Many people in California view an estate plan as little more than a directive about how to divide and distribute their assets after they die. While this sentiment is correct, it does not account for important matters such as minimizing estate and gift taxes or...
Focused And Personalized Attention Concerning Your Estate Planning Needs
Michael A. Sawamura, Attorney at Law
For many people, estate planning should include tax planning
Most people in California don't have to be concerned about estate taxes when they prepare an estate plan. The federal estate tax only applies to estates that are worth more than $5,490,000. Married couples can effectively combine their estate tax exemptions, meaning...
Heirs continue legal fight in Anna Nicole Smith case
Some readers may remember the probate fight involving former model Anna Nicole Smith and the estate of her deceased husband, Texas billionaire J. Howard Marshall. Smith married Marshall in 1994 when she was 26 and he was 89. When he died the following year, Smith was...
When are simplified probate proceedings available in California?
Probate in California can be expensive and time-consuming. But if an estate is of relatively modest size, a full estate administration proceeding may not be required. Under California's Probate Code, simplified proceedings are available for smaller estates.If the...
California law limits how long a trust interest can last
Creating a family trust that will endure for generations is an ambition of many people who have amassed significant wealth. Under California law, however, there is a limit on how long an interest created by a trust can last. That limit is called the "rule against...
Do I need a durable power of attorney?
A Sacramento resident must decide for himself what estate planning documents he wants to execute to ensure that his affairs will be managed to his expectations in the event of his incapacitation or death. As such, readers are asked to speak with their estate planning...
Living trusts have many advantages in California
For some people in California, estate planning is very simple. The cornerstone of their estate plan is a simple will containing instructions as to how their assets should be distributed upon death. Combined with a durable power of attorney to provide some protection...
California families should know the warning signs of incapacity
Sooner or later many families in California will have to face the reality that aging loved ones are no longer able to manage their own financial affairs. Research has shown that an individual's ability to make financial decisions peaks at about age 53. A person's...
How long does the probate process take in California?
Probate refers to the court-supervised process of distributing a person's assets after they have died. In California, the probate court handles cases in which a person died "testate," or with a will, or "intestate," without a will. If the person left a will, their...
Enter the new year by planning for the future
Many Americans welcome the new year with thoughts and expectations of good health, wealth and success. It is also important during these times to not just consider the immediate future, but long-term goals as well. When do you want to retire? Will you be ready to...