A: If probate is necessary, someone must come forward to start the probate process, which generally lasts six months to a year and consists of three main phases: 1) Appointment of the executor/administrator; 2) Administration of the estate; and 3) Closing of the...
A medida que usted comience a poseer bienes inmuebles, una cosa que debería planificar es cómo transferir esas propiedades a sus herederos en caso de su muerte. Un buen plan para transferir su casa puede ayudar a evitar que, después de su fallecimiento, su familia...
A: Probate is an acronym that stands for “Painful Robbery Of Bank Accounts, Time, & Energy”. OK, so maybe it’s not actually an acronym, but that’s still a very accurate description and easy way to remember why it’s so terrible! Technically, probate...
A: The law giveth, and the law taketh. Fortunately, if the original deed triggered a reassessment, we can use a “Rescission Deed” to return ownership to the previous owners (as if the previous deed had NEVER existed!). However, there are two CRITICAL...
A: One common example of a transfer that causes reassessment is when one sibling buys out another after inheriting a piece of property from their parents. Although the initial transfer from the parents to the children does not result in reassessment...
A: Under Prop 13, property taxes can only be increased a MAXIMUM of 2% annually (until the property is transferred). In practice, this law is so critical because property values in California have historically increased by far more than 2% per year,...
A: Yes, without a trust that property is destined for probate, and here’s why: The current law states that if the fair market value of the property is greater than $166,250 - and it’s hard to imagine a home in the Napa area that is worth less than...
It may not matter how old your child becomes. As a parent, you will probably always want to make sure your child has what he or she needs to lead a comfortable and fulfilling life. This may be especially true if your child has special needs. Financial support may be...
As you start aging and own real property, one thing you need to plan for is how to pass on that property after you pass away. A good plan for your home and other properties can help prevent your family from going through a lot of stress after you die.Deciding how you...
When you own a business, you need to include it in your estate plan. Not including it means that the business could be passed on to a beneficiary that you didn't designate after your death. It could be sold or run in a way that you would not have approved of.When...
