The estate tax-also known as the “death tax”-is often misunderstood. Despite its prominent place in the political debate over tax policies, the estate tax only affects a small number of estates each year. According to Internal Revenue Service records, there were 4,588 estate tax returns filed nationwide in 2011, including…
Spouses receive a special exemption under federal estate tax law known as the marital deduction. When the first spouse dies, any portion of his or her estate that passes to the surviving spouse is not subject to estate tax. No tax is assessed until the second spouse dies. The marital…
In addition to a Last Will and Testament or Living Trust, an often overlooked estate planning tool is the life estate. A life estate is like a trust except that it’s created by executing a deed giving a person the right to use a particular piece of land for life.…
A last will and testament is not carved into stone. As you experience major life events, you will likely need to revise or update your will many times. If you get married, you’ll want to name your spouse as an executor or beneficiary. Conversely, if you get divorced (or you…
Charitable giving is a common feature of many estate plans. In addition to providing for family, individuals may wish to support their favorite charitable organizations or causes by making specific bequests in their will or trust. In some cases, a person may create a charitable lead trust or charitable remainder…
In 1976 the Supreme Court of California recognized that contracts arising from non-marital domestic relationships are enforceable even if they don’t fall within the community property laws governing traditional marriage. This principle extends to cases where one unmarried partner promises to provide for the other in his or her estate…
A living trust can be an excellent estate planning tool. The benefit of a trust is that assets can pass directly to your chosen beneficiaries without the need for probate. But if your wishes change during your lifetime, it’s important to amend your trust in a timely manner and ensure…
If you’ve just moved to the San Diego area from another state, it’s a good idea to consult with a California estate planning lawyer to revise your Last Will and Testament. You should do the same if you’re leaving for another state. Every state has its own probate laws that…
When an elderly parent becomes unable to care for himself, there may arise serious disagreements among children and other family members over the best course of action. Careful estate planning on the parent’s part before he or she becomes unable to express his wishes is always best. Failure to plan…
Estate planning is more than just signing a last will and testament. It entails making provision for all of your assets through various legal instruments. In many cases, isolated estate planning events take place over a period several years, even decades, so that different laws may be applicable to the…