When planning their estate, many people in California wonder if they should include their children in their will or trust. Some parents view their estate as their final gift to their children. However, some parents fear that leaving a large sum of money to their...
Rose Law Firm of Napa Valley, Inc.
Q: My mom just signed her house over to me. Wasn’t that the easiest and best way to avoid probate?
It may have been easy, but it is far from the best way! With respect to capital gains tax liability, when your mom gifted you her property, she unfortunately also gifted you her tax basis. This means, for example, that if your mom paid $50,000 for the property - and...
How do we recognize elder abuse and what can we do if we think it’s taking place?
Sadly, it has become much more common in recent years for elderly individuals, who oftentimes live in isolation, have reduced cognitive function, and are more susceptible to undue influence and financial exploitation, to do things like unexpectedly sign over their...
Planificar en caso de incapacitad hoy, puede ahorrar mucho dolor de cabeza a tu familia mañana
Una oportunidad para ahorrar dinero es normalmente un gran motivador para realizar una compra, y también debería serlo para empujarte a tomar medidas para salvaguardar tu patrimonio. Sin un plan patrimonial legalmente vinculante, que también incluya una planificación...
Q: As an active service member, are there any special considerations I should take in doing my estate planning for my family and children?
Service members have life insurance through Servicemembers’ Group Life Insurance. If you have a living trust, name it as the beneficiary of the life insurance policy. If you have minor children but don’t have a trust, you should definitely create one and name it as...
Tips for leaving assets to your children in California
One of the most important questions that you’ll need to answer when creating your estate plan is how to divide assets between your children. In some cases, it is wise to simply give each of your sons or daughters an equal share of your estate. However, there are...
Q: I think my mom’s will is inside her safety deposit box! Will the bank allow me to look inside to verify if it’s there?
A: Yes, as long as you are in possession of a key to the safety deposit box, Probate Code Section 331(a) requires the bank to give you access to do a “will search”. The bank will then log your identity as the requester, supervise you while you inventory contents, make...
Q: I’ve heard that I can make a $15,000 ($15,000 per year in 2021 and $16,000 per year in 2022) tax-free gift to someone every year. What happens if I make a $100,000 gift to my child one year? Do I pay a gift tax? Does my child?
2022 update: $15,000 per year in 2021 and $16,000 per year in 2022 A: The short answer is NO: you almost certainly will NOT have to pay any gift taxes. Remember, under current law, you can make $11.58 million dollars’ worth of gifts in your lifetime without incurring...
Celebrity Estate Planning Mistakes
The third week of October has been designated by Congress as National Estate Planning Awareness Week! We're celebrating by shining a spotlight on estate planning mistakes that celebrities have made. With all the money they have, you'd think they'd be able to...
Q: Should I update my estate plan if I am getting a divorce?
A: Although Probate Code Section 6122 largely disinherits a former spouse automatically upon entry of a divorce judgment, the same is NOT true while the divorce is in process. Therefore, as soon as possible after the divorce proceedings have been initiated, you should...
