Los Angeles Probate Process 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 a Los Angeles 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. CLICK … [Read more...] about 7 Steps of the California Probate Process [UPDATED 2023]
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Pros and Cons of a Conservatorship in California
If you are considering whether you need to establish a conservatorship, you aren't alone. Many people have loved ones who may be in need of regular, formalized assistance with their affairs. There are pros and cons to establishing a conservatorship in California. There are also many alternatives that may be more appropriate for your loved one's situation. Discuss your options with your elder law attorney before making a decision. What is a conservator? A conservator is someone appointed by … [Read more...] about Pros and Cons of a Conservatorship in California
Do I Need Medi-Cal or Medicare?
When people start to consider the need for government benefits, many clients become confused about the difference between Medi-Cal and Medicare. Which one do you need? Medi-Cal lawyers are more than capable of explaining the differences and advising you on which type of benefits you need, or which type you are eligible for. What is Medicare? Medicare is a federal health insurance program available for individuals who are age 65 and older, disabled, or dialysis patients. Unlike Medi-Cal, … [Read more...] about Do I Need Medi-Cal or Medicare?
Dying without a Will in California
You might be surprised to learn that, as common as a will may be, many people do not have a will in place 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 do not have a will, then your estate will be distributed according to the law in your state. The concept of dying without a will is referred to as "intestate succession." What is “intestate succession?” Dying "intestate" … [Read more...] about Dying without a Will in California
5 Mistakes to Avoid in Filing Estate Tax Return
Whether you are an executor of an estate or CPA, preparing a federal estate tax return can seem to be a daunting task. Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return is due nine months after a client’s death. This return serves as a summary of the assets included in the decedent’s taxable estate and valued as of that date. This is an important part of estate administration. Here are five common mistakes to avoid. Mistake No. 1 - Missing the Filing Deadline If … [Read more...] about 5 Mistakes to Avoid in Filing Estate Tax Return
The California Lottery Pays Big for Education in Los Angeles
The California Lottery may be the fastest growing state lottery in the country, with recent sales exceeding $5.5 billion, for the first time in the state's history. With all but six states having a lottery, millions of students across the country are the biggest winners. In recent years, the California Lottery has reported spending a record $1.39 billion in supplemental funding for its schools. The history of the California Lottery Beginning in 1985, the California Lottery has contributed in … [Read more...] about The California Lottery Pays Big for Education in Los Angeles
What You Need to Know About California Estate Tax [UPDATED 2019]
The top concern for most clients in estate planning is the issue of estate taxes. In fact, for most people, the primary goal of estate planning is to reduce or eliminate estate taxes if at all possible. The federal estate tax rate is 40%, but there is an estate tax exemption available. While there is no longer a California estate tax, the federal estate tax remains. Here is some basic information you need to know about this issue. To learn how to reduce estate taxes and the ins and outs … [Read more...] about What You Need to Know About California Estate Tax [UPDATED 2019]
2 Main Purposes of Estate Planning
Estate planning is meant to prepare you and your family for the chance of incapacity and for death. There are a variety of estate planning tools that can be used, depending on the specific goals of your estate plan. Purpose No. 1: Planning for possible incapacity Incapacity can be caused by either a physical or mental condition. The notion of incapacity, in a legal sense, refers to the ability to understand the nature of consequences of legal proceedings. However, when you are dealing with … [Read more...] about 2 Main Purposes of Estate Planning
Is it Possible to Reject an Inheritance?
Most people would take the news of an inheritance very well. Who wouldn't welcome some unexpected money or property? Yet, there are some circumstances when an inheritance would not be the best news. If you find yourself in a situation where it would be best not to accept an inheritance, how would you do that? The reality is, you can reject an inheritance. However, it is a little more complicated than saying, "no thanks." Your estate planning attorney can help you with your inheritance … [Read more...] about Is it Possible to Reject an Inheritance?
Three Benefits of a Living Trust
Most clients understand the importance of having a written legal document that provides instructions for distributing your assets after your death. But, which type of legal document should you choose, and why? If you are contemplating whether to create a will or a living trust, here are three benefits of a living trust that you should consider. How a living trust is different from a will Both a living trust and a last will and testament involve the distribution of assets, however, they are … [Read more...] about Three Benefits of a Living Trust
