Home ownership is the American dream, but ownership of real estate can also complicate estate planning and make it difficult for beneficiaries to sell a property they perhaps cannot afford. While working with people trying to keep their home or a loved one’s home out of probate, there are a few options to consider. 1.
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As we age, the reality of death begins to seep in, and it becomes critical to explore how we might best prepare ourselves and our family for it. No matter how far off the moment might yet be, it’s important to be prepared. And one way to be prepared is to consider how one’s finances
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In 2017, the IRS announced that the estate and gift tax exemption for individuals would be a total of $11.18 million. Then, the following year, the IRS announced another change to the estate tax, bringing that exemption up to $11.4 million. This means that any and all estate plans previously built on the basis of
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There are things a living trust can and cannot do. While having a comprehensive estate plan is important, it’s also crucial to take note of the fact that a trust is not a form of magic, but a legal document with stringent rules determining how it may be used, and when it should be deployed.
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Unless an individual dies with a living trust or meets other specific criteria, their estate must go through probate after they pass away. The California probate process ensures that all of the estate’s debts are paid and that the assets are distributed to the proper beneficiaries and heirs. From start to finish, this process typically
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In the mind of most, estate planning is relegated to those approaching or within retirement age, with the financial health needed to think about wealth management, asset allocation, and eventual inheritance issues. However, there’s really more to estate planning than meets the eye – and the argument can be made that young couples should think
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When setting up a trust, it pays to be thorough. Most people who may have an interest in setting up a trust for their estate understand that a successfully developed and implemented living trust can often be the difference between a smooth inheritance process, and unnecessary consequences. Part of every trust is eventually deciding whose
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It happens all too often – someone passes away, and everything they own must now be passed down to the family. But who determines who gets what, and why? What if both of your adult children want custody over the family dog? Who gets the car? To whom goes the house? With or without a
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A person’s last will and testament is a very powerful document, if designed and executed properly. A will acts as a blueprint for the distribution of everything you own after you die, and can be used to assign more than just monetary value, giving you one last opportunity to address the family in a meaningful
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Selling properties in probate is a time-consuming process, but it’s an important task that helps families move on and prepare for the next stage of life. However, property in probate is prone to disputes, particularly if there’s an unclear will or multiple beneficiaries who want to lay claim to the house. A quiet title can
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