Blog | Rose Law Firm of Napa Valley, Inc.

Q: I’ve heard that I can make a $15,000 ($15,000 per year in 2021 and $16,000 per year in 2022) tax-free gift to someone every year. What happens if I make a $100,000 gift to my child one year? Do I pay a gift tax? Does my child?

by Rose Law Firm of Napa Valley, Inc. | Oct 28, 2020 | Annual and Lifetime Gift Tax Exclusions, Estate Planning, Q&A

2022 update: $15,000 per year in 2021 and $16,000 per year in 2022 A: The short answer is NO: you almost certainly will NOT have to pay any gift taxes. Remember, under current law, you can make $11.58 million dollars’ worth of gifts in your lifetime without incurring...

Celebrity Estate Planning Mistakes

by Rose Law Firm of Napa Valley, Inc. | Oct 23, 2020 | Estate Planning

The third week of October has been designated by Congress as National Estate Planning Awareness Week! We're celebrating by shining a spotlight on estate planning mistakes that celebrities have made. With all the money they have, you'd think they'd be able to...

Q: Should I update my estate plan if I am getting a divorce?

by Rose Law Firm of Napa Valley, Inc. | Oct 21, 2020 | Estate Planning, Q&A, Trust And Estate Administration

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. Therefore, as soon as possible after the divorce proceedings have been initiated, you should...

Q: Should I update my estate plan if I am getting a divorce?

by Rose Law Firm of Napa Valley, Inc. | Oct 21, 2020 | Estate Planning

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. Therefore, as soon as possible after the divorce proceedings have been initiated, you should...

Q: Prop 19 is on the ballot. What does it do?

by Rose Law Firm of Napa Valley, Inc. | Oct 14, 2020 | Estate Planning, Q&A, Trust And Estate Administration

California Proposition 19 proposes changing the rules for tax assessment transfers. A vote "yes" supports the constitutional amendment to: increase the number of times that homeowners over 55 years old or with severe disabilities can transfer their tax assessments...

Q: I’ve been told I should leave an asset list as part of my estate plan. What are the top 10 items to include on this list?

by Rose Law Firm of Napa Valley, Inc. | Oct 7, 2020 | Estate Planning, Q&A

A: A list will ensure that your assets are easily transferred and that your family will know exactly what you own so nothing falls through the cracks. Insurance Policies Bank and Retirement Accounts Deposit Boxes (and keys) Real Estate/Mortgages Valuable Personal...

Preguntas y respuestas sobre la herencia de las propiedades inmobiliarias

by Rose Law Firm of Napa Valley, Inc. | Oct 6, 2020 | Español, Estate Planning, Trust And Estate Administration

Para muchos, parece como un sueño hecho realidad. Un lejano tío sin otros herederos fallece, solo para dejarte una magnífica propiedad frente al mar. Mientras que a casi todo el mundo le encantaría heredar la casa de ensueño después de la muerte de un pariente o amigo...

Q: Is there anything we can do to financially protect our homes in case of fires in the future?

by Rose Law Firm of Napa Valley, Inc. | Sep 30, 2020 | Q&A

A: One valuable tip, although insurance-related and not necessarily a legal tip, is to contact your insurance agent and have them revisit and advise you on your replacement cost average on your homeowner's insurance. You want to ensure that, in the event you lose your...

Protecting an inheritance in a divorce

by Rose Law Firm of Napa Valley, Inc. | Sep 29, 2020 | Estate Planning

In most cases, any inheritance money that you receive is yours to keep regardless of your marital status. This is generally true whether you obtain the funds prior to getting married or during the course of a marriage. However, California law generally considers any...

Q: How do I keep my children from blowing away their inheritance?

by Rose Law Firm of Napa Valley, Inc. | Sep 23, 2020 | Estate Planning, Q&A, Trust And Estate Administration

A: If you have children who cause you to lay awake at night wondering how they might waste their inheritance, make sure to tell your trust attorney. Evaluating the maturity, spending habits, and bad choices of your children will help determine how you should plan for...