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Estate Planning

Spring 2014 Newsletter

by | Last updated Feb 22, 2023 | Estate Planning, Newsletter, Taxes, Trusts

Portability Explained Preserving Estate Tax Exemptions for Married Couples.
You’ve Been Named Successor Trustee – What Does That Mean?
FREE SEMINAR – SUCCESSOR TRUSTEE DUTIES – Wednesday April 9, 2014 at 2:00 p.m 970 W. 190TH STREET, TORRANCE, CA 90502
Spotlight: Accident Law, The Most Important Thing You Can Do Before Your Accident By James L. Pocrass, Esq. Pocrass & De Los Reyes LLP
WHEN WAS THE LAST TIME YOU REVIEWED YOUR TRUST? WE OFFER FREE THREE YEAR REVIEWS!

Using an A-B Trust to Control your Assets

by | Last updated Feb 9, 2019 | Estate Planning, Trusts

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 one spouses children suing the others.

The Basics of Estate Taxes

by | Last updated Feb 25, 2020 | Estate Planning, Taxes

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 Exemption amount is at $5.25 Million per person. This amount is a total lifetime exemption for the estate. The exemption is not impacted by the number of beneficiaries or their relationship to the decedent. What is the Current Estate Tax Rate? Any amount over the exemption is taxed at a rate of 40%. What is the Unlimited Marital Deduction? The unlimited marital deduction means that an unlimited amount can be transferred from one spouse to another without any federal estate taxes. The federal government, currently, does not extend this deduction to same-sex marriages. The deceased spouses Estate Tax Exemption is used. This issue is set to be heard by the Supreme Court. Until the federal government recognizes gay marriage, estate planning for same-sex couples is critical. Does California Have an Inheritance Tax? No. We actually wrote it into the State’s constitution so bringing it back would require quite a bit of effort. Are There Ways of Reducing my Estate Tax Liability? The short answer is yes. There’s actually quite a few, but they go beyond the scope of this post. There are advanced estate planning strategies you could implement to reduce your tax liability. You can read more about them here: A-B trusts for Married Couples (using both exemptions) Using LLCs for income property (reduce the value by up...

What You Need to Know About Pet Trusts

by | Last updated May 15, 2019 | Children's Trusts, Estate Planning, Pet Trusts, Trusts

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 pass away. Most pet owners assume, that if something were to happen to them, their loved ones, or a neighbor would take their pets in. There are financial responsibilities associated with owning a pet, family compositions change, and many people are unwilling or unable to take on the responsibility- hence why so many pets end up in shelters. California is one of a few states in the country, that recognizes that pets are more than just property. In 2008, Governor Schwarzenegger signed into a law Probate Code Section 15212, which allows you to create an enforceable pet trust. This vehicle makes sure that your pet will find a good home, and allows you to allocate funds to make sure your pet are well cared for. Pet Trusts are simple to create, and work much in the same way as the provisions you might insert into your trust to care for underage or special needs children. 5 steps to get started to get started with a pet trust: 1. Find the right home and care givers for your pet. 2. Determine the average cost to care for your pet. This includes costs such as food, vet visits, medicine, and grooming. 3. Multiply the average life expectancy of your pet by the average care...