An appraisal is a professional’s estimate of the value of one’s property. The item to be appraised can be a small item like a piece of jewelry or something larger, like a residence or office building. Appraisals play a role in various aspects of estate plannng. When someone dies with…
As the successor trustee of a trust, executor of a will, or the administrator of an intestate estate (ie. no will or trust), one of your duties will be to pay all taxes due the federal government and the state of California. Personal Income Tax Returns Once someone has died,…
A simplified probate procedure may be possible with a spousal property petition. Such a petition can be used to transfer assets from the deceased spouse to the surviving spouse or domestic partner without the time and cost of a formal probate. The spousal property petition can be used if the…
If the value of an estate is less than $100,000, California law provides a way to transfer the assets of the decedent without formal probate. The procedure is outlined in Probate Code section 13100, a process sometimes called a “small estate affidavit.” This method can be used to distribute assets…
In our last blog, we discussed how a special needs trust may be a necessary part of your estate plan if you want to provide for an individual with a disability. A special needs trust, sometimes called a supplemental needs trust is one that must contain specific language and must…
Coming up next week is National Autism Day which was established to raise awareness about autism. Wear blue to show your support. The incidence of autism is on the rise with approximately 1 in 110 children in the United States being diagnosed with the disease, according to the Center for…
The new tax relief act signed by President Obama in December (Tax Relief, Umemployment Insurance Reauthorization, and Job Creation Act of 2010) restores a provision that expired in 2009 which allows donors who are at least 70 ½ years old to make a tax free gift to charities from their…
In estate planning, we are usually talking about how an individual can create an estate plan that will pass on their assets to their beneficiaries, usually their children. With seniors living longer, many parents may need help from their children to pay for medical bills, caregivers, mortgage payments, etc. There…
Tax time can be a stressful and frustrating time, gathering all the information, doing your taxes yourself or making an appointment with your tax preparer. MSN Money recently had a great article about the tax breaks and credits for the 2010 tax year that can save you money. Here are…
A family member has died and you have to open a probate estate (if he died with a will or with no estate plan) or administer the decedent’s trust (if he had created a revocable living trust). In what county do you open the estate? The county where an estate…