When creating an estate plan, there are three key roles to consider: the trustee or executor, the medical decision-maker, and the guardian for minor children. The trustee or executor handles financial aspects, such as managing assets...
Asset protection in estate planning involves strategies to safeguard your assets in case someone sues you. This is especially relevant in places like California, where personal injury lawsuits are common. Clients often ask how they can protect their assets from...
California’s Proposition 19 exclusion amount has increased to $1,044,586 for qualifying transfers occurring from February 16, 2025, through February 15, 2027. The higher amount can reduce the property tax impact when you inherit a family home, but it does not mean that the first $1,044,586 of the home’s value is automatically excluded...
Getting married is a good time to create an estate plan or review the one you already have. Newlyweds should consider how they want property distributed, who should make financial and medical decisions if either spouse becomes incapacitated, and whether beneficiary designations and account ownership still reflect their wishes.
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...
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...
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...
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...
