Estate Planning

When someone dies, the money and property which makes up their estate will be distributed to their heirs. Typically, for the property to be distributed, the estate must go through the probate process. This involves several steps, including proving the existence of a valid will (if applicable), identifying and inventorying the property, appraising the property, paying debts and taxes, and then distributing the remaining property. There is one important statute that affects the distribution of … [Read more...] about An Executor of Estate Should Know the California Slayer Statute

If you are one of many who shares the misconception that there is an estate tax exception for lottery winnings, you may be disappointed. With the enticingly large multi-state Powerball payouts lately, the potential estate tax consequences for lottery winnings can be significant. Although there is no California estate tax on the state level, the IRS will be sure to take its share of your winnings. Here is what you need to know. California Estate Tax has been eliminated As of January 1, 2005, … [Read more...] about California Estate Tax and Lottery Winnings

When someone dies, the money and property which makes up their estate will be distributed to their heirs. Usually, for those assets to be properly distributed, the estate must go through the probate process. This involves several steps, including proving the existence of a valid will (if applicable), identifying and inventorying the property, appraising the property, paying debts and taxes, and then distributing the remaining property. This article will discuss the responsibilities When of an … [Read more...] about Responsibilities of Executor in Probating California Estate

If you ask some clients, their primary goal in estate planning is trying to avoid probate at all costs.  If that is your goal as well, then you might want to consider a pour over will.  Essentially, a pour over will can be used, along with a living trust, to select property that will "pass through" your will after your death and be "poured" into an established trust.  The property can then be distributed to the beneficiaries identified in the trust. Some of the advantages of a pour over … [Read more...] about Do I Need a Pour Over Will?

The reasons you may choose to create an estate plan can be many, as the process of estate planning typically has many goals.  However, asset protection should definitely be one of those goals. For that reason, financial planning is a must. The ability to protect your assets from creditors and other sources of liability can be immensely helpful.  Preserving as much of your estate as possible for your heirs can only be achieved if you properly protect your assets with a financial plan. When … [Read more...] about Why Asset Protection is Important for Financial Planning

For those asked to serve as trustee for someone, you have a very important job ahead of you. In fact, the role of trustee is a vital element of successful trust administration. The trustee is the one who is responsible for certifying that the provisions of the trust are followed. A trustee is ultimately accountable for managing the trust property and keeping true records of all transactions. This is a tremendous responsibility and there are a few mistakes you must try to avoid. Failing to abide … [Read more...] about Los Angeles Trusts Attorney Can Help You Avoid Mistakes

Following the death of the pop music icon Prince, a legal battle has ensued seeking to determine who gets a piece of his mega estate.  Despite a reportedly exhaustive search, no will has been discovered leaving the state of Minnesota to hash out who inherits what from the estimated $250 million estate.  What is “intestate succession?” When a person dies without a will, there are specific laws in each state that address the disposition of that person’s assets to their spouse and/or heirs.  … [Read more...] about Let Prince be an Example: Don’t Die without a Will

It may be surprising how often people confuse a living will with a last will and testament or a living trust.  There are certain aspects of a living will California residents should know.  For instance, a living will is used to provide specific instructions regarding the type of medical treatment you agree to or want to refuse if you should ever become critically ill.  Living wills include legal documents such as Do Not Resuscitate orders or DNRs.  Here is what you should know. How a living … [Read more...] about Aspects of a Living Will California Residents Should Know