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What happens in California to a loved one’s debt in the wake of his or her passing?That is a question often posed to estate planning attorneys, and a query that just as often naturally leads to a spotlighting of the probate process. Narrowly termed, probate is...
Even the estate of a deceased planner who executed a will goes through the process known as probate.A key focus of probate is the one entertained by the creditors of an individual who has passed away. A recent national article on the process notes that creditors avail...
“Standard and uncontested.”That is one online article’s assessment of how probate in California and elsewhere generally works. That overview’s take on probate stresses that the process for finally settling a decedent’s estate in court is...
When you consider how many people with significant estates die each year in California without a will, you may think you are well ahead of the curve just by having a will in place. In the grand scheme of things, this is true. You certainly are better off having a will...
There is more to creating a trust than meets the eye. In addition to adding assets to the trust, there's something else you need to think about: finding the right person to serve as trustee.While this sounds as simple as naming a trustee and moving on with the rest of...
We've all heard adages like this before: You wouldn't hire a plumber to perform surgery, so why would you … ?For purposes of today's blog post, we would simply pose this query: Why would a planner name a lay person with little or no professional experience as...
It's a safe bet that the three former wives of famed -- and now deceased -- song writer/guitarist Jerry Garcia do not hang out together listening to Grateful Dead albums.Ditto that regarding former girlfriends and children from Garcia's various relationships. Here's...
If you were asked to be the executor (often called personal representative) of a loved one's estate, that obviously means that trust was imposed in you regarding a very important matter.You were likely honored by the appointment, and accepted. Many people do. And now...
Most states, including California, have laws in place to protect surviving spouses and other potential heirs to a decedent's property. This means that if one spouse dies, the other still has inheritance rights even if a will was never written or an existing will never...
When a loved one passes away, you'll have many thoughts going through your mind. At some point, you must turn your attention to this person's estate plan.Did they have a will or a trust? With a will, there is no way around the probate process. Instead, this will move...
When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...
California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...
Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...
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