Estate Planning

Will I Get My Spouse’s Inheritance?

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Inheritance laws help control the rights of the decedent’s property and how much is inherited by each of his or her survivors. California is a community property state, which means the law presumes all property acquired during a marriage is owned equally by both spouses. However, property one spouse owns alone before a marriage or … Read moreWill I Get My Spouse’s Inheritance?

The Importance of Having a Living Trust in California

The Importance of Having a Living Trust in California

How Will You Prevent Lengthy Probate Proceedings? The basic purpose of a living trust is to ensure that an appointed trustee of your choosing gains all property or other assets upon your passing or incapacity. If the individual who is in control wants to change details of the trust, they can apply for a revocable … Read moreThe Importance of Having a Living Trust in California

5 Important Estate Planning Lessons You Should Know

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According to research conducted by the University of Pennsylvania, only 29.3 percent of Americans have a healthcare directive specifying their end-of-life wishes. Perhaps even more stunning, a survey from Caring.com found that less than half of adults in the U.S. have prepared estate planning documents, such as wills or living trusts. Here are five tips … Read more5 Important Estate Planning Lessons You Should Know

Your Will – And Other Important Estate Planning Documents

The Importance of Having a Living Trust in California

Your will is an important document that can ensure that your property will make it into the right hands once you pass away. Without a will, your property is at risk of being divided according to California’s rules of interstate succession. While these rules will mean that your property will be passed down, it is … Read moreYour Will – And Other Important Estate Planning Documents

Can I Make Sure My Assets Are Not Distributed Through the Probate Process?

The probate process involves the court distributing a person’s assets upon death. It usually occurs in situations where a person does not have a will. However, just because a person has a will does not mean that their assets will definitely not be distributed through the probate process. What to Do to Prevent Your Assets … Read moreCan I Make Sure My Assets Are Not Distributed Through the Probate Process?

When Is a No Contest Clause Ineffective in Probate Court?

The Importance of Having a Living Trust in California

The California Court of Appeal just handed down an opinion very strictly limiting the application of a no contest clause contained within trust to later trust amendments.

Peggy was battling cancer for 5 years, during which time her friends, Tracy and David, became the exclusive suppliers of medical cannabis upon which Peggy depended for treatment.  Anticipating her demise, Peggy placed Tracy in custody of all of her estate planning documents.  Soon after, Peggy complained that Tracy read the documents and confronted her about the disposition of her estate.  Shortly after, Peggy executed a trust amendment created in secret, and without advice or assistance of her longtime estate planning attorney, leaving all of her money to Tracy – to the exclusion of Peggy’s brother and godchildren, natural objects of her bounty, and beneficiaries under the estate plan in existence when placed in Tracy’s custody.  After Peggy’s demise, Tracy produced the trust amendment, and the beneficiaries went straight to court.

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Prince’s Estate Planning Issues

The legendary rivalry between superstars Prince and Michael Jackson apparently extends beyond the grave in terms of whose estate is more difficult to navigate.  While Michael Jackson had a valid will when he died, controversy surrounded the appointment of an executor, and there remains an ongoing battle between the Jackson family and government agencies regarding the actual value of the estate.  Meanwhile, Prince, notoriously shrewd in business and control of his art and image, didn’t even leave a will.  Having died unmarried with no children (despite the numerous claims of a variety of pretenders to his throne), his statutory heirs comprise of siblings and half-siblings, and up to half of his estate will be paid to state and federal tax agencies.  Of course, the federal government and state of Minnesota are claiming the Purple One’s holdings are worth much more than the heirs claim, meaning his tax bill will be greater as well.  Moreover, the famous vault of unreleased material might double the value of his estate.  Had Prince done some basic estate planning, he could have selected specific beneficiaries and avoid probate altogether.  

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What is Estate Planning?

Planning for distribution of an estate following death is commonly considered a legal process that is only necessary for wealthy individuals, but the truth is that everyone has a need for some form of estate planning. Every young person with children needs an established will and directive regarding disbursement of personal property and dependent children guardianship in the event of an untimely tragedy. Even possessions as simple as furniture or vehicles are considerations when evaluating what would happen in the event of death or incapacity. Incapacity is another issue that many do not consider either, which can be especially important for young single parents. Everyone needs some form of an estate plan, regardless of the total value of their personal holdings, because passing away intestate can produce results that no one may want. The answer is developing a comprehensive legal directive, usually done most effectively with the counsel of an experienced estate planning attorney such as Lowthorp Richards.

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Top Five Estate Planning Items You Shouldn’t Ignore

1. Estate Tax and Gift Tax Exclusion Amounts for 2016

The estate and gift tax exemption amount is presently $5.4 million for 2016 and the annual exclusion for gifts is $14,000.00.

What does this mean? It means that an individual can leave up to $5.4 million to heirs and not pay estate tax. Married couples then can leave up to $10.8 million. You can also make tax-free gifts during your lifetime (but you need to keep track of them) up to $14,000 per year per person with a lifetime total gift exemption of $5.4 million.

Read moreTop Five Estate Planning Items You Shouldn’t Ignore