Estate Planning And Business Law In Napa Valley And Beyond

A: Yes and no. First, let’s clarify the difference between a trust amendment and trust funding. An amendment is when you actually change the terms of the trust itself; this may be removing a particular successor trustee, or adding a new beneficiary, for example....

A: Federal estate taxes are currently levied on all estates that exceed $12.92 million in value. Each state also has the right to charge its own estate tax at the state level. Fortunately, the State of California does not have an estate tax separate from the federal...

A: You and your spouse should not only create a trust, but should also sign a Community Property Agreement. In California, which is a community property state, confirming their assets as community property could save the surviving spouse as much as six figures in...

A: No, your trust can be created to include any children you have now and any children that you may have in the future. Amending your trust in the future is an option if you want to change any of its provisions, but you can rest assured that it can be created...

A: You start by assembling your team of superstar players by choosing the best people to serve as your executor/trustee, power of attorney, healthcare agent, guardian of your children, etc. They'll work together to carry out the goal of scoring as many runs as...

A: Although you certainly can, you will want to be thoughtful before doing this because you could inadvertently disinherit one of your children if you decide to sell one of those properties during your life and then fail (or forget) to go back and update your estate...

In addition to the significant cost savings of avoiding probate, a thoughtful estate plan also allows you to do all of the following: - protect and provide for the care of your children or other loved ones - provide for management of your own finances and care if you...

A: Here are 5 simple steps to update your estate plan: 1. Review your existing estate planning documents and make notes of the changes you want to make. 2. Create an updated inventory of your assets, how title is held, and who the beneficiaries are, if any. 3. Meet...