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Sacramento Estate Planning Attorney

Posts tagged "Estate Planning"

Jackson family upset over administration of Michael's estate

It probably comes as no surprise to Californians that the controversy over Michael Jackson's estate remains in the headlines. The latest news comes in the form of a statement by the attorney representing Janet Jackson and other family members, alleging that the executor of Jackson's estate has damaged family relationships and created discord amongst family factions that are currently disagreeing about the handling of the estate. Jackson's last will and testament continues to be at the center of the argument, and questions as to its validity have not, and according to the statement, will not, go away.

Son of Mary and Robert Kennedy Jr. named administrator

The estate administration process involving the late Mary Kennedy's estate has taken a step forward, as the son of Mary and Robert Kennedy Jr. has been appointed as the administrator of the estate. Conor Kennedy, the couple's eldest son, turned 18 in late July and on the same day requested the court to name him as the administrator of his mother's $2.1 million estate.

How to talk to heirs about an inheritance

Californians may be interested by a recent New York Times piece on the predicament of parents and children who have experienced the turmoil of inheriting a large sum of money. While this certainly seems like a very fortunate problem to have, some heirs have claimed that the lack of communication regarding a potential inheritance has left them ill-equipped to handle the responsibility and burdensome expectations that may accompany that money, with the consequences being irresponsible financial management and family discord. Proper estate planning may be the answer, but there is no one-size-fits-all answer when it comes to familial communication.

California court creates inheritance rights for same-sex partner

The California Court of Appeals has recognized for the first time that an unmarried same-sex partner may have what is known in legal language as expectation of inheritance. That result was reached in the ongoing inheritance case of a late California man and his partner, which may change the landscape of probate law in the state.

Parental legislation could affect estate planning in California

A new bill being considered by the California State Legislature could produce some interesting side effects in the area of wills, trusts and probate administration. The bill, however, is primarily concerned with family law matters and seeks to eliminate the legal mandate that a judge consider no greater than two people to be the legal parents of a child.

Potential 2013 tax increases would affect many in California

Sacramento residents may want to prepare themselves for a tax hike next year. According to Republicans, in 2013 we will see the largest tax increase in U.S. history. From a pure dollars and cents perspective this is true, but when measured as a percentage of gross domestic product and compared to other years, it quickly loses this label. The increases would represent roughly 2.6 percent of GDP.

Include digital assets in estate plans to avoid confusion

California residents are living more and more of their lives online. Many areas of law have evolved in response to the popularity of online activities. But laws governing what happens to a person's online assets--which can include blogs, email accounts and social media pages--in the event of that person's death are still developing. This lack of definite legal standards may cause problems for heirs.

Estate planners advise taking advantage of gift-tax exemption

Without federal legislative intervention before the New Year, the current generous gift tax exemption of $5.12 million could revert to $1 million. People in Sacramento seeking to pass along their financial assets might want to calculate the effect a vastly reduced exemption threshold could have on their estate plan. Many estate planning advisors are encouraging wealthy clients to take advantage of the current higher limits now in order to avoid unnecessary taxation.

ABA: Cheaper estate planning may lack proper requirements

During an economic downturn, people look for ways to save money. Sometimes the less expensive option turns out to cost more in the end. One technique of conserving cash that may lead to costly mistakes is pursuing the do-it-yourself approach instead of hiring professionals. This is especially true in legal areas, such as when people draft a will.

Facebook insiders use trusts to plan ahead for estate taxes

Californians recently witnessed one of the largest initial public offerings of stock in Silicon Valley history when California-based Facebook, Inc. went public. For some, like Facebook's co-founder Mark Zuckerberg and other insiders, the IPO will only add to their already considerable financial assets. These 20 and 30-year-old millionaires prove that estate planning is not only the concern of the elderly; indeed, minimizing estate taxes and maximizing asset protection are very much on their relatively young minds.

My Sacramento law practice, Michael A. Sawamura, Attorney at Law, focuses on wills, trusts and estate planning law in addition to business law and corporate defense services. My clients include professionals, government employees, small businesses, blue-collar workers and national corporations.

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