Why do people avoid estate planning? A recent study found that some estate holders believe they don’t need an estate plan. They think a spouse or their children will automatically receive any assets they have. Others claim estate matters are too complicated to deal with or estate planning is too expensive and others say it simply takes too much time.…
Pre-planning protects both parties in a second marriage. Love can be a many-splendored thing, but when it results in a second marriage, careful estate-planning becomes a necessity. Second marriages are a blending process, often of children and assets. Prior to marriage, it is important to discuss your intentions concerning those assets and your heirs. While it is hoped that newlyweds…
A personal representative (or “ executor”) of an estate has many tasks and responsibilities. However, the California Probate Code allows a personal representative to claim a fee for services. The amount of compensation an executor may receive is based on the total value of the probate estate. The value of a probate estate is the sum of all probate assets.…
A Qualified Personal Residence Trust (QPRT) is an estate-planning tool that allows individuals to retain the right to live in their home for a specified period of time while also providing for the eventual transfer of a home at a lower transfer tax rate. A grantor using the QPRT transfers title to a personal residence to the trust (either a…
Presidential elections have great influence. New agendas are written. New proposals and laws are advanced. The country leans in different directions. This trickle down effect may have some impact in the estate planning field after November 2016. Of course, without a real crystal ball it is difficult to predict just what kind of new rules and regulations may come into…
The divorce rate in the United States is approximately 50%. The “gray” divorce rate – among persons age 50 and over — has doubled between 1990 and 2010, according to a recent Bowling Green University study. If you are middle aged or above, married and are contemplating a divorce or are currently embroiled in divorce proceedings, here are some suggestions…
In California, a document called a small estate affidavit may be used to transfer an estate’s assets to the proper beneficiaries without having to open a formal probate proceeding with the court. To use a small estate affidavit, the estate must meet the following basic legal requirements: The basic requirements to use a small estate affidavit are the estate’s probate…
Embed from Getty Images When drafting a Power of Attorney for Finances, clients often wonder if they should execute a “Durable” power of attorney or a “Springing” power of attorney. A durable power of attorney means that the ‘agent’ you select can immediately step into your shoes and gain access to your accounts and manage your financial affairs. This power…
Regardless of your team colors, season tickets are often prized possessions that provoke disagreements between family members and business associates when a season ticketholder dies. In 2010, two brothers sued one another over the division of sales profits from their late father’s Green Bay Packers 50-yard line season tickets. What happens to season tickets when you die? Each professional sports…
Chances are you have read or been told by someone that you should ‘avoid probate at all costs.’ This is especially true if you have a relatively sizable estate, which includes at least one house and some savings and/or investments in a portfolio. If one does not have a will, probate is the court administrative process whereby there is judicial…