If you are looking to make the most of your donations to charity, you should consider a charitable remainder trust which is a valuable estate planning tool. These types of trusts will allow you to provide generous donations, while also taking advantage of very generous tax breaks for you and your beneficiaries. How does a charitable trust work? Charitable trusts are irrevocable, which means once they have been executed, they cannot be changed. Once you transfer property to a charitable … [Read more...] about What is a Charitable Remainder Trust?
Trust Administration and Probate
The Disadvantages of a Bare Bones Trust
The Disadvantages of a Bare Bones Trust from Schomer Estate & Wealth Advisors While it might seem like a quick way to accomplish your estate planning goals, do-it-yourself trust forms are not really the way to go. Essentially, these “bare bones” living trusts are sold more as a way to avoid probate, but they can create more problems than they actually solve. … [Read more...] about The Disadvantages of a Bare Bones Trust
How to Distribute Assets to Beneficiaries
If you have been given the important role of being a personal representative of the estate of a loved one, you have many duties and responsibilities ahead of you. As the impartial representative of everyone who has an interest in the estate, it is your job to take possession of the property of the estate and distribute it pursuant to the terms of the will or the laws of intestate succession in California. Knowing how to distribute assets to beneficiaries will help you understand what will be … [Read more...] about How to Distribute Assets to Beneficiaries
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
Free Report: The Disadvantages of a Bare Bones Trust in California
While it might seem like a quick way to accomplish your estate planning goals, do-it-yourself trust forms are not really the way to go. Essentially, these “bare bones” living trusts are sold more as a way to avoid probate, but they can create more problems than they actually solve. There are many disadvantages to using a bare bones trust that you should be aware of, before you settle for the quick, one-size-fits all form. Appropriate estate planning requires time and money You can cut costs … [Read more...] about Free Report: The Disadvantages of a Bare Bones Trust in California
Free Report: The Ins and Outs of Distributing An Estate in California
In California, the probate process is begun in the superior court in the county where the deceased was living at death. After the initial petition is filed with the court, a hearing will be set for thirty days later. A notice of that hearing must be published, according to the court’s procedures, to notify not only the public, but also all potential heirs and creditors. Topics covered in this report include: The general steps in the probate process … [Read more...] about Free Report: The Ins and Outs of Distributing An Estate in California
How Do I Fund My Trust?
Creating a trust is only the first step to protecting your assets in a comprehensive estate plan. The next important step is actually funding the trust, which means transferring your assets and property into the trust. When we are asked: “how do I fund my trust?” the answer depends on the type of assets you have chosen to include in the trust, as well as the type of trust you want to create. As with most things, you have several options. Being knowledgeable about the most common ways to fund … [Read more...] about How Do I Fund My Trust?
Do Beneficiaries Pay Inheritance Tax?
Wouldn’t it be exciting to find out that you are about to inherit from your great uncle’s estate? Then it crosses your mind – do beneficiaries pay inheritance tax? Well, every estate is required to pay taxes to the government, but is an heir required to pay taxes on money received from a will? The answer depends on where you live. California does not impose an inheritance tax. However, there are some exceptions to this general rule, in California, that you should be familiar with. Also, … [Read more...] about Do Beneficiaries Pay Inheritance Tax?
Estate Planning with POD or TOD Accounts
It is not complicated to avoid probate, if you take a few simple steps to ensure that property passes to your heirs having to go through the court process. One very simple way to do this, is to designate beneficiaries to inherit certain accounts you own, automatically, upon your death. POD and TOD accounts are good examples of those types of accounts. Why avoid probate? Probate can be a lengthy, complicated legal proceeding. Depending on how complex the assets and property in your estate … [Read more...] about Estate Planning with POD or TOD Accounts
Should I Name My Attorney Trustee of my Living Trust?
A trust is an agreement between you and your trustee, as to how to handle your assets and your personal affairs. Therefore, a trustee is a very critical part of the living trust. The trustee is ultimately the person who ensures that the terms of your trust are being followed. Typically, the trustee will be handling your financial affairs by paying your bills, making investments and maintaining accurate records of your finances. Naming an attorney trustee of your living trust, is always an … [Read more...] about Should I Name My Attorney Trustee of my Living Trust?
