A: Unfortunately, this is no longer possible under Prop 19, which went into effect on February 15, 2021. In order to qualify for the parent to child exclusion from reassessment, the property must be the parent's primary residence and also the primary residence of the...
A: A durable power of attorney is a legal document that authorizes another person to act on your behalf immediately or when you become incapacitated. By signing a durable power of attorney, you give the nominated agent (also called the attorney-in-fact) the ability to...
A: Yes you do! This is what we estate planning attorneys refer to as "trust funding". In this case, you will need to make sure you sign and record a new grant deed showing your trust as the owner of the property! And remember, if you forget to do this, your...
A: Yes! The Federal Lifetime Exclusion Amount (for deaths that occur in 2023) is now set at $12.92 million per person (or $25.84 million per married couple). This means that a married couple can effectively leave $25.84 million of inheritance to their chosen...
A: A pour-over will is a type of will that works in conjunction with your trust. It is an important piece of your estate plan because it helps to ensure that the assets that you intend to include in your trust can be transferred to your trust after your death if they...
A: Unfortunately, the answer is yes. Because you are not legally married, when one of you dies, even though the survivor will own the entire property, the County Assessor will levy a 50% reassessment of your property taxes as a result of the transfer of 50% of the...
A: Although there may certainly be situations in which the use of a TOD Deed are appropriate, there are many potential pitfalls to be aware of: 1: TOD Deeds can only be used to transfer certain types of property: a) one to four residential dwelling units or...
A: The stated purpose of the TOD Deed, according to the author of the bill, is to allow seniors, low-income/fixed-income individuals, and individuals whose estates consist primarily of their home to avoid costly and/or complicated probates or trust administrations....
A: The Revocable “TOD” (“Transfer on Death”) Deed, introduced into law in 2016, was created as new probate-avoidance strategy available to Californians. Specifically, the Revocable TOD Deed allows individuals to transfer, effective only upon death and outside of...
A: Potentially. The bottom-line is this: creditors have first priority BEFORE any heirs/beneficiaries receive estate assets. Therefore, since your mom’s estate is solvent, the credit card company is entitled to be paid back in full. However, since your mom’s estate...
