A: It is a unique tax planning opportunity for married couples! When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value as of the date of death. Keep in mind, however, that...
A: Not at all. While many people think estate planning is only about deciding who inherits their assets, it's also about protecting you during your lifetime. A comprehensive estate plan can name someone to manage your finances if you become incapacitated, appoint...
A: Whichever is best for you! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
A: No you are not! In California, the creditors of a decedent are paid first out of the decedent’s remaining assets before any distributions are made to heirs. In other words, although you won’t be receiving any inheritance from your mom’s estate, you will not have to...
A: Possibly! An estate plan created 20 years ago may not reflect changes in your family, assets, goals, or current laws. It's a good idea to review your trust every few years and after major life events such as births, deaths, marriages, divorces, or significant...
A: Not always. If the original joint tenants stay on title, California's joint-tenancy rules may prevent reassessment when a new joint tenant is added, and even when that added person later leaves title or dies. The property tax reassessment comes when the last...
A: No, a will is part of an estate plan, which is an overarching strategy. Your estate plan should clearly outline everything regarding your assets, dependents, and end-of-life wishes. A comprehensive estate plan should include the following documents: Advanced...
A: If you have kids, this is where estate planning really matters. Here are just a few ways you can ensure your children are taken care of through your estate plan: 🟡 Name a guardian you trust 🟡 Review and update your beneficiaries on your accounts regularly 🟡 Name an...
A: No, you don't! You can pick anyone you trust and feel is up to the task—whether that’s another family member, a trusted advisor, or even a professional like an attorney or a corporate trustee. The most important thing is to choose someone responsible and capable of...
A: It often comes down to how title was held. With joint tenancy, you only get a step-up in basis on your spouse’s half, while your half keeps its original basis, which can leave significant taxable gain when you sell. With community property with right of...
