A: Yes—and ideally, every 7–10 years at the most. Even if your wishes stay the same, older documents can be seen as “stale.” Banks, hospitals, and other institutions may worry that a newer version exists—one they haven’t seen—and could hesitate or refuse to honor the...
A: It's a new California law (effective for any death that occurs on or after April 1, 2025) that allows heirs to inherit a primary residence worth up to $750,000 without going through a full probate.
A: Not usually; most courts in California use a tentative ruling system. Here's what this means: In the days before the hearing on a petition, the court will post its intended ruling on the petition. If the tentative ruling is to grant the petition and no objection is...
A: California offers a unique tax planning opportunity for married couples: the double step-up in capital gains basis. When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value...
A: Any time you open a new bank account that you want to include in your trust, be sure to title the bank account in your name as trustee of your trust. This will ensure that the account is administered as part of your trust estate and that it is not subject to...
A: In community property states like California, when one spouse passes away, the entire value of community property assets—like a home or investments—receives a step-up in basis to the fair market value at that time. This means: - No capital gains tax if the...
A: If the cars are registered with the California DMV, you won't have to do anything to change or update the pink slips. This perk is brought to us by Probate Code Section 13050(b)(1), which excludes any such cars from a decedent's probate estate!
A: No. For better or worse, the law does not consider fairness, effort, or even relationships in determining who receives a share of an estate. There are only two possibilities: 1. No estate plan? The California probate code decides who inherits, and how much —this...
A: In California, a rescission deed can reverse a property transfer that unintentionally triggers a property tax reassessment. This legal tool restores the title to its prior state and may eliminate the unintended long-term property tax consequences associated with a...
A: No - Big changes are coming in 2025! Assembly Bill 2016 is raising the game for estate planning—by a lot! Starting April 2025, the threshold for what qualifies as a "small estate" will leap from $184,500 to $750,000 for primary residences. If your primary residence...
