A: There are three main reasons to avoid probate in California: First, it is an expensive process. The statutory fees in a probate are set by law as a percentage of the gross value of the assets of the estate. For estates between $500,000-$1,000,000, the statutory...
A: Yes, you need to address your digital assets in your estate plan. Federal laws generally prohibit online account service providers from granting access to your electronic communications to anyone other than you without your legal consent. That means that email...
A: Ultimately, the frequency with which you should have your estate plan reviewed may vary based on your specific circumstances. However, generally speaking: 1. Any time there are major changes in applicable state or federal tax laws; 2. Any time you go through any...
A: Yes, actually. The exemption amount for people dying in 2022 will be $12.06 million per person, up from $11.70 million per person dying in 2021.
A: Register your business with the state: This legitimizes your business for both you and your consumers, gives you the ability to apply for grants and loans, and allows you to receive an employer identification number (EIN), which means you can establish business...
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: Not necessarily! Your spouse may only receive one-half or one-third of your estate when you die if you do not have a will or trust in place that specifies how the assets of your estate will be distributed. Under California law, the proportion of your separate...
A: Whether or not your children will have to pay inheritance taxes will depend upon which state they reside in at the time of your demise! For example, if both your children live in California, they will NOT have to pay any inheritance taxes. However, if one of your...
A: We're delivering a chilling #WednesdayWisdom this week! 👻 The most ghoulish part about doing a will or a trust with LegalZoom is that you have no way of knowing whether or not it is done correctly until it’s too late to fix it! We think that your family, assets...
A: The term “estate planning” refers to the process of anticipating and arranging for the management, disposal and transfer of one’s estate both in the event of a person’s incapacity and also after the person’s death. If you have any questions about this, please feel...
