If you are concerned about estate taxes and wondering how they apply to you, here are five important facts about federal estate taxes that you should know. The federal estate tax is a tax on all property that is transferred from someone who has died to their heirs. Luckily, there is a federal estate tax exemption that means only the wealthiest estates actually pay taxes. Here is what you need to know about estate taxes. No. 1. Only about 2 of every 1,000 estates is required to pay estate … [Read more...] about Five Facts About Federal Estate Taxes
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Conservatorship vs. Guardianship in California
In California, the term guardianship refers to the care of a minor and the term conservatorship refers to the care of an incapacitated or incompetent adult. Generally speaking, the purpose of a guardianship or conservatorship is to establish the legal authority for an individual to take over the care and support of another. There are many reasons why this type of authority may be necessary. The person in need may be a minor or may be incapacitated in some way that requires the assistance of … [Read more...] about Conservatorship vs. Guardianship in California
Revocable Trust vs. Irrevocable Trust: Which Do I Choose?
There are different types of trusts with different benefits and goals. However, all trusts are categorized as either revocable or irrevocable. The distinction is important because, depending on the type of trust, you may or may not be able to modify its terms. When you consider revocable trust vs. irrevocable trust, here is what you need to know to decide which is best for your needs. What you should know about irrevocable trusts Irrevocable trusts are common estate planning tools that allow … [Read more...] about Revocable Trust vs. Irrevocable Trust: Which Do I Choose?
Everything You Need to Know about Wills
Although there are different types of wills, there are still certain standard requirements for a will be considered valid. Basically, the person creating the will must be at least the age of majority and of “sound mind,” meaning they have the legal capacity to create the will. A will should identify an executor to manage the will and handle the probate process. Each state will also have its own laws about how wills are signed and executed, including how many witnesses are required. The basics … [Read more...] about Everything You Need to Know about Wills
How to Probate a Will in California
When someone dies, their estate will typically go through the probate process. That is the manner in which the money and property which makes up their estate will be distributed to their heirs. In order to probate a will, the process will generally involve several steps, including proving the existence of the will, identifying and inventorying the property, appraising the property, paying debts and taxes, and finally distributing the assets that remain. Probate a Will Here is what you need to … [Read more...] about How to Probate a Will in California
Fatal Crash in Hesperia Highlights Need for Estate Plan
As of March 3rd, rescue crews postponed the search for a missing two-year-old who is believed to have died when his mother's car inexplicably swerved into the California Aqueduct in Hesperia, killing her and another child. Tragically, only of the three children in the car appears to have survived. Although a dive team searched repeatedly for the toddler Noah’s body, they were unable to find the child. San Bernardino County Sheriff’s investigators could not determine exactly why the red … [Read more...] about Fatal Crash in Hesperia Highlights Need for Estate Plan
How Can Los Angeles Elder Law Attorneys Help?
Los Angeles elder law attorneys specialize in legal issues that relate to seniors. This legal specialty became more recognized in the 1980s when the legal issues facing seniors became more complicated for various reasons. Changes to the Medi-Cal laws, along with an increase in the need for nursing home care for seniors, as well as many other issues, made elder law attorneys more necessary. If you are wondering why you would need a Los Angeles elder law attorney, here are a few things to … [Read more...] about How Can Los Angeles Elder Law Attorneys Help?
Ways to Apply for Emergency Medi-Cal Coverage [UPDATED 2020]
Medi-Cal is not a practice area we service and this blog content is for informational purposes only. There may be a situation where, as a California resident, you need emergency health care coverage under Medi-Cal. Since Medi-Cal is a state-funded health insurance benefits program that has income and asset limitations, in terms of eligibility, obtaining approval for emergency Med-Cal benefits can be tricky. There are a couple of options you have for streamlining the application … [Read more...] about Ways to Apply for Emergency Medi-Cal Coverage [UPDATED 2020]
Los Angeles probate Lawyer Explains the Difference Between Probate and Non-Probate Assets
One of the things a Los Angeles probate lawyer can help you understand is the difference between probate and non-probate assets. Probate refers to legal proceedings through which a court decides how to distribute your property upon your death. Who receives those assets depends on the type of property being distributed. Probate assets are distributed to heirs by the court and non-probate assets bypass the court process by going directly to your beneficiaries. What type of property is considered … [Read more...] about Los Angeles probate Lawyer Explains the Difference Between Probate and Non-Probate Assets
Mistakes to Avoid in Los Angeles Trust Administration
If you have been asked to serve as a trustee, you are agreeing to a take on a very important responsibility. The services of a trustee are critical to successful Los Angeles trust administration. As the trustee, you are the individual responsible for ensuring that the requirements set out in the trust agreement are satisfied. The trustee is also responsible for managing the assets that have been placed in trust, as well as maintaining accurate records of all transactions that involve the trust … [Read more...] about Mistakes to Avoid in Los Angeles Trust Administration
