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!
Estate Planning
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"...
Q: Is it ever possible for someone without a trust to own real estate in California and AVOID probate given the high values of real estate?
A: Yes, it is! I recently got a call from someone whose mother died in 1974 and their small house in South Napa was probated way back then. It turns out the mother had 5 daughters who inherited the home. Therefore, each daughter inherited a 20% interest in the house....
Q: If I only want 2 of my 3 children to inherit my home, would it be advisable to use a revocable transfer on death deed?
A: We would only recommend the use of the revocable transfer on death (TOD Deed) if you would like to leave your house in equal shares to all of your children, and none of your children have any spendthrift issues and/or special needs considerations (remember, title...
Q: What’s the best way to ensure your estate doesn’t gobble up time and money in probate?
A: Setting up a trust is key—it's like the "mash" in your estate planning potatoes, it blends everything together smoothly, and will leave your beneficiaries "giving thanks" that you were so thoughtful in your preparation!
Q: I only want one of my three children to inherit my house when I die. What do I need to do?
A: At a minimum, you would need to do SOME type of estate planning or else your estate would be distributed according to intestacy laws, namely, your three children would all inherit equally. Moreover, a trust (versus a simple will) would be essential in order to...
Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?
A: Unfortunately, your aunt now owns that duplex. By operation of law, when your father died, the surviving joint tenant automatically owned the entire duplex, which meant that the will had no legal effect over the disposition of your father's interest in the duplex....
Q: My son is receiving SSDI. Do I need to set up his inheritance through a Special Needs Trust?
A: No, you don't. Because SSDI is not a needs-based benefit, receiving an inheritance would not disqualify someone from receiving SSDI. However, if a loved one is receiving SSI or Medi-Cal, you should talk to an estate planning attorney about creating a special needs...
Q: Is it alright for me to prepare my own trust amendment and then sign it? Or do I need my estate planning attorney to prepare the amendment?
A: Although you are not required to hire an attorney, it really is strongly advisable! The probate code, as well as recent case law, makes it imperative for a trust amendment to be properly executed in accordance with the terms of the trust and/or the probate code in...
