Everyone had eyes at the top of the ticket on November 3. But other elections also had a significant impact on people’s lives. In California, voters had many propositions, including Proposition 19. As of November 9, 2020, Proposition 19 was headed to passage by a margin of 51.2% to 48.8% with 84% of the vote counted. Proposition 19 is a ballot measure in California to modify Propositions 13 and 58. Proposition 13 passed in 1978. Proposition 13 limited property tax increases to 2% annually … [Read more...] about Planning for California’s Proposition 19
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Far too many people go through life without any estate planning documents, because they think that they will always have time to do it later on. Sadly, in many cases, they never get around to it. Under these circumstances, surviving family members often pay the price. Intestacy If you die without a will or a trust, the condition of intestacy would be the result. The probate court would preside over the estate administration process, and the proceedings would unfold in accordance with the laws … [Read more...] about What Happens If You Die Without a Will?
When you plan your estate, you obviously have to record your wishes in writing with regard to the way you want your assets to be distributed. This will typically be done through the use of a simple will or a trust of some kind. This is at the core of the endeavor, but you should see a complete picture. There is a human element, because someone has to do what it takes to bring these wishes to fruition. If you use a will, that individual is the executor, and the trustee is the administrator of … [Read more...] about Share Information With Your Estate Administrator
As estate planning attorneys, we are often asked about how individual retirement accounts can be used for estate planning purposes. There has been some important recent news about the rules surrounding these accounts, and we will share it here. But first, we will provide some necessary background information. Traditional Individual Retirement Accounts With a traditional IRA, the deposits that are made into the account are pre-tax contributions. In the near term, this is a tax benefit, because … [Read more...] about CARES Act Impacts IRA RMDs
As a firm that specializes in elder law and estate planning matters, we provide comprehensive assistance to people that are looking ahead toward the eventualities of aging. At the same time, we also work with families in a holistic manner, because in many instances, there will be cooperation between generations. This becomes especially relevant when seniors are starting to become unable to handle all their own day-to-day needs. There are some statistics that you should digest if you have … [Read more...] about Medi-Cal Waiver Can Provide Relief for Caregivers
It is always important to review that there are five key areas of financial planning: Preservation, Retirement Planning, Investments, Tax Planning, and Estate Planning As a comprehensive financial services firm, we try to always consider the impact of any recommendation we make on not just one, but all of these areas for our clients. The webinar focuses primarily on the economy’s outlook and some year end tax planning ideas which could have an impact on some of your financial … [Read more...] about Webinar Recording: 2019 Year-end Tax Planning for Investors
The sale of real estate in a probate administration proceeding presents a number of traps for some. Failure to comply with all requirements can result in a failure of the sale and the requirement that the process start over. Join us as we discuss common requirements and suggested procedures when selling real property during the Probate process. … [Read more...] about Webinar Recording: The Ins and Outs of Selling Real Property During a Probate
It takes a comprehensive approach to construct an estate plan that covers all of your bases. Yes, you have to take the right steps to get financial assets into the hands of your loved ones in the appropriate manner. This being stated, you should also consider the events that may enter the picture before you pass away. Aging Takes Its Toll There is no way you can truly wrap your head around the way that it will feel to go through life as an octogenarian. This can seem like a feat of longevity … [Read more...] about Incapacity Planning Can Prevent Conflicts
A living trust is a common estate planning tool when it comes to probate avoidance. Many clients are seeking ways to avoid the lengthy and expensive court proceeding. In the absence of a trust or some other estate planning tool, estates are required to go through probate. However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool. What is a Living Trust? A “living trust” is a specific type … [Read more...] about What Does it Mean to Have a Living Trust?