Since the Tax Cuts and Jobs Act of 2017, the federal estate tax exemption limit has doubled from $5 million per individual to $10 million per individual (indexed for inflation). This means that the estate and gift tax exemption limit in 2021 will be $11.7 million in 2021, up from $11.58 million in 2020. This …
California transmutation agreements enable married couples to “transmute” community property into separate property, and vice versa. A transmutation agreement can also be used to transfer property between spouses. There are pros and cons to utilizing a transmutation agreement. They are usually used as a tool for postnuptial property distribution, tax purposes, establishing ownership over certain …
Creating and funding a trust is a multistep process. It takes time to complete that process, and a vital part involves transferring assets and property into a trust. When transferring a home into a trust, for example, the home’s title must be amended via a deed to reflect that it is currently owned by the …
You do not need a lawyer to get or create a power of attorney in California. A power of attorney is a document giving another person (named your “agent”) the right to act in your name (wherein you are the “principal”) within the scope and limitations set by the document. A power of attorney can …
Probate is an important part of the estate planning process, as it usually sets the timeframe from your death to the total dissolution and distribution of your estate. However, contrary to popular belief, probate does not always last forever. The probate proceedings process can be truncated, sped through, or even skipped depending on the circumstances, …
Playwright Christopher Bullock once wrote that nothing is certain, save death and taxes. Sometimes, the two coincide, leaving behind a somewhat complicated situation. If you are not familiar with tax law, then sorting through its intricacies can be difficult. In the event of a loved one’s passing, you, or someone close to your loved one …
Death can come suddenly and unexpectedly, and it is rare to be prepared for it. As a matter of fact, nearly half of all Americans over the age of 55 do not have a will, and only 18 percent of Americans above age 55 have an established estate plan (with more than just a will). …
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law by President Donald Trump earlier last December, features a series of provisions designed largely to help Americans prepare for retirement. As the pension vanishes, more Americans turn towards partially self-sufficient means of preparing for retirement, such as the IRA and the employer-provided …
The thing to remember about probate is that, in a best-case scenario, it is boring. And that is a good thing. The probate estate process is not overly complex in most cases, and it does not need to be. If you are in charge of overseeing the probate estate process, it helps to have a …
Buying a property in probate can help you get a great deal that you wouldn’t find on the regular market. However, to take advantage of this opportunity, you must be prepared to wait, wait some more, and be prepared for the unexpected at any moment. There are several ways in which the process of buying …