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...
A: Yes! In California, decedent's estates with a fair market value of more than $184,500 must go through a formal probate in court to be administered and eventually distributed to the decedent's heirs. One way to avoid probate is to create a trust and transfer your...
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: In the event of an unexpected death, courts will consider the best interests of a child when determining who is the best fit as guardian, and the wishes of a parent are generally given tremendous weight in making that decision. If it matters to the parent who would...
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: Unfortunately, this is no longer possible under Prop 19, which went into effect on February 15, 2021. In order to qualify for the parent to child exclusion from reassessment, the property must be the parent's primary residence and also the primary residence of the...
A: A durable power of attorney is a legal document that authorizes another person to act on your behalf immediately or when you become incapacitated. By signing a durable power of attorney, you give the nominated agent (also called the attorney-in-fact) the ability to...
A: Yes you do! This is what we estate planning attorneys refer to as "trust funding". In this case, you will need to make sure you sign and record a new grant deed showing your trust as the owner of the property! And remember, if you forget to do this, your...
A: Yes! The Federal Lifetime Exclusion Amount (for deaths that occur in 2023) is now set at $12.92 million per person (or $25.84 million per married couple). This means that a married couple can effectively leave $25.84 million of inheritance to their chosen...
