Leaving your assets to a trust for the benefit of your spouse or children is another option than leaving simply a will. The trust could be created as part of your will.
This type of trust is known as a Credit Shelter Trust. It allows a married investor to avoid estate taxes when passing assets to his or her heirs. Upon the death of the investor, the assets in the trust are transferred to the heirs. A key benefit is that the surviving spouse maintains the right to the trust assets and the income generated. This allows a married couple to double the amount they can leave free of California and Federal estate taxes.
Having assets in a trust can be used to ensure a later inheritance by others even if the surviving spouse remarries. This is extremely important if your current spouse is not the parent of your children.
To learn more about a credit shelter trust, contact an experienced Riverside Estate Planning attorney who can answer all of your questions and advise you of your best options for estate planning.
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A revocable living trust is similar to a Will - it serves the same purpose, but allows your estate to be administered privately without the involvement of the probate court.
A living trust can be created by transferring assets to be held for your benefit or anyone you name during your lifetime. A revocable living trust gives you the right to dissolve the trust at any time. It allows you to control your assets and makes sure your wishes are met upon your death or incapacity.
If you are considering creating a revocable living trust and have questions regarding how to do so, contact an experienced Riverside Estate Planning attorney who will discuss the process with you.
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When a spouse dies in California without a proper will does the surviving spouse automatically have rights to all assets?”
California law states that the surviving spouse has the right to all of the deceased spouse’s community property unless otherwise stated – unless the spouse specifically leaves something to someone else. This can apply to separate property also.
If you have a question regarding your rights to property after your spouse had died, contact an experienced Riverside Estate Planning attorney who will protect your spousal rights to inheritance.
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I have been asked what is included in a basic estate plan.
The most important document is the Will. It is a legal declaration by you that names the person you want to manage your estate and transfer your property and assets after your death - to the individuals you desire. Having a Health Care Directive or Living Will allows you to express what kind of health care you want or do not want if you become terminally ill.
A Power of Attorney naming an individual to handle your finances is important. This person will handle all of your financial decisions if you are unable to do so while you are still alive. A Health Care Power of Attorney is a document that appoints a person to make your health care decisions if you cannot. Naming the same person to handle both would entail only one document.
If you are considering an estate plan or want to change an existing one, contact an experienced Riverside Estate Planning attorney who will provide you and your family with the service and peace of mind you deserve.
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Creating an estate plan for a newly married couple depends on several factors which include if this is the first marriage for one or both of you, assets brought into the marriage, children from a previous marriage and if you have written a prenuptial agreement.
A young couple married for the first time with no children and little assets should at least start off with a Will. Later on they can create an Advance Health Care Directive and appoint a Financial Power of Attorney.
Once your family grows along with your assets, your Will should be revised and discussed further. If you are newly married, just starting out, but want to tie up any loose ends, contact an experienced Riverside Estate Planning attorney who will make sure all of your wishes and needs are met down the road.
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\\ tags: Advance Health Care Directive, assets, attorney, beneficiary, children, Estate Planning, Financial Power of Attorney, marriage, newlyweds, trustee, Will
Estate planning is more than just a simple Will.
When you plan your estate you minimize potential taxes and fees that could be left to your heirs after you are gone.
A good estate plan coordinates what will happen to your assets, such as your home, investments, benefits, insurance, bank accounts, etc. if you become disabled or after your death. It makes sure your heirs get what you want them to. In addition, your wishes for health care treatment are also followed.
If you die without a will, your family could be left fighting over their share of your estate. Don’t make them go through that hassle – contact an experienced Riverside County Estate Planning attorney who will help you get your affairs in order.
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What happens to your money and possessions after your death? Is your family responsible enough to be able to divide everything up equally or will most of your family members disagree about almost everything?
This responsibility can be complicated and emotionally draining. You can plan ahead and avoid disagreements between family members. What can you do? You can make sure you have a will that details what each beneficiary is to receive.
Everyone should have a will, regardless of how much or how little you have. Your possessions are important to you and you want to make sure they go to people you want to have them. With a will there will be no disagreements; it states exactly who will receive your money or property and how you want your heirs to receive those assets.
Without a will, the state of California will decide who gets your money and possessions. What are you waiting for? Make one now because you can always update it later on. A will is a complex legal matter and should not be taken lightly.
If you need legal advice and help making a will, contact an experienced Riverside Estate Planning attorney who can answer any questions you have and will make sure the things you love will go to the people you love.
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A Disclaimer Trust helps to minimize or even eliminate Federal estate taxes for a married couple.
When a spouse dies, the surviving spouse has the option of disclaiming all or part of the estate of that person. The disclaimed assets are transferred to the Disclaimer Trust.
Therefore, these assets will not be included in the estate of the surviving spouse when he or she dies.
Federal law makes the exclusion amount for estate taxes to be $5 million. That amount is due to expire at the end of 2012. If an extension is not set, the amount will go back to $1 million.
If you are interested in creating a Disclaimer Trust and want to discuss the pros and cons, contact an experienced Riverside Estate Planning attorney to learn more about how it will affect you and your family.
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I have been asked about LLCs and Estate Planning. An LLC is a limited liability company. It is a way to set up your business that reduces your personal liability for any business activities that take place.
In order to set up your business as an LLC, you must first file a certificate with California’s Secretary of State – stating the name, address and name of its registered agent who is responsible for accepting legal and tax documents on behalf of the company.
An LLC is an easy way to start a business and keep it going, and has become the business organization of choice for small closely held businesses. It provides tax advantages to transfer assets from one generation to another while keeping control until death.
If you own a small business and are interested in making it a limited liability corporation, contact an experienced Riverside Estate Planning attorney who will show you how to incorporate your business into your Estate Planning.
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California law requires an individual writing a legal will to be at least 18 years old and of sound mind. He or she must understand the complete nature of the document before signing.
There are three acceptable forms of a legal California will, which include:
· Handwritten – Must be completely written by the testator, signed and dated
o Does not have to be notarized or witnessed but having a witness is a good idea
· the testator just needs to fill in the blanks
o Can leave estate to anyone in family, money to one other person, or to a charity
o Provides for naming a guardian and executor
· Prepared by attorney – An attorney can advise the best ways to leave property and tax consequences that can arise
o Signed by testator in the presence of at least two witnesses, none of which are beneficiaries. They must also sign.
A will remains valid unless superseded by a new one. Provisions that require change can be done so by a codicil.
It is not always necessary to hire an attorney to create a will, but a good idea to avoid any complications that could arise. Contact an experienced Riverside Estate Planning attorney who will ensure that your wishes are carried out.
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\\ tags: assets, attorney, beneficiaries, California, documents, handwritten, property, signature, standard form, Will
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