Do children have to pay their parents’ debts?
Many types of debts still have to be paid even if someone passes away. Tax debt is one example, as the government still may want payments for property taxes or income taxes. Another example could be a car loan or a home loan. There are also minor costs like utilities or credit card payments. But […]
Are heirs and beneficiaries the same?
If you’re planning for the future, then you may be thinking about making an estate plan. An estate plan allows you to anticipate your passing and instruct what happens to your assets afterward. The main legal document in your estate plan is your will. A will includes an itemization of your assets and people with […]
How can I minimize estate taxes in California?
We all want to leave an inheritance to the people we care about when we die. This explains why most people write wills. Done right, a will can ensure that your assets pass down to your dependents per your wishes. However, estate taxes (besides probate costs) can eat up a huge chunk of your wealth. […]
What are the leading causes of trust disputes?
Inheritance-related disputes can have a lasting impact on everyone involved. This explains why most people create estate plans to make clear their wishes when they are no longer around to speak for themselves. Unfortunately, inheritance disputes are not uncommon. Here are some of the reasons why a seemingly clean trust can trigger costly inheritance disputes: […]
Can you contest a power of attorney?
Your loved one may have appointed an agent through a power of attorney (POA) to ensure their affairs are well managed if they become incapacitated. Therefore, you have a right to be concerned about the agent’s actions or even the validity of the POA. In such a case, can you contest the POA if it […]
What does it take to successfully contest a will?
In the wake of a loss, you might be considering contesting a loved one’s will. But before embarking on this path, it’s crucial to understand the legal process, potential grounds for contest and the significant implications involved. To contest a will, you must have “standing,” which means your financial situation would be impacted if the […]
Elder abuse can be financial
Elder abuse is sometimes physical, and this is often what people think of first. Any type of abuse conjures up images of physical contact or violence. And, if you believe that this is happening, it is certainly important to know what steps to take to protect your elderly loved one. But it’s also important to […]
What to do if you can not find the decedent’s will
The single most important document to locate after a testator passes away is their will. Their will contains the testator’s last wishes, including instructions on how their estate should be managed, who should benefit from the estate and who is responsible for settling the estate. Without the will, the testator’s last wishes may never be […]
What to do with an inheritance in Brea, California
After someone you love dies, you may receive an inheritance as a final gift. Gaining financial stability through inheritance is a unique opportunity. As with any windfall, it may cause stress. Mismanagement won’t improve your financial health, and overextending yourself will damage it. It is important to act slowly and strategically when inheriting a loved […]
Estate taxes and how they affect gifts and inheritances
When a resident of California dies, their estate is subject to federal taxes. The federal government determines how much this amount is based on the value of the estate. When a person creates their estate plan, they can take measures to ensure that taxes are lower to save money and reduce the burden on their […]