Estate Planning

What life changes might require a change to your estate plan?

Fewer than half of all Americans have an estate plan in place.  If you are among the half that has taken the time to create an estate plan, then this information is relevant to you. While making an estate plan is a critical step towards protecting your future, your plans for the future cannot end there. Your estate plan will at times need to be updated and revised. Our Read more . . .

How can I bring up the topic of estate planning to my loved ones?

You’ve taken the vital step of creating an estate plan, but now it is time to talk to your family about your last wishes.  Broaching the subject of estate planning with your loved ones can be daunting. After all, estate planning involves delicate subjects like who will receive what assets and with whom you have entrusted the care of your minor children.  Below is a look at some tips on how you can approach the discussion of Read more . . .

Anyone can contest a Medical Power of Attorney, but the question is whether the person would succeed in contesting your wishes. Everyone has the right to make decisions related to their future medical care, including appointing a trusted person to act as their agent if they are unable to make decisions or enforce prior decisions for themselves. Therefore, if your Medical Power of Attorney meets all state laws, including the California Health Care Decisions Law, your spouse should not be able to contest your decisions.

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One of the goals of an effective estate plan is to decrease or eliminate taxes for your heirs. When Congress passed the new Tax Cuts and Jobs Act (TCJA), there was a lot of discussion about various elements of the TCJA and how it impacted the average worker.  However, there was not as much discussion about whether the TCJA impacted estate planning. As with any new law related to taxes, it is important to review your tax savings plan with your Read more . . .

What properties are eligible for a tax-free transfer in California?

California currently boasts several tax laws that could greatly benefit children who inherit property from their parents. State laws are protecting children from tax increases on inherited homes, which is thought to be impacting the availability of housing in the state. The California tax break, which was passed in 1986, allows parents to transfer their primary residence to their children. The transferred home will not need to be reassessed for property tax reasons. This law, particularly in the state of California where so many houses are held in families for generations, could save children potentially tens of thousands of dollars.

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More people are beginning to work with a California estate-planning lawyer to develop an estate plan earlier in life. Our clients have expressed the desire to have a plan that protects their family and their property in case of their death. However, what happens if a person is diagnosed with a terminal illness before the individual has an estate plan? Is it too late to meet with a...

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Do your loved ones know where your will is located?

At times, even people who have taken the critical step of making an estate plan fail to provide their loved ones with the information they will need to execute that plan. Whether it is through an oversight or intentional secrecy, leaving your loved ones out of the estate planning process can create complications.

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One of the goals of effective estate planning is to ensure that all your assets are included in the plan. Assets may be distributed through your will, a trust agreement, jointly titled property, or a beneficiary designation. However, the key is to identify all assets and ensure those assets are accounted for somewhere in your estate plan. Your California asset protection lawyer can help you devise a plan to distribute your assets after your death, but only if your attorney knows about the assets.

Therefore, do not forget to list cryptocurrency as an asset for estate planning purposes.

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Thinking about our own mortality is not a pleasant thought for many individuals. However, our deaths are inevitable. Therefore, instead of focusing on your death, you can focus on ways you can make your passing easier for your loved ones.

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What changes should be made to my estate plan if I am going through a divorce?

Filing for divorce is a stressful and complex process. With so much on your plate, it can be easy to overlook your estate plan as you go through a divorce. Failing to update your estate plan during or after your divorce can, however, come with devastating consequences.

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How do I start the probate process if my loved one dies?

Following the death of a loved one, you will be faced with confronting all of the emotions surrounding the death, as well as wading through the financial issues that come with a death in the family. Dealing with finances after a person dies can be stressful, particularly when your loved one dies without a clear estate plan. Review some pointers for handling the financial aspect of..

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