state taxes can take a significant bite out of an individual's wealth, particularly for those with large estates. Fortunately, there are strategies that can be used to reduce estate taxes, such as using private placement life insurance (PPLI). There is no downside in getting proper insurance planning when your estate is at a sizable level.
Residents of Aliso Viejo, California should consider estate planning for several reasons. Here are a few specific factors that may be important to residents of this area:
Non-citizens who own assets in the United States can plan their estates through various methods. However, executing on the methods can be very confusing and fraught with tax traps.
Trusts are a common tool used in estate plans. Wills are no longer the dominant method to secure property and assets for loved ones. Trusts, in fact, provide a number of benefits to the settlor or trustor – the person who creates the trust – while they are still alive, so in many ways, it makes sense to create a trust. The problem is this: appointing a trustee who will comply with the law, fulfill the terms of the trust, and always act in good faith. Appointing the right trustee is critical because they have many obligations to uphold.
Not all of us are good with money. Some of us are just poor managers of it while others just spend it on gambling, other addictions, or whatever the case may be. If this describes someone whom you love and might want to help out financially through a trust, you may not want to risk them spending it all in one night. Fortunately, there are ways to help these loved ones through your estate plan in California.
Cryptocurrencies, like any other asset, can be a part of an individual's estate and can be included in their estate plan. Here are a few things to consider when including cryptocurrencies in your estate plan:
Yes, it is possible to change a trust after the person who created the trust (the "grantor" or "settlor") has passed away. The process for making changes to a trust after the grantor's death will depend on the terms of the trust and the laws of the state in which the trust was created.
At The Burns Firm, we believe informed clients make the best decisions about their estate plans. That’s why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Contact our office either online or at (949) 305-8642 for a Free 15 minute phone call to get specific legal advice for your estate plan. In the meantime, here are responses to some of the most frequently asked questions we get when new clients come to our office in Orange County.
Estate taxes are paid by a decedent’s estate, which means heirs to the estate lose out of benefits. There are ways to reduce or avoid estate taxes, but they do not always apply. Speaking to an experienced estate planning attorney in California is the best way to create a plan that benefits you today and protects your loved ones tomorrow. Estate law can get pretty complex and undergoes changes relatively often, making it hard for clients to stay current. At The Burns Firm, our estate planning lawyer will thoroughly review your estate and advise you accordingly. We know that informed clients make the best decisions about their finances. Contact us today either online or at 949-305-8642 to schedule a Free 15 minute call.
Revocable trusts, which are sometimes referred to as revocable living trusts, offer many benefits with the primary one being the ability to control your assets during your lifetime. Of course, the other main benefit is the ability to dissolve the trust if and when necessary. There are, of course, other advantages as well as some disadvantages that you should consider.
Succession planning in California is an often overlooked aspect of business ownership. This is a problem because it creates unnecessary risks. When key employees leave the business for whatever reason, the business can be detrimentally affected and go downhill quickly. But with a succession plan in place, leadership remains intact and harm to the business can be avoided.
It’s a daunting task to put together an estate plan for yourself and maybe even a spouse. When you add children to it, it can become a little more complex. If one of those children has special needs, it’s not only more complex but imperative—because you may be their only source of support socially, emotionally, and financially.
When liquidation of estate or trust property is required for any purpose, including the paying of the decedent’s debts, expenses of administration, and satisfaction of gifts, the Probate Code specifies priority for liquidation based on how the property if gifted (Prob. Code, § 21401):
For the personal representative of an estate, proper handling of creditors’ claims is critical. Liability issues aside, the estate may not close until payment of, or provisions for satisfaction of, all the decedent’s debts are made.
Irrevocable trusts can be an important component of estate plans. Much of it depends on the purpose of the trust. There are many considerations, however, that must be taken into account before creating one.
Living Trusts for Orange County Home Owners can help protect recent rise in home equity and keep it out of Probate Court.
[1] But you can use strategies, before and after you retire, to limit the amount of tax that you pay on Social Security benefits. Keep reading to find out what you can do, starting today, to minimize the amount of income tax that you pay after retiring. Key Take Issues Up to 50% of Social ...
February 16, 2021 became the deadline for any title changes in order to avert the consequences of proposition 19 which again eliminates the inter-generational transfer protection from property tax reassessment. Now the only way children can inherit your home is if they physically move into it...
The result of Proposition 19 is that Proposition 58 is cancelled which provided inter-generational transfer protection (e.g., Parent-child) without property tax reassessment. Prop 19 Effects 02/16/2021 In order to receive an exemption on reassessment the following must occur: The parent m...
California voted on Proposition 19 this November, and it passed with 51% of the vote.[1] The Proposition gives new property tax breaks to older homeowners, gives relief to disabled Californians and those affected by wildfires, but strips tax breaks from certain individuals who inherit homes.[2] T...
“My husband just passed away. What do I do?” Taking action after your loved one passes can be tough and confusing. So we made this simple checklist of what needs to be done within 30 days. Please share with anyone who you feel might need it, or is going through the grieving proces...