Gifting before death may cause huge capital gains taxes INCOME TAX “BASIS” CONCEPT Under our system of federal and state income tax, if the property is sold before death for more than what was pay for it then there is a capital gain. There are special rates which apply to…
County assessor will reassess property tax on death of an owner unless prevented THE PROPERTY TAX SYSTEM California Property taxes are administered by the County in which the real property is located. The County tax assessor determines the amount of property taxes based upon the fair market value of the…
Doctor Ran Off with his Nurse = Lifetime Chase We handled a case that spread across decades. It started out uncomplicated as we were the attorneys for a conservator who was handling the affairs of his distant cousin. The conservatee, Linda, was formerly Dr. Smith’s nurse. Linda had married Dr.…
OMG !!! – I got married and forgot to change my will to add my new wife! Will Definition What if Your Spouse is Omitted – A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will…
Wife Passes Away in Middle of Divorce = Messy Litigation We handled a probate court case involving a lady named Susan who died while in the middle of a divorce. She had an expensive ocean view house and lots of valuable furniture and jewelry. At first, nobody could figure out…
Disabled persons on public assistance can lose benefits if they inherit money in the wrong form Purposes of special needs trusts Trusts for Special Needs – Special Needs Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according…
Save legal fees by learning Basic Trusts Terminology Purposes of trusts Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according to detailed written instructions. Trusts are used to safe-keep money and property and prevent it from being…
Someone passed away. The Will names me as Executor. What do I do? This Article intended for estate personal representatives Probate is a lot of work which could have been avoided by estate planning Doesn’t matter if there is a Will or not. – Probate Court proceedings are needed to…
High probate attorneys and administrators fees are mandatory Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise. Thus, if a person has not organized his/her ownership of assets, a Probate Court proceeding will…
Please Don’t become a participant in a lost Will disaster Will Definition A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death. Original Will A valid will may either…