Now that we have entered a new year, people are going to be following through on resolutions they made. We would like to suggest that you resolve to plan your estate in 2014 if you are not currently prepared. Majority Go Without Estate Plan Surveys that are periodically conducted consistently find that the majority of American adults have not executed all of the appropriate estate planning documents. Younger adults are more remiss than their older counterparts, but many older people are … [Read more...] about Resolve to Plan Your Estate in 2014
What Is the Difference Between a Limited and a General Power of Attorney?
A comprehensive estate plan will go beyond the transfer of assets after you die. It will also include preparations for the eventualities of aging. Many people become unable to handle their own affairs when they reach an advanced age. A legal device that is used to name a representative to act on your behalf is a power of attorney ("POA"). A particular type of POA is used to account for the possibility of incapacity. Limited and General Powers of Attorney There are different types of powers … [Read more...] about What Is the Difference Between a Limited and a General Power of Attorney?
Is It Possible to Contest a Trust in San Jose California?
People sometimes hear about the negative circumstances that can arise if you don't take the right steps when you are planning your estate. In a general sense, you may assume that informed individuals create trusts to address special circumstances to avoid these unwanted outcomes. There is a lot of truth in this assumption. The ideal estate planning devices will vary on a case-by-case basis. You don't have to go forward with the idea that a last will is your only choice unless you are very … [Read more...] about Is It Possible to Contest a Trust in San Jose California?
What Is a Transfer on Death Account in San Jose California?
When you get into the subject of estate planning, you will hear about probate avoidance. Those who use a last will to arrange for future asset transfers are setting the stage for a future probate proceeding. The heirs to the estate won't receive their inheritances until the estate has been probated and closed. There are various different drawbacks that go along with the probate process. In general, it is time-consuming, it can be expensive, and it is a public proceeding that strips your family … [Read more...] about What Is a Transfer on Death Account in San Jose California?
Estate Tax Exclusion in Campbell California: How Can I Leave My Estate to My Spouse Free of Taxation?
It is definitely a good idea to be concerned about the prospect of your estate being taxed as it is being passed on to your loved ones. If your assets are exposed to the estate tax in California, you should definitely discuss estate tax efficiency strategies with a licensed estate planning attorney. Who is exposed to the estate tax, and who is not? The answer to this question can be found by identifying the dividing line. It exists in the form of the federal estate tax credit or exclusion. In … [Read more...] about Estate Tax Exclusion in Campbell California: How Can I Leave My Estate to My Spouse Free of Taxation?
2014 Gift and Estate Tax Unified Credit Increased
The estate tax parameters are subject to change, and over the years some of these changes have been significant. In other cases, relatively minor but notable adjustments are made. When you maintain an ongoing relationship with your estate planning attorney, you can always be apprised of new developments as they take place so you will never be behind the curve. Estate planning is an ongoing process, and revisions are likely to be necessary as time goes on. Responsible people will want to be … [Read more...] about 2014 Gift and Estate Tax Unified Credit Increased
What Is the Annual Gift Tax Exclusion?
You may be surprised to hear that the gifts that you give to others are all taxable unless you are giving the gift to your spouse. The reason why you probably do not incur tax expenses when you give people birthday gifts is because of the fact that there is an annual gift tax exclusion. Unified Federal Gift & Estate Tax Before we get into the annual gift tax exclusion, we should explain the unified federal gift and estate tax from an overview. When you transfer assets to others, either … [Read more...] about What Is the Annual Gift Tax Exclusion?
Veterans Aid and Attendance Special Pension
During the month of November we honor our country's veterans, and we express our gratitude to all those who have served and are serving so that we may live in a free country. In honor of Veterans Day, we would like to draw some attention to an often overlooked military benefit that is very relevant to those who are in the field of elder law: the Veterans Aid and Attendance Special Pension. Long-term care expenses are very high, and these costs are continually rising. There is a gap in our … [Read more...] about Veterans Aid and Attendance Special Pension
Probate in Campell California: How Much Does It Cost?
Probate is something to be aware of when you are engaged in the process of estate planning. Property that is in your personal possession when you die is considered to be probate property. As such, it is not immediately distributed to the heirs to the estate. The estate must first pass through a legal proceeding called probate. The probate court in the jurisdiction that is local to the decedent is going to supervise the administration of the estate. Why is there a probate process? Think about the … [Read more...] about Probate in Campell California: How Much Does It Cost?
Should You Use Your Unified Tax Exclusion in California While You Are Still Alive?
There is a unified tax exclusion in California that separates those who must pay transfer taxes from those who are exempt. The lifetime unified exclusion at the present time is $5.34 million in 2014. There is a gift tax and an estate tax. The two taxes are unified. As a result of this unification, the exclusion applies to gifts that you give while you are living, coupled with the value of your estate as it is being transferred to your heirs after your passing. It should be noted that there is … [Read more...] about Should You Use Your Unified Tax Exclusion in California While You Are Still Alive?
