There are a number of legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate. Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative. You may have heard about the numerous benefits of living trusts. In this blog post, we will address three of those benefits. Avoiding Probate One of the … [Read more...] about Three Benefits of a Living Trust
Avoiding Probate (An Elder Law Today Blog)
When an individual dies owning property solely in his or her name without a beneficiary designation, a formal procedure ("probate") is usually needed to determine to whom the property should pass. If there is a valid Will, the probate court will oversee that property passes according to the terms of the Will. If there is no Will, the property will pass to the individual's heirs at law through the probate system. However, it is possible to legally pass property to another person without going … [Read more...] about Avoiding Probate (An Elder Law Today Blog)
Why is Estate Planning Important in 2016?
Studies show that a majority of American adults do not have a complete and cogent estate plan in place. Failing to plan ahead for death and the likelihood of incapacity in our later years can be costly, both emotionally and financially. Many people do not have an estate plan because they don't understand the importance of estate planning. We will highlight some of the key reasons why estate planning is essential in this blog. Avoiding Intestacy If you pass away without any estate … [Read more...] about Why is Estate Planning Important in 2016?
Free Living Trust Seminars in January
Helping to keep our community informed is important to us. We regularly get out into the community to provide helpful information to people here in the greater San Jose area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics. Our workshops and seminars are free of charge and open to the general public. During the month of January, we will be offering seminars that focus on the subject of living trusts. Why Consider … [Read more...] about Free Living Trust Seminars in January
Do Assets in a Living Trust Get a Step-Up in Basis?
To be able to understand what a step-up in basis is all about, you need to have an understanding of the lay of the land when it comes to capital gains taxes. The capital gains tax can come into play if you are in possession of assets that appreciated after you originally acquired them. You are not required to pay the tax on an ongoing basis as the assets appreciate. The capital gains tax is only applicable when you realize a gain. A gain is realized when you sell an appreciated asset and take … [Read more...] about Do Assets in a Living Trust Get a Step-Up in Basis?
Free Living Trust Seminars in September
Helping to keep our community informed is important to us. We get out into the community on an ongoing basis to provide helpful information to people here in the greater San Jose area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics. Our workshops and seminars are free of charge and open to the general public. During the month of September, we will be offering seminars that focus on the subject of living trusts. Why … [Read more...] about Free Living Trust Seminars in September
Who Is Competent to Make a Will?
Just about everyone has heard of the estate planning document called a last will or last will and testament. If you create a will, you are called the testator. In order for a will to be valid in the state of California, the testator must be a mentally competent adult who is not being intimidated or coerced in any way. The testator must sign the will in front of two witnesses, and the witnesses must also sign the will. After the passing of the testator, the will is admitted to probate. During … [Read more...] about Who Is Competent to Make a Will?
Who Administers My Living Trust When I Die?
The process of estate planning involves exploring your options. You do not want to make any assumptions without knowledge of all the facts, and people often do harbor misconceptions about trusts. One of the misconceptions is the idea that you cannot handle assets that you convey into any type of trust. This is not the case when it comes to a revocable living trust. When you create and fund this type of trust, you can act as the trustee while you are alive. If you create a joint living trust … [Read more...] about Who Administers My Living Trust When I Die?
Can a Trust Provide Estate Tax Efficiency?
Estate tax efficiency is an important consideration for high net worth individuals. There are a number of states in the union that impose estate taxes on the state level. We practice law in California, and we get a break here, because there is no California state estate tax. However, we do have to be concerned about the federal estate tax. You may hear people say that the estate tax is only a factor for people who are very wealthy. Depending on your definition of "very wealthy," this may not be … [Read more...] about Can a Trust Provide Estate Tax Efficiency?
Can My Living Trust Protect a Spendthrift Heir?
Revocable living trusts provide a number of different benefits. In this blog post, we will emphasize the ability for a living trust to allow you to protect a spendthrift heir (a spendthrift is a person who spends money in an extravagant or irresponsible way). Specific Instructions When you have a revocable living trust, you as the grantor can act as the trustee and the beneficiary while you are alive and well. You name a successor trustee when you draw up the trust declaration, and you also … [Read more...] about Can My Living Trust Protect a Spendthrift Heir?
