Joint tenancy, in estate law, is a form of real or personal property ownership by two or more people. Each person is known as a joint tenant with an equal right to keep or sell the property.
With joint tenancy comes the right of survivorship – which means that if one tenant dies, the remaining property is transferred to the survivors. This is very common among married couples or between close family members.
There are many pros to joint tenancy ownership, which includes that after one of the tenants dies, the property passes outside of probate and any creditors that the decedent had, will not be able to make claim to it.
There are cons to this type of arrangement, especially when between a business partner and not a married couple. There is no guarantee for avoiding death taxes.
Whether you have questions regarding joint tenancy or need to revise your estate plan, contact an experienced Riverside Estate Planning attorney who will work with you to meet all of your needs for today and tomorrow.
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\\ tags: attorney, death taxes, Estate Planning, family members, Joint tenancy, ownership, Probate, property
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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It is always difficult to discuss what to do when someone is about to die, especially a loved family member. However, it is very important to prepare for that person’s death before it actually happens.
No one likes to talk about finances, but it is important to discuss money matters with your loved ones – it is a concern everyone thinks about and when emotions can run wild.
If you need to have a financial talk with your family members, but do not know how to start one, contact an experienced Riverside Estate Planning attorney who will put you on the right path; who will give you advice on how to begin such a conversation. Financial matters are complex and you need the help of someone who knows what to do and can answer all of your questions regarding benefits, assets, medical care, etc.
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\\ tags: attorney, death, end-of-life issues, Estate Planning, family members, financial issues, money, Trust, Will
No one likes to think about planning a funeral, but it is something that must be done. This is something that can be done now so your family and friends don’t have to be burdened with it later. The sooner you do it, the faster you can relax about your final resting place.
Planning a funeral is the most difficult responsibility to place on anyone’s shoulders – not to mention the expense involved. Family members who are in shock after your death can end up spending more money than is really needed – money they may not be able to afford or more money than you left them.
You can ease this emotional and financial burden on your loved ones. You can plan your funeral before you die. Contact an experienced Riverside Estate Planning attorney who will understand your concerns and answer all of your questions.
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Once again I have been asked about a trust for a pet. Pets are part of one’s family and plans should be made if something happens to the pet’s owner. According to California Probate Code Section 15212, it is legal to authorize a pet trust fund.
A pet trust is created and names a trustee to take care of the pet. This should be a trusted friend or family member. The trust provides a specific amount of money to pay for the pet’s food and care after the owner dies. The trust can be included in a will or living trust.
If you have a loving pet that you consider part of your family, and you want to make sure he or she is provided for in the event of your death, contact a Riverside County Estate Planning attorney who is familiar with pet trusts. After all, your pet is always there for you now, why shouldn’t you be there for it later on?
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\\ tags: California Probate Code Section 15212, Estate Planning, family members, Family pet, friends, living trust, money, Pet trust fund, pet's owner, Will
Every so often I am asked by a client or neighbor to define what an advance directive is. It is also known as a living will, and documents your wishes regarding medical treatments due to illness or incapacity. It is a legal document, valid in California.
In order for your living will to be valid, two physicians must certify you are unable to make medical decisions for yourself; you have a terminal illness or are permanently unconscious.
In addition, a medical power of attorney allows you to appoint a person you trust to make medical decisions on your behalf. Before this power of attorney can take effect, your physician must conclude that you are unable to make your own medical decisions.
It is important to complete and sign an advance directive, making sure it complies with California law. If you have any questions regarding Advance Directives, or need help in creating one, contact an experienced Riverside County Estate Planning attorney – one who will discuss all the steps you need to know to make sure your wishes for medical care later on will be met.
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Some of my clients have asked me, “What is involved in estate planning?” Before sitting down to plan your estate, make a list and include:
· Who you want to receive your assets – the beneficiary or beneficiaries?
· List your assets and what you think they are worth
· Who do you want to manage your estate or make decisions on your behalf if you cannot during your lifetime or once you have died?
· Do you have minor children – who should take care of them?
· Where do you want to be laid to rest – buried or ashes scattered – where?
Once you have answered the questions, contact an experienced Riverside Estate Planning attorney for advice on how to proceed, and determine what your next steps should be.
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\\ tags: assets, attorney, beneficiary, burial, children, Estate Planning, family members, Healthcare, property
Talking to family members and friends about end-of-life wishes is never an easy conversation. Once you have accomplished this task, it is important to ask others what their wishes are.
This is a subject that many put off having. The best way to approach it is to plan for the conversation one-on-one. Find a quiet and relaxing place to talk. Make sure the person knows you will respect and honor what they want – tell them you love them and care about their well-being.
While you talk to your loved one, hold his or her hand – a hug is always comforting. Ask questions that include:
· Have you appointed someone to make decisions on your behalf if you cannot?
· Do you have any specific wishes?
· If you are diagnosed with a terminal illness, what kind of treatment do you want?
· How can I help you?
Remember – be a good listener. Make an effort to understand what your loved one’s wishes are, even if you do not agree with them. It is important to have this conversation.
If you are having problems doing so, contact an experienced Riverside Estate Planning attorney who will assist you and your loved one at this crucial time.
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I have been asked by many clients what California Intestacy means. Let me explain.
In California, if you die without a valid will, you are said to have died “Intestate.”
California has established Intestacy Laws to determine who will receive your property in the event you die without a will.
California Codes, Probate Code, Section 6400 states, “Any part of the estate of a decedent not effectively disposed of by will passes to the decedent’s heirs as prescribed in this part.”
California Codes, Probate Code, Section 6401 states, “As to community property, the intestate share of the surviving spouse is the one-half of the community property that belongs to the decedent under Section 100.
This is a complex matter. If a family member has died without a valid will and you do not know what to do regarding his or her property and assets, contact an experienced Riverside Estate Planning Attorney who will discuss your options with you in terms that you can understand.
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\\ tags: "Intestate", assets, attorney, California Codes, California Intestacy Laws, Estate Planning, family members, loved ones, Probate Code, property, Section 6400, Will
An AB Trust is the most popular form of trust; it is designed to eliminate or lessen estate taxes. This type of trust is most effective when used by a married couple with assets exceeding the estate tax threshold.
The first step is to create an ongoing trust either in a Will or Living Trust. It will take effect upon your death. Up until that time, you are allowed to amend or revoke it. Your spouse would be named beneficiary and has certain rights to the trust during his or her life. Once you are dead, your spouse is called the “life beneficiary”.
With an AB Trust, no estate tax is due on your property at the time of your death – regardless of the value of your estate. The benefit of this type of trust comes when the life beneficiary dies – because he or she never legally owned the trust property, the property held in it will not be considered part of his or her estate. When he or she dies, the property goes to the final beneficiaries you named (i.e. your children).
To understand how an ongoing trust saves on estate taxes, contact an experienced Riverside County Estate Planning attorney who can discuss the details in a language you can understand.
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\\ tags: AB trust, attorney, Estate Planning, estate taxes, family members, life beneficiary, married couple, property, Will or living trust
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