Letting Some of the Kids Live in Mom’s House May Lead to Costly Litigation Frequently we run across situations where parents will leave their residences to one or more of their children in their will or their trust. If they only have one child then the situation is usually okay…
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…
Don’t wait until you get sued to do asset protection BENEFITS OF AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) Irrevocable Life Insurance Trusts – These types of trusts are not often thought of as an asset protection device. However, they have many benefits, including: Permanent guarantee of money to your heirs…
Don’t wait until you get sued to do asset protection Danger of moving assets illegally – Law Against Fraudulent Conveyances DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment…
Get your assets out of your personal name AND get your name off of public records associated with the asset. DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment…
Get your assets out of your personal name DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment is then enforceable against any accounts or property owned in your name. …
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…
OMG !!! I forgot to name a loved one in my will! 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 and can be changed or replaced…