California allows you to create irrevocable trusts in your estate plan. An irrevocable trust is mostly set in stone, so you should be fairly certain before setting it up because you won't be able to revoke or modify it. The benefits of an irrevocable trust are...
Estate Planning
Your estate plan considerations after being incapacitated
Creating an incapacity plan, but it's not something to avoid. If something happens and you don't have one, it makes it harder on your family and friends. California defines incapacity as an inability to perform acts or make decisions. An incapacity plan allows capable...
Three reasons to talk about estate planning with your aging parents
California is a place full of many happy families enjoying life. With that said, an important part of life is talking about potentially uncomfortable topics with your parents. As your parents are getting older, it's imperative to know they have estate plans in place....
The differences between trusts and trust funds
A trust and a trust fund in California seem like identical entities, but each one is defined by slight differences. Understanding the basic definitions comes before understanding the different types of trusts available for their owners and beneficiaries. The...
How to create an estate plan as a new parent
Creating or updating an estate plan when you're a new parent is important to ensure your child will have their needs met if something were to happen to you. California has laws surrounding wills and trusts that you should check before creating your estate plan. What...
When are wills probated in California?
When a person dies, there are many things that often occur before their estate reaches the designated beneficiaries. One of them is filing the will with the probate court. What is probate? Probate is the legal process of settling a deceased person's estate. This...
How to keep money in your family with estate planning
Estate planning is one of the most important steps you can take to protect your family and your money in California. Without an estate plan, your loved ones could face issues, such as fighting over your assets after you die. It's also possible that your wishes may not...
How a revocable living trust works
Getting older in San Diego means taking on new responsibilities. One will be deciding how your estate is divided among your heirs. You will need to be able to protect all of your assets. This means making sure that the person you name as your trustee is in a position...
What makes a successful estate plan for California residents?
Considering how to leave your wealth to your heirs in California long before you reach advanced years is an important consideration. No matter if you are rich, poor or somewhere in between, drafting an estate plan is an essential step to ensuring that your valuables...
Is there a federal estate tax?
Whenever there is a financial transaction, the government steps in to impose taxes. Passing your estate on to your heirs is no exception. They can tax that estate at the federal level.That said, there are limits. For instance, in 2020, the bottom threshold for the...