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...
Rose Law Firm of Napa Valley, Inc.
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...
Q: One of my 2024 goals is to purchase a California investment property with my sister, but she is able to invest more than I can. Can we own the property together in different percentages?
A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
Q: What will the new federal estate exclusion amount be for people who die in 2024?
A: For people who die in 2024, the net worth of their estate must be greater than $13.61 million dollars for their estate to owe any federal estate taxes. The married couple exclusion amount, therefore, will be $27.22 million dollars!
Q: Why did Santa Claus set up a living trust?
A: Because he wanted to ensure his assets were as well-managed as his list of who's naughty and nice! Santa, known for his meticulous record-keeping and generous gift-giving, understands the importance of planning for the future. Setting up a trust can be crucial for...
Q: How do I transfer my business interests into a trust?
A: Business interests, whether a sole proprietorship, an LLC, a corporation, or a different type, are quickly and easily transferred into a trust by signing and notarizing a legal document titled "Assignment of Business Interest". We prepare these "Assignments"...
Q: Is it ever possible for someone without a trust to own real estate in California and AVOID probate given the high values of real estate?
A: Yes, it is! I recently got a call from someone whose mother died in 1974 and their small house in South Napa was probated way back then. It turns out the mother had 5 daughters who inherited the home. Therefore, each daughter inherited a 20% interest in the house....