A: Yes! In California, decedent's estates with a fair market value of more than $184,500 must go through a formal probate in court to be administered and eventually distributed to the decedent's heirs. One way to avoid probate is to create a trust and transfer your...
A: No. Here’s why: If something happens to you, your life insurance proceeds won’t pay out until they are 18 years old. This is not why you got life insurance and not what you want! The solution? Name your living trust as the beneficiary on your life policy instead! A...
A: In the event of an unexpected death, courts will consider the best interests of a child when determining who is the best fit as guardian, and the wishes of a parent are generally given tremendous weight in making that decision. If it matters to the parent who would...
A: Any time you open a new bank account that you want to include in your trust, be sure to title the bank account in your name as trustee of your trust. This will ensure that the account is administered as part of your trust estate and that it is not subject to...
A: Unfortunately, this is no longer possible under Prop 19, which went into effect on February 15, 2021. In order to qualify for the parent to child exclusion from reassessment, the property must be the parent's primary residence and also the primary residence of the...
A: A durable power of attorney is a legal document that authorizes another person to act on your behalf immediately or when you become incapacitated. By signing a durable power of attorney, you give the nominated agent (also called the attorney-in-fact) the ability to...
A: Yes you do! This is what we estate planning attorneys refer to as "trust funding". In this case, you will need to make sure you sign and record a new grant deed showing your trust as the owner of the property! And remember, if you forget to do this, your...
A: Yes! The Federal Lifetime Exclusion Amount (for deaths that occur in 2023) is now set at $12.92 million per person (or $25.84 million per married couple). This means that a married couple can effectively leave $25.84 million of inheritance to their chosen...
A: A pour-over will is a type of will that works in conjunction with your trust. It is an important piece of your estate plan because it helps to ensure that the assets that you intend to include in your trust can be transferred to your trust after your death if they...
A: Unfortunately, the answer is yes. Because you are not legally married, when one of you dies, even though the survivor will own the entire property, the County Assessor will levy a 50% reassessment of your property taxes as a result of the transfer of 50% of the...
