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!
Rose Law Firm of Napa Valley, Inc.
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...
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"...
