When you are engaged in your estate planning efforts, you are naturally going to create an inheritance list. Most of the individuals on the list will walk on two legs, but you may also want to include your pet when you are devising your estate plan. Younger adults who are members of supportive families who share pet ownership may not be too concerned about the well-being of the pet, because there is a support system in place to take over if you were to pass away. However, pet planning can be … [Read more...] about How Can I Provide for My Pet in My Estate Plan?
BLOG
Free Report: Revocable Living Trusts in California
When lawyers use the terms “revocable” and “living” when referring to a trust, they're doing so because those words have specific meaning in the law. A revocable living trust is “revocable” because you, as the person who creates the trust, have the right to revoke or modify its terms as at any time. On the other hand, if you were to create an irrevocable trust, you cannot change or revoke the trust terms later. Topics covered in this report include: Trusts Revocable, Living RLTs … [Read more...] about Free Report: Revocable Living Trusts in California
Free Report: What Is a Revocable Living Trust in Northern California?
Review some essential ideas that you should understand if you want to get the most out of revocable living trusts. A revocable living trust is an asset transfer vehicle that can facilitate efficient asset distributions outside of the legal process of probate. This type of trust can be useful for people of relatively ordinary means. If you use a will instead of a trust, the probate process enters the picture, and it can be time-consuming and expensive. To learn more about revocable living … [Read more...] about Free Report: What Is a Revocable Living Trust in Northern California?
Why Would I Use a Trust Instead of a Will?
Before you understand all of the facts, you may naturally assume that you should use a last will as your primary estate planning document. A will can be useful under very simple circumstances, but there are many different reasons why you may want to use a trust instead of a will. Let's look at some of the scenarios. Special Needs Planning People with special needs often rely on Medicaid (called Medi-Cal in California) for health insurance. This is a program that is only available to people … [Read more...] about Why Would I Use a Trust Instead of a Will?
Are All Asset Transfers Subject to the Probate Process?
There is a legal process called probate that comes into play under many circumstances when assets are being transferred after someone dies. One way to describe probate property would be property that was in your sole, direct possession at the time of your death. Every asset transfer would not be subject to the probate process, because property that is being transferred may not fit the above description. Let's look at some types of asset transfers that would not be subject to the probate … [Read more...] about Are All Asset Transfers Subject to the Probate Process?
What Are the Gift Tax Exclusions?
There is a federal estate tax that was first enacted in 1916. This tax can be imposed on large asset transfers. When you think about the estate tax, a logical solution would naturally come to your mind. You could simply give assets to your loved ones while you are living to avoid the tax. Shortly after the estate tax was enacted, people did give gifts while they were living to sidestep the estate tax. However, a gift tax was enacted in 1924 to close this loophole. It was repealed in 1926, but … [Read more...] about What Are the Gift Tax Exclusions?
Free Report: California Intestacy: Common Issues, Intestate, Estates Face
In our second white paper on intestacy in California, we will take a little closer look at some of the common issues that intestate estates face. When people die without a will in California, intestacy laws govern what happens to their estate. Whether you die without a will, or have to deal with an intestate estate left behind by someone else, these laws predetermine what happens. Topics covered in this report include: Spousal Inheritances in Intestacy Estate Administration and … [Read more...] about Free Report: California Intestacy: Common Issues, Intestate, Estates Face
Free Report: Intestacy in California: Intestacy and Its Importance
One of the main reasons people create an estate plan is to avoid intestacy. Unfortunately, most people have no idea what intestacy is, much less know that avoiding it is a good idea. Having a basic understanding of how intestacy can affect you and your family is a great way to understand why creating an estate plan is so important. So, let’s take a closer look at what intestacy is and why it is so important. Topics covered in this report include: The Ability to Choose Your Heirs … [Read more...] about Free Report: Intestacy in California: Intestacy and Its Importance
Free Report: Will My Estate Be Exposed To The Estate Tax in California
In addition to the federal estate tax, we also have a federal gift tax. This tax is in place to prevent people from giving away assets while they are living in an effort to avoid the estate tax. Topics covered in this report include: Federal Estate Tax Exclusion Federal Gift Tax Unlimited Marital Deduction State-Level Estate Tax Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Will My Estate Be Exposed To The Estate Tax in California
What Is Northern California Probate
What Is Northern California Probate from Timothy Murphy There are a number of different probate avoidance strategies that can be implemented. If you would like to learn more about probate, contact our firm to schedule a free consultation. … [Read more...] about What Is Northern California Probate
