What is the gross value of the estate?

The gross value of the estate is the fair market value of the estate before the debts are paid. For example, a $200,00 home is left to a child by a parent in a will. As the estate goes through the probate process, there will be fees of approximately $8,000 in Statutory and Attorney Fees. These fees are due, even if there’s a mortgage against the home for $180,000, because the fee is based on the full fair market value of the estate before paying off any debts. In addition to court mandated fees, there are other expenses necessary to prepare everything for probate. These may include, but are not limited to: Bondsman fees Asset appraisal fees Court filing fees Publication fees Extraordinary fees The best and safest way to avoid probate is through estate planning and using a Revocable Living...

Keeping Track of Trust Assets

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have an inventory sheet where all the trust assets are listed, but most people ignore it, or the inventory in it gets outdated over time.

The best place to start is by collecting the deceased person’s mail.

California Estate Planning Laws and your Family – First in a Series: Bicycle Laws – California Vehicle Codes

When parents plan their estate distribution, it is almost always centered around the idea that they are going to make their children’s lives better.

All the parents’ hard work, legacy, morals, beliefs, and visions are for the benefit of the child to pass it along generation to generation.