Qualified Personal Residence Trusts are not used very often anymore, but they are still good to be aware of. This type of trust may be something you want to consider during the estate planning process. It is also a type of trust that you may have to deal with if your parents or grandparents set one up.
Probate is the court-supervised legal process of settling a person’s estate after their death. This includes the appointment of someone, the executor, to pay all the debts of the estate and transfer the property of the deceased to his or her heirs. It can be a lengthy and expensive process.
Inheritance tax is a widely misunderstood topic, partially because not all states have such a tax. Generally speaking, inheritance tax is a tax liability on an individual’s inheritance. States with an inheritance tax typically exclude surviving spouses from tax liability, and some states exclude other family members.
Estate planning is a process by which individuals plan for the disposition of their assets, and it is a necessary process for every person who wants to control what happens to his or her estate both before and after death. Wills and trusts are often integral parts of this process.
When looking for an estate planning attorney in California, it’s imperative that you ask the correct questions. By asking prospective California estate planning attorneys good questions, you’ll be in a position to make an informed decision regarding your legal representation.
Estate planning allows individuals to get their financial affairs in order before death. Some of the most well-known estate planning tools include advance health care directives, wills, and living trusts
When an individual is unhappy with the terms of another’s will, he or she may be entitled to challenge it in court. The four primary reasons that wills are invalidated in California are lack of testamentary capacity, undue influence, signature problems, and fraud.
If you have a family member or loved one with special needs requiring lifelong care and support, you may want to consider establishing a supplemental needs trust. The beneficiary of a supplemental needs trust will allow you to provide your loved one with financial assistance without putting them at risk of losing critical public benefits.
Wills are an important part of the estate planning process. A will allows its maker, known as a testator, to accomplish a number of things, including leaving property to people or organizations.
An often overlooked, yet very important part, of estate planning is incapacity planning. There may come a time when you become incapacitated and are unable to communicate. It doesn’t matter what your age or health may be. Accidents happen and sudden illnesses develop. Put a plan in place now so that, should you ever become incapacitated, your loved ones and doctors will be clear on your wishes.
