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...
Wineries, especially when kept as family businesses, are expected to incur high rates if they don’t adjust their tax plans now. California is anticipating a tax season with hikes that all farmers should be aware of. If your land is a part of your business, then estate...
A: You can, but be aware that setting up your trust this way could lead to some seriously unintended negative consequences! For example, if you ever sell one of the properties and then you either forgot to (or were unable to) update your trust thereafter, you will...
A: It depends! If you merely amend that distribution section to eliminate him from your trust, then by law he will be entitled to a copy of both the original trust and the amendment. However, to avoid this scenario, we often counsel clients in similar situations to...
A: Unfortunately, Probate Code Section 5302(b)(2) is very clear that in this case, the named beneficiary on the savings account (the girlfriend) will inherit ALL of the sums therein, even if the decedent had a will naming a different beneficiary (the child). Estate...
New parents have a lot on their minds already, so the last thing they might want to think about is estate planning. However, estate planning becomes even more important when people become parents. Estate planning ensures that your children are taken care of in the...
