Before the United States Supreme Court made the decision that banning gay marriage was unconstitutional, navigating the seas of state law, both for and against gay marriage, was treacherous. Is it hard for gay couples to get a divorce? Not anymore, but there was a time, just a few months ago, when it would have been a problem. The problem with a lack of uniformity in marriage laws Just a few years ago, a story was published in the New York Times about a same sex couple that was faced with … [Read more...] about Is it Hard for Gay Couples to Get a Divorce?
Article
Self Proving Wills in California
Are you worried that your children will be fighting over your possession after your death? Even if you have a will in place, there is the possibility that some of your heirs will contest the terms of your will if they feel they are not getting what they deserve. Self proving wills may be the solution. A self-proving will can eliminate the need for witnesses to testify in court about the validity of your signature. In other words, the Court can assume that the will is valid, without a lengthy … [Read more...] about Self Proving Wills in California
Mistakes to Avoid in Special Needs Planning
If you have a child or adult relative with special needs, you may have already included a special needs plan in your overall estate planning. If not, you definitely should. A special needs plan is a necessity for all families with a loved one who is disabled in some way. Special needs planning is not a simple task, however. There are many common mistakes to avoid in special needs planning, which could potentially make your planning efforts worthless. Why is a special needs plan … [Read more...] about Mistakes to Avoid in Special Needs Planning
What is a Step up in Basis?
Are you familiar with capital gains? That is, the difference between the purchase price of an asset and the sales price. The IRS requires you to pay taxes on all of your capital gains. There is a special rule for inherited property, however. This rule is referred to as “step up in basis,” and it provides a very valuable tax break. How does the “step up in basis” work? Let’s say, for example, that you inherited a house from your grandmother. When she bought the house in 1980, she paid … [Read more...] about What is a Step up in Basis?
Why Do I Need an Estate Plan for Business?
Estate planning, in general, has many benefits. From protecting your assets from excessive taxes, to determining how your assets will be distributed upon your death, an estate plan can benefit anyone. The benefits of estate planning for family-owned businesses should not be overlooked. Family business owners need an estate plan for business, to aid in making important decisions regarding business organization and to prepare for succession of that business to the next generation. Business estate … [Read more...] about Why Do I Need an Estate Plan for Business?
What Is a Publicly Traded Company?
Publicly traded. Privately held. What does it all mean? Unless you have experience with the stock exchange, you may not be very familiar with the differences between publicly traded and privately held companies. The distinction is based, primarily, on public disclosure. Companies that are privately held are not required to make public disclosures of their financial information, as their stocks are not traded on the public market. A publicly traded company operates much differently. The … [Read more...] about What Is a Publicly Traded Company?
Common Pitfalls in Estate and Probate Administration
When an estate is probated, the courts supervise the transfer of the estate of the deceased in an organized manner. There are rules and procedures that must be followed, based on the probate laws of the state where the person resided. An executor or administrator will be appointed to oversee this process. If you have the honor of serving in that important capacity, there are a few common pitfalls in estate and probate administration that you should try your best to avoid. The probate process … [Read more...] about Common Pitfalls in Estate and Probate Administration
Written Property Agreements for Unmarried Gay Couples
Gay couples who are unmarried, but in a long-term relationship, may want to consider a plan for the unfortunate possibility that the relationship may end at some point. Just like with marriages, separation can be stressful. Written property agreements can eliminate the potential for a lengthy, and potentially expensive, fight if they ever separate. The substance of a property agreement Like other types of contracts, a property agreement is easily customizable. As such, each couple can … [Read more...] about Written Property Agreements for Unmarried Gay Couples
How Does the Medi-Cal Spend Down Process Work?
Low-income individuals may be eligible for healthcare assistance, through Medi-Cal, if they are “medically needy.” That means the individual’s resources must not exceed the maximum resource amount allowed in their state. If, by chance, that individual’s income exceeds that amount, they may still be eligible, through Medi-Cal spend down rules. If you are able to “spend down,” or deduct your medical expenses from your income, you may be eligible for Medi-Cal. So, how does the Medi-Cal spend … [Read more...] about How Does the Medi-Cal Spend Down Process Work?
LA Probate Law Talks about Durable Power of Attorney
LA Probate Law Talks about Durable Power of Attorney Many people wonder why they need a power of attorney (POA) as part of their estate plan, well the answer is typically because they’re not dead yet. Most Wills and Trusts are created to spring to life upon the death of an individual. What this means is that if for any reason due to failing mental health, Alzheimer’s, dementia, coma or any other reason somebody is not able to sign their name to a legal document or conduct their finances … [Read more...] about LA Probate Law Talks about Durable Power of Attorney
