Parents often choose to gift assets to their children for tax reasons, aiming to reduce potential estate taxes in the future. However, for most people, estate tax is not a significant issue due to high...
Digital estate planning is the process of organizing your online accounts and digital assets so they can be managed according to your wishes if you become incapacitated or pass away. Nearly everyone has a digital footprint today, which means nearly everyone can benefit from including digital assets in an estate plan.
Many California families expect to pass the family home to the next generation. Since Proposition 19 took effect, an estate plan that once worked as intended can now leave heirs facing a significant property tax increase. In areas where home values have risen dramatically, those higher taxes may make it difficult for...
A will and a living trust serve similar roles in determining who manages your assets after you pass away and where those assets go. However, a standalone will cannot avoid probate, which is why...
Proposition 19 significantly altered estate planning in California by changing how property tax bases are transferred between generations. Under Prop 13, homeowners could pass their low property tax base to their children, regardless of the...
Giving your home to your children during your lifetime is usually not the best estate planning strategy. While it may seem like a simple way to avoid probate or accomplish other estate planning goals, it can create tax consequences, legal complications, and financial risks that are far greater than many families expect.
No one plans to become incapacitated, but if it happens and you have not prepared the right legal documents, your family may have to ask a California court to appoint someone to make decisions for you. In many cases, you can avoid a conservatorship by signing a durable power of attorney and...
The firm’s new Irvine office will continue serving clients throughout Orange County with estate planning and trust administration services.
OC Wills & Trust Attorneys has relocated its Irvine office to 49 Discovery, Suite 280, Irvine, CA 92618.
The new office will continue serving clients throughout Orange...
Beneficiary designations can decide who receives certain assets after your death, even if your will says something different. Life insurance policies, retirement accounts, payable-on-death accounts, and some investment accounts usually pass directly to the person named on the account.
That means a form you filled out 10 years ago...
California homeowners should review their estate plans before wildfire season because property loss, insurance claims, relocation, and document access can all affect how a plan works. If your home is damaged or destroyed, your estate plan does not automatically fail, but it may need to be updated to reflect changed assets, new...
