After the death of an estate owner, the estate is taxed whenever the property is transferred. In order to limit estate taxes, the individual can give gifts prior to death. There are several things you should know regarding how gifts are taxed according to estate tax law. Continue reading
Probate in California can be avoided with the use of the small estates law. California does not require estates of $150,000 or less to be probated. The assets can be collected forty days after death with a declaration or affidavit signed under penalty of perjury. The small estates law does not require documents to be filed with the Superior Court.
Trusts are very beneficial for estate owners to create. They leave you with peace of mind that your family will be able to inherit your estate. There’s different trusts available today. Each are beneficial to estate planning, income taxes, and for protecting your assets. Continue reading
Meeting the person you’d like to spend the rest of your life with in a second marriage is a joyous occasion. Often, one or each person has children from a previous marriage or relationship. In a blended family, the responsibility to take care of the children falls on both parents and the new spouse in many cases. When you have an estate to settle between the both of you and your blended children, California families need to plan for the future. Continue reading
Estate planning involves a transfer of wealth in families between generations. This is often a contentious and complicated process because no one relishes speaking of their own death, and how to disseminate their personal property among loved ones. This leads parents to make these decisions without involving their children or heirs so as not to burden them with such a morose topic, but this causes confusion, disputes and litigation against other family members and even personal attorneys. Continue reading
All of your belongings constitute your “estate.” These include your portable belongings (i.e. clothing, automobiles and cash) and your fixed property (i.e. land). When you die, all of your belongings will be placed in an estate for distribution. Therefore, you might want to contact a Palm Springs estate planning attorney to ensure that your children have a positive future. Continue reading
The term probate estate is in regards to any assets that are left behind when an individual dies. All fifty states require probate unless protection has been ensured with a trust. Probate validates wills, pays any debts and divides the assets among the existing beneficiaries. Continue reading
Probate is a legal process following the death of an individual. You will encounter this if the owner of the property you are listed as beneficiary dies.
Steps followed during the process include:
- Proving the will of the deceased person is valid in court.
- Identification and appraisal of the deceased’s property.
- Payment of taxes or debts owed. Continue reading
Some people are not comfortable discussing death and illness with their aging parents. In truth, all of us will get older and have to rely on others for various forms of support. While the aging process can be difficult you can lessen the strain by planning ahead of time. It is important to sit down with your parents and discuss their future with them. Continue reading
Estate planning is a complex process that involves the passing of inheritance from one generation to another. It can also be a primary source of contention among family members, however, many of the disagreements can be eradicated with proper estate planning and execution. Continue reading
Many people think of a probate litigation case, as a case that occurs after a person is deceased. That is only partially true as these cases can certainly involve cases involving wills, trusts, estates, asset disputes, joint bank accounts, gifts. There are many cases, however, that occur while a person is still living. Continue reading
We work our entire lives to be prosperous and leave a legacy for our loved ones and charities we care about. Tomorrow is promised to no one and there should be legal documentation in place to ensure everything that has been worked for will be utilized how you see fit. Continue reading
Probate court can be expensive, time-consuming and take the power to disperse family assets out of your hands. Estate Planning using a will & revocable living trust can ensure that your wishes are properly executed. Learn how our Palm Springs trust and estate law firm can help organize your inheritance property to avoid family disputes.
What is a Special Needs Trust?
When doing your estate planning, consider discussing with your Palm Springs disability attorney the benefits of having a special needs trust. This kind of trust allows loved ones to provide for family members with a disability, but ensures that they will still continue to receive government healthcare benefits such as Medicaid or Medicare and financial support such as SSI. The total sum of money that you allot to them is kept in a special fund, which distributes a set monthly amount to them that is within the government guidelines of what they are allowed to receive and still keep their benefits.
Power of Attorney is an important legal binding in the form of a document that gives broad powers for another person, the agent, to make a broad range of legal decisions on behalf of an individual, the principal. The person with Power of Attorney may sell property, sign contracts, make legal decisions, and make health care decisions. Continue reading
Trusts are often a complicated area of the law. A trust is formed when a person transfers their property to a beneficiary, giving them the benefit of the property. This individual is the trustor. In turn, the individual who receives the item is then known as the trustee. It is important that you know these roles as you begin to explore the laws surrounding trusts. Continue reading
An estate trustee has the huge responsibility of properly executing the last will and testament. He is legally appointed to carry out the wishes of the deceased. However, many times problems exists whenever the trustee does not act in the best interest of the estate, and it’s necessary to remove the trustee as soon as possible. This is when seeking the service of a Coachella Valley trust and estate law firm is extremely important. Continue reading