Can You Amend Your Estate Plan After a Major Life Event in California
Can I Modify My Estate Plan After a Major Life Event in California? It’s highly recommended to review and potentially amend your estate plan after a significant life event. Major life events such as marriage, divorce, birth of a child, death of a beneficiary, or substantial changes in your financial situation can significantly impact your […]
Maximizing Tax Efficiency: Strategies for Estate Tax Planning in California
How Can I Maximize Tax Efficiency in My Estate Planning? Estate planning is a vital process that ensures your assets are allocated according to your wishes after you pass away. However, without thoughtful planning, much of your estate may be consumed by taxes. One useful approach to enhance tax efficiency is utilizing the federal gift […]
Understanding the Role of Life Insurance in California Estate Plans
How Does Life Insurance Factor into My California Estate Plan? Life insurance is a crucial component of any comprehensive estate plan. In California, it serves as a financial safety net, providing immediate funds to your beneficiaries upon your death. This money can be used to pay off debts, cover funeral expenses, or simply provide financial […]
How Does Divorce Affect Your Estate Plan in California
How Does Divorce Impact My Existing Estate Plan in California? Divorce can significantly affect your estate plan in California. When you initially created your estate plan, it likely included your spouse in various roles, such as a beneficiary, executor, or trustee. However, when you divorce, these designations may no longer be appropriate or desired. Under […]
California Estate Planning for Same-Sex Couples–Specific Legal Considerations
How Does California Law Support Same-Sex Couples in Estate Planning? California is a leader in the legal recognition of same-sex couples, ensuring equitable rights in estate planning. This encompasses rights such as the ability to leave property to a spouse, make critical end-of-life decisions, and appoint an executor for one’s estate. In California, legally married […]
What Are the Special Estate Planning Considerations for Blended Families in California?
How Can I Protect My Children’s Inheritance in a Blended Family? One of the primary concerns in estate planning for blended families is ensuring that your children from a previous relationship are adequately provided for. California law allows you to leave your property to anyone you choose. However, if you remarry and do not update […]
Impact of Recent Tax Law Changes on California Estate Plans
How Can Recent Tax Law Changes Affect My California Estate Plan? The recent changes in tax laws have significantly impacted estate planning in California. The Tax Cuts and Jobs Act (TCJA) of 2017, for instance, doubled the federal estate tax exemption amount. This means that an individual can now leave an estate worth up to […]
Addressing Special Needs Trusts in California Estate Planning
What is a Special Needs Trust? A Special Needs Trust (SNT) is a legal tool designed to benefit individuals who have physical or mental disabilities. The main goal of an SNT is to make sure that the beneficiary still qualifies for Supplemental Security Income (SSI), Medicaid, or other government assistance, while having access to additional […]
What Are the Steps to Establish a Living Trust in California
What Is a Living Trust and Why Might I Need One? A living trust, also known as a revocable trust, is a document that allows you to place your assets into a trust during your lifetime and then transfer them to designated beneficiaries upon your death. It’s a valuable tool for estate planning, offering benefits […]
What Are Fiduciary Duties?
If you have been assigned trustee of a trust administration, you now have fiduciary duties to follow. Fiduciary duties describe the duties to act in someone else’s best interests. In this case, a trustee must always act in the best interests of the trust and its beneficiaries. The primary fiduciary duties a trustee has are […]
