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!
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...
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"...
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....
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...
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...
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....
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...
A: You are not required to accept compensation for acting as an executor. Oftentimes an executor may not want to take compensation to appease other siblings or to not have the compensation be taxable income (the inheritance is tax-free but the compensation must be...
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...
