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LA Probate Law Discusses Annuities   An annuity is a form of an insurance product. The California Department of Insurance (CDI) does not recommend or disapprove of these products. However, being an informed consumer can help prevent you from being the victim of unscrupulous sales practices and it helps you to make educated decisions for yourself and your family.  All insurers, brokers, agents and others engaged in the transaction of insurance owe a prospective insured who is 65 years of … [Read more...] about LA Probate Law Discusses Annuities

LA Probate Law Discusses Transferring Real Property into a Living Trust by Grant Deed   The popularity of living trusts, sometimes referred to as “revocable trusts,” has steadily been increasing and becoming the preferred method of transferring property at death in many situations. The main advantage of a living trust is that it avoids probate, a court process that can be very expensive and time consuming. For many people, their most valuable asset is their home. In fact, many living … [Read more...] about LA Probate Law Discusses Transferring Real Property into a Living Trust by Grant Deed

LA Probate Law on Community Property   Married couples and domestic partners are subject to community property laws. Community property includes all assets acquired by spouses during marriage while domiciled in California, except for inheritances and gifts made to only one spouse. The state of California considers any property acquired during a valid marriage by a husband or wife community property. Sections 760 and 771 of the California Family Code outline the state law pertaining to … [Read more...] about LA Probate Law on Community Property

LA Probate Law: Life Insurance Trusts   A Life Insurance Trust is simply a document that acts like a very private and secure box into which you place your life insurance policy. Did you know that upon your death the life insurance proceeds will be included in your Estate? The purpose of a life insurance trust is to avoid federal estate taxes on life insurance proceeds owned or controlled by the decedent. Anyone who buys their own life insurance, or has it provided by their employer, will … [Read more...] about LA Probate Law: Life Insurance Trusts

LA Probate Law: Estate Tax   Proper estate planning can be critical to minimizing your exposure to estate taxes and to ensuring that plans for dividing your estate among beneficiaries properly takes into account the impact of taxes, probate court costs and other estate settlement expenses. We have the legal and financial experience and resources to help minimize your exposure to estate taxes and other expenses, while ensuring that your estate is administered in accordance with your … [Read more...] about LA Probate Law: Estate Tax

LA Probate Law: Must an Estate be Probated? Probate is a legal proceeding that takes place following one's death, during which the administrations of certain portions of the estate are subject to court supervision, explains LA Probate Law. The primary probate proceeding takes place in the county where the deceased person resided; and “ancillary” probates will occur in every other state where that person owned real property in his or own name alone or as a tenant in common. The probate period … [Read more...] about LA Probate Law: Must an Estate be Probated?

LA Probate Law Explains Revocable vs. Irrevocable Trusts   When it comes to understanding trusts, knowing the difference between revocable and irrevocable trusts is crucial. If you ask for a revocable trust and get an irrevocable one, or vice versa, the legal and tax consequences will be significant. A California Revocable Living Trust is an excellent way to protect your assets, ensure their proper distribution upon death, avoid leaving your estate subject to probate court proceedings, … [Read more...] about LA Probate Law Explains Revocable vs. Irrevocable Trusts

LA Probate Law: Will is needed Why?   A will allows you, instead of state law, to decide who will receive your assets after you die. If you don't have a will, your estate will be distributed as required by the California Probate Code. If there is no estate plan, usually your nearest relatives will inherit the estate. Perhaps you would have wanted it this way, but if you wanted to make a gift to other relatives, to someone outside of the family, or to a charity, it won't happen unless you … [Read more...] about LA Probate Law: Will is needed Why?

LA Probate Law: How to Determine if You Should Pursue a Legal Case?   There are many reasons why people litigate. That is the question in many cases. There are several factors that go into making these decisions. Of course, these factors vary with the circumstances of the particular case states LA Probate Law. To determine whether or not you should pursue a legal case, you should ask yourself the following questions: 1. What are my damages? 2. Can I collect from the defendant if I win the … [Read more...] about LA Probate Law: How to Determine if You Should Pursue a Legal Case?

LA Probate Law All about Gift Tax   In general, a gift tax is owed whenever an asset transfer occurs in which the donor does not receive a comparable return of assets in exchange. In estate planning, problems often arise when a person preparing an estate decides to begin giving assets away in an attempt to avoid estate taxes after death. Unfortunately, such sudden charity can leave an estate open to taxes it cannot pay. Conversely, the proper planning of an estate using planned giving -- … [Read more...] about LA Probate Law All about Gift Tax