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. […]
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 […]
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 […]
How does undue influence work in estate planning?
Undue influence isn’t something that is limited to estate planning, even though that’s where it often shows up. It just happens when one person uses a position of power to influence the other person to make a decision that is not in their own best interests or that they otherwise wouldn’t have made on their […]
Word worth in estate planning
Estate planning in California is essential to protecting your family’s financial future. However, believing what anyone says without question can lead to costly mistakes, especially in trust litigation. To clarify, it is essential to understand the concept of word worth in estate planning. Word worth: What it is Word worth is a legal term that […]
Wills and revocable trusts in conflict: What happens?
Some people in California who are planning their estate might decide to use both a will and a revocable trust. These tools have different functions and ideally will complement one another, but there are also situations in which the instructions in each one conflicts with the other. Wills and trusts Most people are familiar with […]
California hospitals must contact your next of kin
California hospitals must consult with your next of kin if you become incapacitated or have an accident. The person the hospital contacts can make healthcare decisions since you cannot speak for yourself. However, hospitals must do this only if the state has a next-of-kin statute. The next-of-kin statute in California California is one of 45 […]
Take care to recognize undue influence over your estate planning
When deciding what will happen with your estate upon death, you must have the capacity and freedom to make your own decisions. Unfortunately, in undue influence cases in California, someone can manipulate an individual into making estate planning decisions in their favor rather than in favor of the individual or those close to them. What […]
What is a generation-skipping trust, and what are its benefits?
There are plenty of options for leaving assets and property to your loved ones in California. Among them is a generation-skipping trust. If you are interested in this option, it’s crucial to understand what it entails and the benefits it offers. Understanding generation-skipping trusts A generation-skipping trust allows you to pass on assets and property […]
Important things to consider while creating an estate plan
California is a great state to spend your life in after retiring. However, it is a good idea to think about estate planning well before you reach that milestone. Taking care of these matters might sound uncomfortable, but it doesn’t have to be. With that in mind, here are the main things to consider during […]