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...
A: You can choose either option! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
A: No, you're not. While many people choose a family member or close friend who’s also a beneficiary, you can pick anyone you trust and feel is up to the task—whether that’s another family member, a trusted advisor, or even a professional like an attorney or a...
A: Below are 3 different ideas to consider: 1: Gifting to Reduce Estate Value - In 2024, you can gift up to $18,000 per recipient annually without incurring gift taxes, or $36,000 as a married couple. These gifts lower your estate’s value without using your lifetime...
