Avoiding unnecessary taxation has long been one of the primary goals of drafting an estate plan for California residents. As we noted in a recent post, the federal gift and estate tax exemption will increase to $5.45 million on January 1, continuing an upward trend...
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Estate Planning
Why consult an estate planning attorney?
The primary reason to prepare an estate plan is to ensure that your assets are passed on to those you want to receive them. If you die without a will or trust in California, your estate will be distributed according to the state's intestacy laws. Our law firm...
2016 is a good year to prepare an estate plan
Many individuals in Northern California have been meaning to get around to estate planning for some time. Some people may make it their New Year's resolution to prepare an estate plan in 2016. Preparing an estate plan is extremely important for those who wish to avoid...
The many goals of estate planning in California
The term "estate planning" refers generally to the process of making preparations for the management of one's assets in the event of incapacity, and the distribution of assets to heirs and beneficiaries upon death. There are several important goals that should be...
Estate plans are not just for the ultra-wealthy
Most of us do not know how to relate to the financial power of the super-wealthy. Whether they earned their money from the entertainment industry, in the tech sector, or through another path to substantial earnings, some California residents possess assets and wealth...
Naming beneficiaries is an important part of estate planning
As we discussed in last week's post, under California law there are some assets in an estate that will pass to beneficiaries independently of the instructions in a will or trust. These non-probate assets include funds or securities in bank accounts, investment...
Every California estate plan should include a living will
When most Californians think about estate planning, they probably think about wills, trusts and the disposition of one's property after death. But careful estate planning also includes planning for the possibility of becoming incapacitated during one's lifetime. One...
New California law simplifies home transfer on death
As this blog previously addressed, for most families, a basic California estate plan does not have to be complicated. In most cases, a basic will or trust is sufficient to provide for the distribution of property after death.In addition, some assets can be transferred...
Divorce revokes transfers to a spouse in a will or trust
It is a good idea to review personal legal documents included in an individual's estate every few years. Families go through changes including death, divorce and remarriage. Sometimes laws change, and a provision in an old will or trust may have consequences that were...
California remarriage? Time for a new estate plan
Californians with children from a previous marriage should seriously consider updating their estate plan when they remarry. California parents in blended families often want to leave most of their estate to their children, but also provide for their current spouse....