Torrance, Long Beach, Pasadena
Do It The Smart Way
Here is a quick breakdown of all the basic points people should be aware regarding Estate Taxes. What are Estate Taxes? Estate taxes are paid to the federal government for the transfer of property upon death. Federal estate taxes are based on the size of the estate? What is the Current Estate Exemption? The current … [Read more...]
Pets are the most often overlooked members of the family when it comes to estate planning. Some might think that it's a bit silly to think about estate planning for pets, but pet loves sure don't. It's really a serious matter. Most pets eventually end up in some sort of a rescue shelter after their original owners … [Read more...]
When someone passes away, one of the first things a Trustee need to do is to find out what assets are in the trust, which need to be put into the trust, and which have direct beneficiary designations. Most estate plans have an inventory sheet where all the trust assets are listed, but most people ignore it, or the … [Read more...]
When there is a blended family with children from multiple marriages, special considerations should be placed into the estate plan. Without proper planning, the surviving spouse could be left without the means to provide for him or herself. Additionally, we also see lopsided distributions, which typically result in … [Read more...]
Every year, during our free 3-year reviews, without fail, we find that a few of our clients have inadvertently placed a piece of real estate in danger of going through probate. Refinancing When interest rates drop, like they have in the past few years, many people rush to refinance and significantly reduce their … [Read more...]
Sometimes people can get a little too cleaver in their attempts to avoid probate, and save some money in legal fees. One of the maneuvers we see quite a bit involves adding children, or other family members to accounts are joint tenants. Unfortunately, this maneuver can have real world impacts on you and your assets … [Read more...]
*** Update *** As of 8:00 PM PST on January 1, 2013 The US House of Representatives passed the Senate bill designed to avert the Fiscal Cliff. President Obama has signaled that he will sign it into law. Included in this bill is a new Federal Estate Tax Exemption. The new exemption amount is $5,000,000 for … [Read more...]
The best way to avoid a conservatorship is to plan ahead and make sure you're protected in the event that you become incapacitated. Under California law, if a person is found to be legally incompetent, the probate court can appoint a conservator to oversee a person's personal or financial affairs. This is where … [Read more...]
You can use a Revocable living trust to specify a trustee to hold the trust assets and keep them invested until your child or children reach an age your feel comfortable with. This type of trust is referred to as a Spendthrift Trust, and can be folded right into your Revocable Living Trust. Statistics show that, on … [Read more...]
