A: Yes, a trust is highly recommended any time a minor child would be inheriting more than $5,000. This is because the Probate Code requires court petitions and ongoing judicial supervision any time minor inherits more than $5,000. The ONLY way to avoid the court...
A: Statutory probate fees are based on the "gross" value of the assets, not the "net" value. Here, the fees will unfortunately be based on the $750,000 amount, and NOT the $250,000 amount of equity in the house. Therefore, the total statutory fees will be $36,000 to...
A: There are three main reasons to avoid probate in California: First, it is an expensive process. The statutory fees in a probate are set by law as a percentage of the gross value of the assets of the estate. For estates between $500,000-$1,000,000, the statutory...
A: Yes, you need to address your digital assets in your estate plan. Federal laws generally prohibit online account service providers from granting access to your electronic communications to anyone other than you without your legal consent. That means that email...
A: Ultimately, the frequency with which you should have your estate plan reviewed may vary based on your specific circumstances. However, generally speaking: 1. Any time there are major changes in applicable state or federal tax laws; 2. Any time you go through any...
A: Yes, actually. The exemption amount for people dying in 2022 will be $12.06 million per person, up from $11.70 million per person dying in 2021.
A: Register your business with the state: This legitimizes your business for both you and your consumers, gives you the ability to apply for grants and loans, and allows you to receive an employer identification number (EIN), which means you can establish business...
A: No. Here's why: If something happens to you, your life insurance proceeds won't pay out until they are 18 years old. This is not why you got life insurance and not what you want! The solution? Name your living trust as the beneficiary on your life policy instead! A...
A: A small estate affidavit is a legal document that a person can use to collect an asset after the death of a loved one if certain conditions are met. If a decedent’s total assets are valued at less than $166,250 and at least 40 days have passed since the date of...
A: Not necessarily! Your spouse may only receive one-half or one-third of your estate when you die if you do not have a will or trust in place that specifies how the assets of your estate will be distributed. Under California law, the proportion of your separate...
