A: You're in luck! California's Revocable Transfer on Death Deed (RTODD) offers a cost-effective shortcut to leave your home directly to your heirs, bypassing the expensive and lengthy probate process. Depending on the individual circumstances of each client, this...
Estate Planning And Business Law In Napa Valley And Beyond
Q: My child will be 18 soon, but I do not feel like he is ready to manage an inheritance well if my spouse and I pass unexpectedly in the near future. How can this be addressed in our estate plan?
A: This is a common concern and it can be addressed well with proper estate planning. When you and your spouse create a trust, you will choose at what age or ages your child will receive the assets of the trust after you have passed away. You will also nominate a...
Q: Do I still “own” my house if there is a mortgage on it?
A: Yes you do! And more importantly, without a trust, the probate laws of California would not only consider you the owner of the property at your death, but would also charge your heirs probate fees based on the fair market value of the home and NOT on the amount of...
Q: Does a revocable transfer on death deed (“TOD Deed”) only need to be notarized to be valid in California?
A: No! Under recent law changes, the TOD deed now needs to be both notarized and witnessed by two disinterested parties (the Notary Public may act as one of the witnesses). Moreover, in order to be valid, the TOD deed must be recorded within 60 days of the...
My spouse and I have been married for many years, and I am out of gift ideas for Valentine’s Day. Any suggestions?
A: Yes - chocolates and an estate plan! Creating a comprehensive estate plan will give you and your spouse peace of mind regarding your end of life wishes and avoid the expense of probate or emergency planning in the future. Happy Valentine's Day!
Q: Can a will literally written on a napkin actually be valid?
A: Yes! The only requirements for a holographic will to be valid are that 1) the material provisions of the will are in the testator's hand-writing (the person writing the will) and that 2) the will is signed by the testator. In fact, per the probate code...
Q: How does a pet trust work and is it a good idea for those with only “fur babies”?
A: If your beloved pets are like family to you, a pet trust can be an ideal way to ensure their well-being after you're gone. Here's how a pet trust works and why it's particularly suitable for pet owners who consider their animals as their "fur babies": 1. Legal...
Q: Why Should I Work with a Competent Estate Planning Attorney Instead of Using DIY Options Like LegalZoom?
A: Choosing to work with a skilled estate planning attorney over DIY options like LegalZoom can significantly impact the effectiveness and reliability of your estate plan. Here's why: 1. Personalized Advice: An experienced attorney provides personalized guidance...
Q: If my previous estate planning attorney is now retired, can I have a different attorney take over my file and make updates to my documents?
A: Absolutely! This is a very common scenario, and most attorneys have a specific workflow and process designed for that exact situation. In fact, even if a particular attorney is still practicing, an client always has the right to switch attorneys at any time if they...
Q: I would like to make gifts to my children this year, but I am concerned about gift taxes. What amount can I give each child without being taxed?
A: As of January 1, 2024, the annual gift tax exclusion amount is $18,000 per recipient. This means that you can gift each of your children up to $18,000 this year without incurring any gift tax. If you are married, you and your spouse can each make gifts in the...