One of the most common concerns in estate planning is tax avoidance. One of the primary goals for estate plans should be decreasing or eliminating taxes, whenever possible. With the current federal estate tax rate at 40%, it is easy to see how taxes can substantially reduce your wealth. Luckily, there are easy ways to leave your estate to your spouse tax free. The Marital Deduction is Unlimited Estate taxes apply to any asset transfers you might make to your closest relatives, with a few … [Read more...] about Leaving Your Estate to Your Spouse Tax Free
A power of attorney is one of the most common estate planning tools used today. It is a flexible legal instrument that can be customized to fit every client’s unique needs. This customization includes the ability to create either a general or specific power of attorney, depending on the purpose of the instrument. Two equally common specific powers of attorney are for finances and healthcare. When is a power of attorney effective? That will depend on the purpose of the document and the … [Read more...] about When is a Power of Attorney Effective
Legacy Wealth Planning: Protecting Your Family's Future from Scott Schomer Legacy wealth planning is a way to help preserve your financial wealth using such estate planning tools as Wills, Power of Attorney, Living Trusts, Living Wills and many othe instruments. Learn more about legacy wealth planning in California in this presentation. … [Read more...] about Legacy Wealth Planning in California: Protecting Your Family’s Future
A power of attorney in California is one of those crucial estate planning tools that is used to accomplish a great many goals. Topics covered in this report include: What is a Power of Attorney? How is a Special Power of Attorney Different from a General Power of Attorney? Durable Power of Attorney Benefits of Having a Power of Attorney How is a Power of Attorney Terminated? Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Power of Attorney in California
Estate planning involves preparing yourself and your family for the possibility of incapacity and the inevitability of death. Different estate planning tools can be used to create a plan depending on which type of plan you need. You can certainly prepare for both by creating a comprehensive plan. Planning for the future is very important. For one thing, planning ahead will allow you to ensure that your property is inherited by the people you choose, while reducing the amount of estate taxes … [Read more...] about What Is Estate Planning?
Some people, in an effort to avoid probate, choose to add their children to the title of their property, such as real estate or vehicles. This can work in some situations, but depending on the circumstances, it may cause more problems than its worth. Understanding the different types of property ownership, as well as the consequences, will allow you to make a better decision about which type of ownership will accomplish your goals in estate planning. Types of Ownership in Real Estate The term … [Read more...] about Can I Create a Joint Tenancy With My Child in Los Angeles?
Individuals with disabilities require substantial resources to care for not only their medical needs, but their personal needs as well. If you care for someone who is disabled, you are probably familiar with need-based government assistance programs, such as Medi-Cal and Supplemental Security Income (SSI). Eligibility for these two programs is based on income. A Supplemental Needs Trust is an estate planning tool that can be used for the benefit of the disabled, while protecting their … [Read more...] about What is a Supplemental Needs Trust?
Dying intestate in Los Angeles means dying without a will. How your property is distributed in that situation, depends largely on which relatives survive you. Each state has its own set of laws regarding “intestate succession,” including California. In order to inherit in California, it is required that the person outlives you by 120 hours. So, for example, if you and your sister are involved in a car accident where your sister died only a couple of hours after you, her estate will not … [Read more...] about If I Die Intestate in Los Angeles, How will my Property be Distributed?
A Power of Attorney, or POA,6 is a very common estate planning tool which can be customized to fit your specific needs. Part of that customization is the ability to execute either a general power of attorney or a specific power of attorney, depending on your intended purpose. Since every person and every family will have distinct needs that should be addressed in estate planning, understanding the benefits of different types of powers of attorney will help to ensure that you create your own … [Read more...] about Power of Attorney in Los Angeles: How is a Limited POA Different from a General POA?
So, someone just gave you a gift, and you are wondering whether you will be required to pay any taxes on it. It depends on the situation. Is it an inheritance, as opposed to a gift from someone who is still living? What is the value of the gift? Inheritance taxes may apply Whenever you receive money, personal property or real estate from someone’s estate when they die, you will be required to pay an inheritance tax. The executor of the estate will divide the assets from the estate and … [Read more...] about Do I have to pay taxes if someone gives me money?