Estate Planning

For most families, grieving the loss of a relative is stressful enough. The last thing they want to do is fight over that person's possessions.  However, contesting a will is more common than you might think, and for some, a will contest is inevitable.  The good news is, there are certain strategies you can use to avoid dealing with contested wills.  First, you should be familiar with some of the common reasons people contest a will. The four legal bases for contesting a will There are … [Read more...] about 4 Reasons for Contesting a Will

A durable power of attorney is a great tool used in estate planning because it allows you to choose someone you trust to take over and manage your affairs in the event you become incapacitated for any reason. This is true regardless of whether your incapacity is temporary or permanent.  However, the power of attorney must be designated as "durable," if you want it to remain effective even after you become incapacitated.  Here is what you should know about a durable power of attorney. What is a … [Read more...] about The Benefits of Having a Durable Power of Attorney

Contrary to what many people think, you cannot simply leave money to your pet in your will.  Pets are considered property under the law, so they cannot “inherit” money from you, as some people assume.  Yet, even with a detailed provision in your will for your pet, you may not be securing your pet’s future as well as you might think.  If you want to guarantee that your family friend will be properly cared for after your death, you should seriously consider a pet trust. Your Los Angeles estate … [Read more...] about Should I Include a Pet Trust in My Estate Plan?

You might be surprised to learn that, as common as a will may be, many people do not have one when they die. Wills are invaluable tools in estate planning which allow you to determine exactly how you want your property to be distributed after your death. If you are a California resident and you do not have a will, then California inheritance laws will determine how your estate will be distributed. To learn about creating wills and trusts, join us for a FREE seminar by clicking this link. … [Read more...] about How California Inheritance Laws Determine Distribution of an Estate [UPDATED 2020]

There are several important executor duties that need to be fulfilled when administering an estate.  One of those duties includes paying off the claims of creditors who have legitimate legal claims.  Those payments must be made before the estate can be closed and final distributions to beneficiaries made. Problems can arise, though, when there is insufficient property left in the estate to pay those claims, as well as make the specific bequests that are required under the estate plan. When that … [Read more...] about What Are the Executor Duties to Pay Creditors?

A living trust is a very useful estate planning tool you should consider including in your estate plan. However, before you take that step, there are a few common myths regarding living trusts of which you should be aware.  This article will debunk the 3 most common myths.  For a complete understanding of how this estate planning tool can benefit you, discuss your options with your Los Angeles living trust lawyer. Myth: You have to give up control of your property when you create a living … [Read more...] about Living Trust Lawyer Dispels Common Myths

If you have minor children, there is no doubt that you are concerned about their welfare, not just now, but in the future as well. Something parents often don’t want to think about, is who will take care of their children if something happens to both parents. But, even though we don’t want to think about it, we should still be prepared for the possibility of our children not being with us at some point. Planning ahead can give you the peace of mind you need. That means planning for guardianship … [Read more...] about Understanding Guardianship for Minors in California

Before you choose to substitute a do it yourself will for professional advice from an estate planning attorney, you should understand the risks. While the potential problems are greater with complex legal matters, most of the mistakes that occur with do it yourself wills relate to how the document was drafted and executed. If you are considering drafting your own will there are a few things you should consider. A cheaper, computer generated online will cannot compare to a professional drafted … [Read more...] about Should I Use a Do It Yourself Will?

Estate taxes and inheritance taxes are different based on who is responsible for paying the tax. An estate tax is imposed on the individual giving the property, instead of the person receiving it. Whereas an inheritance tax is imposed on the person receiving the inheritance. Inheritance taxes are not as common as they used to be, but here is what you should know about California inheritance tax. The definition of an inheritance tax When an heir or beneficiary receives money or property from an … [Read more...] about There is no California Inheritance Tax

If you are working on your estate plan, you should consider whether a trust should be a part of that plan. The benefits of trusts include both probate avoidance and reducing estate tax liability. Before you can determine whether a trust is a component you need in your estate plan, you need to first be able to answer the question, "what is a trust?" Once you understand what it is and what it can do, you will know what you need to create one. What is a trust? A trust is essentially a fiduciary … [Read more...] about What is a Trust and how do You Create One?