Archive for March 2020
Know the Truth: Trusts Do Not Avoid Probate!
One of the biggest myths and most understood concepts that we come across when we talk to people about estate planning is that a trust will avoid probate. That is only partially true, but it’s not the whole story. Trusts by themselves cannot and do not avoid probate Sadly, we meet too many families after…
Read MoreOrange County Estate Planning Attorney Answers, “Are You Liable for Your Deceased Spouse’s Debts?”
As a rule of thumb, no one else is obligated to pay the debt of a person who has died. So, in general, you will not be responsible to pay off your deceased spouse’s debts. However, there are some exceptions that vary from state to state: If you co-sign on a loan, then you now…
Read MoreBeware of This Costly Mistake When Refinancing Your Home – Video
When it comes to refinancing a mortgage there are a lot of things to think about as well as documentation to organize for you lender and then sign. Most often everyone is in a rush – the lender to process the loan and you to just get the process over and done so you can…
Read MoreWhat to Know Before Transferring Ownership of Your Home in California
Most older adults believe that it’s easier for everyone involved – loved ones, beneficiaries, and executors – if they transfer full or partial ownership of their home prior to their passing. However, California elder law attorneys will caution you that there are several risks to consider when transferring ownership of your home that might harm…
Read MoreImportant Updates About COVID-19 for Our Clients and Community
We cannot stress enough that our community is our top priority. We remain open (just remotely) and we are here for you, your family, and friends as we all navigate through this pandemic crisis. This is a rapidly evolving situation. Just in the past day there has been so much change at national, state, and county…
Read MoreCommon Mistakes to Avoid When It Comes to Property Tax Reassessments in California
When a California home or other real estate is sold or transferred to another person, with the exception of some limited circumstances, property taxes will increase due to triggering a reassessment of the Prop. 13 tax base. The good news is that these exemptions involve transfers and inheritances among certain types of family members. However,…
Read MoreHow a Pour Over Will Works with a Living Trust
While most people have heard of a basic Last Will and Testament, they may not know what a Pour Over Will is and how it works with a Living Trust. As an Orange County will lawyer, I’d like to explain this estate planning tool. Essentially, a Pour-Over Will is used in conjunction with a Living…
Read MoreWhat to Know When Serving as a Trustee or Executor After Your Spouse Dies
Dealing with the loss of a spouse is one of the most difficult situations a person can face. The grief alone can be crippling and adding to the stress is the need to deal with funeral arrangements and any other tasks that may have arisen during your spouse’s final illness. And if you’re like most…
Read MoreThe Secure Act (Part 3): The Big Problem Explained
The SECURE Act has a lot of benefits, but now for the bad news. Under the SECURE Act, younger beneficiaries can no longer “stretch” the IRA they inherit. This was a process by which a beneficiary would take small required minimum distributions over his or her lifetime, while “stretching” the tax-deferred growth of the IRA…
Read More6 Mistakes to Avoid When Creating a Special Needs Trust
A Special Needs Trust (also called a Supplemental Needs Trust) is a legal document that holds assets for a person with disabilities, while also providing legal authority for a trustee to manage money and make financial decisions on behalf of the individual with special needs. Read on to discover four common mistakes in creating a…
Read MoreThe SECURE Act (Part 2): What It Means for You and Your Family
Have you heard about the new SECURE Act (effective January 1, 2020). Do you know how it will affect your retirement accounts and impact your beneficiaries? Let us explain. In this short video, you learn important highlights about: What the law changed – both the “Good News” and the “Bad News” How a new “Ten-Year…
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