A trustee is an estate administrator. When you create a revocable living trust, you can act as the trustee while you are living. Ultimately, you are creating the trust to facilitate asset transfers after you die. To make this happen, you name a successor trustee in the trust declaration. The successor trustee would administer the estate after your passing. Choosing a Successor Trustee When you think about a successor trustee, you may start to scour your mind for people that you know who may be … [Read more...] about What Is a Living Trust Successor Trustee?
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Free Report: What Is California Probate
The probate process is not free by any means. There are innumerable expenses that could present themselves, including the executor's fee, legal costs, accounting charges, appraisal expenses, court costs, and liquidation charges. When you add in miscellaneous expenses, the value of the estate can be shaved down considerably during probate. The money spent during probate is essentially coming out of the pockets of the inheritors. Topics covered in this report include: Further … [Read more...] about Free Report: What Is California Probate
What Is California Estate Planning
What Is California Estate Planning from Collins Law Group Studies show that most adults have not executed all of the necessary estate planning documents. Learn more about California estate planning in this presentation. … [Read more...] about What Is California Estate Planning
Why Should I Have a Durable Power of Attorney for Health Care?
A durable power of attorney for health care is a very important and necessary incapacity planning document. You should certainly prepare for the eventualities of aging when you are devising your estate plan, and unfortunately, many people do become unable to communicate medical decisions at some point in time. Family members can disagree with regard to the correct course of action when there are no instructions left by the loved one in question. This can create difficulties during a time when … [Read more...] about Why Should I Have a Durable Power of Attorney for Health Care?
Free Report: How Much Can You Transfer Free of the California Estate Tax
Taxation is something that you may have questions about when you are devising your estate plan. When you hear about the existence of the federal estate tax, you may be quite concerned about its potential impact. The federal estate tax is not a factor for most people, but if your estate is in taxable territory, it can take a heavy toll on your financial legacy due to its 40 percent maximum rate. Learn more about California estate tax in this presentation. Click here to read the whole article … [Read more...] about Free Report: How Much Can You Transfer Free of the California Estate Tax
Do I Pay Taxes When Someone Leaves Me an Inheritance in California?
When assets are changing hands, taxes can enter the picture. This is something to keep in mind when you are planning your estate, and it would naturally come to mind if you are going to be receiving an inheritance. In this post, we will look at some of the taxes that can be applicable, and we will look at some that are not. Income Taxes It would be logical to assume that you would be required to claim an inheritance as income when you file your annual tax returns. In fact, an inheritance … [Read more...] about Do I Pay Taxes When Someone Leaves Me an Inheritance in California?
What Is California Medi-cal
What Is California Medi-cal from Collins Law Group Medicare is another government health insurance program People qualify for Medicare through the accumulation of retirement credits. Learn more about California Medi-cal in this presentation. … [Read more...] about What Is California Medi-cal
How Is My Property Transferred If I Die Intestate?
The process of estate planning is something that is relevant to all responsible adults. It should not be looked upon as something that is only important for senior citizens. If you die without a will or a trust, you would die intestate, and the state would take over under these circumstances. Property that was in your direct and sole personal possession at the time of your passing would become probate property, and after debts were paid, it would be distributed under the intestate succession … [Read more...] about How Is My Property Transferred If I Die Intestate?
How Can I Leave My Estate to My Spouse Tax-Free?
When you hear about the federal estate tax, you may assume that every estate is exposed. Fortunately, this is not the case. First of all, you should understand the fact that there is an unlimited marital estate tax deduction. You can leave unlimited assets to your spouse without incurring any estate tax liability, assuming your spouse is an American citizen. This citizenship requirement underscores the reason why you still need an estate plan that provides estate tax efficiency, even if you are … [Read more...] about How Can I Leave My Estate to My Spouse Tax-Free?
Free Report: What Is California Medi-cal
Medicaid is a need-based health insurance program that is offered across the country. We practice law in California, and in our state, the program is called Medi-Cal. The majority of seniors will qualify for Medicare coverage. This is another government health insurance program. It is not a need-based program, so you can qualify even if you have assets. Topics covered in this report include: Limitations of Medicare Paying for Long-Term Care Click here to read the whole article or … [Read more...] about Free Report: What Is California Medi-cal
