When you are evaluating any potential estate tax exposure you may have, you should understand the fact that the value of your home is certainly going to count. Who Is Exposed? How do you know if you are exposed to the estate tax or not? There is a federal estate tax exclusion or credit. In 2014 the amount of this exclusion is $5.34 million. A base of $5 million was put into place for the 2011 calendar year. It is annually adjusted for inflation. Next year you may see a slightly higher figure … [Read more...] about What Is a Qualified Personal Residence Trust?
Why Should I Consider a Living Trust?
You have various different options when you are planning your estate. You can use a last will to record your final wishes regarding the transfer of your property, but it is not your only choice. Even if you are not wealthy, you may want to consider the creation of a revocable living trust as a vehicle of asset transfer. Probate Avoidance Probate is a legal process. When you use a last will to direct the transfer of your property, the will must be admitted to probate. During probate the court … [Read more...] about Why Should I Consider a Living Trust?
When Do I Need a Special Needs Trust?
They say that you should use the right tool for the right job. This comes into play when you are planning your estate. There are various different legal devices that can be used to arrange for the transfer of assets to others. You should become apprised of your options and make the optimal choices. With this in mind, let's look at special needs trusts. People With Disabilities & Medi-Cal People who have disabilities often rely on government programs, and Medi-Cal is one of them. Medi-Cal … [Read more...] about When Do I Need a Special Needs Trust?
Register Now for Free Estate Planning and Elder Care Seminars and Workshops
We make an effort to provide estate planning and elder care information to people here in the greater San Jose area on an ongoing basis. On the electronic level we maintain this blog and make sure that it is updated regularly with useful content. In addition to the blog, our website has a section that contains a rather extensive library of free special reports. The special reports examine various different aspects of estate planning and elder care, and you can download as many reports as you … [Read more...] about Register Now for Free Estate Planning and Elder Care Seminars and Workshops
Trusts & Asset Protection
Asset protection is something that many people are concerned about. You certainly want to make sure that your assets are protected for your own purposes, and these concerns will naturally extend to resources that you will be leaving behind to your heirs. Do Trusts Protect Assets? Some people are under the impression that you can protect assets by placing them into any type of trust. This is not the case. For example, let's look at revocable living trusts. These trusts are very popular, but … [Read more...] about Trusts & Asset Protection
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?
Probate in San Jose California: Can You Avoid It?
Probate is the legal process that takes place when your last will is admitted to the probate court. There are some pitfalls that go along with the process of probate in California. For one thing, probate is a public proceeding, so prying eyes can access probate records and find out exactly what went on during the process. Many people would like to keep their final affairs confidential. Time is another factor. You probably want your assets to be distributed to your heirs in a timely manner. … [Read more...] about Probate in San Jose California: Can You Avoid It?
Does a California Revocable Living Trust Provide Asset Protection?
Revocable living trusts are very useful estate planning devices, but they do not serve every possible purpose. If you want to position assets in a way that protects them from creditors and litigants seeking redress, you would want to look for different legal instruments because revocable living trusts do not provide asset protection for the Trustor. What is the value? Revocable living trusts are largely utilized to enable probate avoidance. Probate is a legal process, and it takes place under … [Read more...] about Does a California Revocable Living Trust Provide Asset Protection?
What Happens to My Property If I Die Without a Will or Trust in California?
Estate planning is important for all responsible adults, and everyone should have a last will in place at a minimum. If you do not execute any estate planning documents you will die intestate, and the outcome of this is not consistent with most people's wishes. When you die without a last will or a trust in California directing the transfer of your assets, the condition of intestacy results. Under circumstances where you pass away without having a will or trust and no living relatives, the … [Read more...] about What Happens to My Property If I Die Without a Will or Trust in California?
What Is a California Special Needs Trust?
Each family has a different dynamic, and this is something to take into consideration when you are planning your estate. With this in mind, if you have someone with a disability in your family you may want to consider the creation of a special needs trust. We would like to explain the value of a special needs trust by way of a simple example. Suppose you have a family member who has a disability. You want to provide something for this individual when you're planning your estate. Because … [Read more...] about What Is a California Special Needs Trust?
