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 brother could own a 75% interest as a tenant-in-common while you own a 25% interest as a...
A: Yes—and ideally, every 7–10 years at the most. Even if your wishes stay the same, older documents can be seen as “stale.” Banks, hospitals, and other institutions may worry that a newer version exists—one they haven’t seen—and could hesitate or refuse to honor the...
A: California offers a unique tax planning opportunity for married couples: the double step-up in capital gains basis. When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value...
A: Any time you open a new bank account that you want to include in your trust, be sure to title the bank account in your name as trustee of your trust. This will ensure that the account is administered as part of your trust estate and that it is not subject to...
A: In community property states like California, when one spouse passes away, the entire value of community property assets—like a home or investments—receives a step-up in basis to the fair market value at that time. This means: - No capital gains tax if the...
A: If the cars are registered with the California DMV, you won't have to do anything to change or update the pink slips. This perk is brought to us by Probate Code Section 13050(b)(1), which excludes any such cars from a decedent's probate estate!
A: You can choose either option! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
A: No, you're not. While many people choose a family member or close friend who’s also a beneficiary, you can pick anyone you trust and feel is up to the task—whether that’s another family member, a trusted advisor, or even a professional like an attorney or a...
A: Below are 3 different ideas to consider: 1: Gifting to Reduce Estate Value - In 2024, you can gift up to $18,000 per recipient annually without incurring gift taxes, or $36,000 as a married couple. These gifts lower your estate’s value without using your lifetime...
A: Yes, your beneficiaries will inherit the home subject to the mortgage. This means the outstanding balance of the mortgage doesn't go away when you pass away. Instead, the mortgage remains attached to the property, and your beneficiaries will need to continue making...
