Hand
One of the more popular misconceptions about estate planning is that if you create the right tool, such as a revocable living trust, you don’t need to create other tools. While having any kind of estate planning tool in place is good, relying on any one element is never something you should do. The reality is that an estate plan is like a well-crafted jigsaw puzzle. In order for you to get a complete picture, each of your pieces have to fit together with the others. This is especially true if … [Read more...] about Wills and Trusts in California: They Work Hand in Hand
Why You Need a Will and a Living Trust
Both a revocable living trust and a last will and testament are important pieces of every estate plan. Though estate plans also include other tools, living trusts and wills are essential because they both cover different areas. When people in California create an estate plan, they sometimes ask if they can only create one or the other. While you are never obligated to create any kind of estate planning tool, choosing to create either a living trust or a last will and testament without creating … [Read more...] about Why You Need a Will and a Living Trust
Understanding Durable Powers of Attorney in California
Creating a comprehensive estate plan requires crafting various tools, such as a durable power of attorney. Each tool you use will have a specific purpose and will be designed to address different eventualities or possibilities. Durable powers of attorney in California serve a key role in any plan. Here’s what you need to know about durable powers. Legal Documents Powers of attorney are legal documents. The document create a relationship between you, the principal, and the person or organization … [Read more...] about Understanding Durable Powers of Attorney in California
Your Children and Your Will
When people write a will, there are a lot of questions they will have to answer about inheritances, spouses, children, and a number of other issues. If you ask most people who write a will, they’ll probably say that they do so in order to ensure that their children receive a good inheritance. But what are the rules with inheritances and your children? Do you have to leave something? What if you have a child after you write your will? Your estate planning lawyer will be able to answer these … [Read more...] about Your Children and Your Will
California Probate: Can I Start Probate if I Can’t Find The Will?
California probate is often viewed as a difficult process. There is, in fact, a lot of truth to the idea that it can be difficult to manage probate simply because most people are so unfamiliar with. This is especially true when, for example, people believe they need to be in possession of a decedent’s last will and testament before they go to probate court. Fortunately, if a relative of yours has died in California, you don’t need a will to begin the probate process. Can’t Find the Will Most … [Read more...] about California Probate: Can I Start Probate if I Can’t Find The Will?
Commonly Believed Myths About Powers of Attorney
Like other estate planning tools, powers of attorney must meet the legal standards imposed by state law. Though these documents are flexible and powerful, a lot of people don’t really know much about them. To help you better understand powers of attorney, let’s take a little time to look at some of the commonly held myths about these documents. Myth 1. Powers of attorney involve lawyers. This myth is entirely understandable because of the legal terminology used with powers of attorney. When we … [Read more...] about Commonly Believed Myths About Powers of Attorney
