A: On July 8, 2022, the IRS issued a new procedure that can be used to extend estate tax portability for up to five years after the death of a spouse. Having said that, in order to ensure timeliness and compliance with various tax requirements, we always recommend...
A: Although they both allow someone else to legally act on your behalf, the most important difference is that you get to pick your power of attorney whereas oftentimes the court will choose your conservator (and sometimes without your ability to participate i.e. if...
A: We recommend having her sign a Durable Power of Attorney, HIPAA, and Advance Health Care Directive. If your child is 18, you no longer have any emergency decision making authority should they need urgent help accessing finances or making health care decisions. If...
A: Although probate code section 6122 largely disinherits a former spouse automatically upon entry of a divorce judgment, the same is not true while the divorce is in process. As soon as possible after the divorce proceedings have been initiated, you should update...
A: Yes you will. A will has no effect or power over property owned in joint tenancy, as the surviving joint tenant(s) will always inherit the interest of the deceased joint tenant, even if the deceased joint tenant had a will with different terms!
A: Yes, your sister has a right to receive an accounting! Specifically, under California Probate Code §16062, after your mom passes away, you will be required to provide a full accounting not only to your sister, but to EACH beneficiary at least once per year until...
A: Answering this question requires a complex analysis of several factors, and, due to IRS requirements that the salary should be "reasonable", this question should generally be answered by a qualified CPA. However, one fact to keep in mind is that the MAXIMUM amount...
A: In California, Probate Code Section 6124 states the general rule that if the original will cannot be located, there is a presumption that the will was intentionally destroyed. However, Probate Code Section 8223 allows a petition to be filed in order to bring forth...
A: Yes! You can transfer your out-of-state property to yourself as trustee of your California trust. By doing so, you will ensure that it will be administered under the terms of the trust that you have carefully considered and created. Failing to transfer your...
A: Not at all! Since the Settlors (the name given to the clients that create the trust) are able to exercise absolute control, dominion and discretion as to all the assets of the trust, no separate EIN will be required, and you will not have to file any separate tax...
