A: Possibly! An estate plan created 20 years ago may not reflect changes in your family, assets, goals, or current laws. It's a good idea to review your trust every few years and after major life events such as births, deaths, marriages, divorces, or significant...
A: Not always. If the original joint tenants stay on title, California's joint-tenancy rules may prevent reassessment when a new joint tenant is added, and even when that added person later leaves title or dies. The property tax reassessment comes when the last...
A: No, a will is part of an estate plan, which is an overarching strategy. Your estate plan should clearly outline everything regarding your assets, dependents, and end-of-life wishes. A comprehensive estate plan should include the following documents: Advanced...
A: If you have kids, this is where estate planning really matters. Here are just a few ways you can ensure your children are taken care of through your estate plan: 🟡 Name a guardian you trust 🟡 Review and update your beneficiaries on your accounts regularly 🟡 Name an...
A: No, you don't! 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 corporate trustee. The most important thing is to choose someone responsible and capable of...
A: It often comes down to how title was held. With joint tenancy, you only get a step-up in basis on your spouse’s half, while your half keeps its original basis, which can leave significant taxable gain when you sell. With community property with right of...
A: It depends! Under California law, the inheritance is initially considered separate property and would not be subject to an equal split in the event of a divorce. However, if you commingle the money by using it to create a joint bank account, a joint property or any...
1. Register your business with the state: This legitimizes your business, gives you the ability to apply for grants and loans, and allows you to receive an employer identification number (which means you can establish business bank accounts). 2. Create business bank...
A: If your pets are like family to you, a pet trust can be an ideal way to ensure their well-being after you’re gone. Here’s how a pet trust works and why it’s particularly suitable for pet owners who consider their animals as their “fur babies”: 1. Setting Aside...
A: Nope! Your trust can be created to include any children you have now and any children that you may have in the future. Amending your trust is always an option, but is not needed for this purpose if it is executed correctly!
