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...
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...
A beneficiary designation is a directive on financial accounts, such as checking, savings, investments, 401(k)s, and life insurance, to determine who receives the funds after the account holder’s passing. Account holders can name individuals or...
Non-U.S. citizens can create estate plans in California, but different tax rules, documentation requirements, and cross-border considerations may apply. Your immigration status, where your assets are located, and whether your beneficiaries are U.S. citizens all affect how your estate is handled.
If you live in California or own property...
Funding your trust is crucial because simply having a trust document is not enough to avoid probate. For a trust to be effective, assets must be properly transferred into it. Many estate plans fail because assets are not...
Sandwich generation parents can protect their finances by ensuring they have the right estate planning and financial planning in place. By having the necessary legal documents prepared, such as...
Estate planning is vital for unmarried partners in California because without proper documentation, the partner has no legal rights or remedies in case of incapacity or death. In California, unmarried partners are not recognized as spouses, which can...
