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!
A: In California, you’re not legally required to hire an attorney to handle probate, but having one can make the process much easier. Probate involves many legal requirements, deadlines, and tasks that can quickly become complex and time-consuming. An experienced...
A: It depends! If you feel confident that your children won't feel negatively about the contents of your estate plan, it can be helpful to share your current documents with them so that they know what to do after you've passed. Alternatively, if the distributions to...
A: Absolutely! In fact, it may be more imperative that you have an estate plan in place! The law does not grant unmarried couples who are not legally registered domestic partners the right to inherit from their partner's estate or priority in being appointed as a...
A: Yes! Estate planning is not only about wealth, but also about control, protection, and reducing headaches for the people you love. You should seriously consider a plan if any of these are true: 1. You have minor children. 2. You own a home or other real estate. 3....
