Next year, the estate tax applicable exclusion amount increases from $5.43 million to $5.45 million. A married couple in 2016 may have an estate of $10.9 million with no estate tax. The annual gift exclusion remains unchanged at $14,000. Copyright 2015 Phillips Law Offices, A Professional Corporation
Often overlooked by parents are important legal needs of their young adult children (18 years and older). For example: Once 18, who will make medical decisions for the then adult child if the child becomes unable to give informed consent to medical decisions? Avoid the problems of the Terri Schiavo case and avoid a court … Continue reading Parents helping young adult children with important legal, tax, and investment needs
California law dictates who has priority to serve as administrator of your probate estate if you died without a will and with a California estate large enough to require a California probate. In such cases, a person in the following relation to the decedent is entitled to appointment as the California administrator in the following order of … Continue reading Who is in charge of a California probate when there is no will? Who will be the administrator?
Being trustee can be a thankless job, one with lots of stress and the risk of personal liability. California law places the following legal duties upon the trustee of an incompetent or deceased person’s trust: The trustee has a duty to administer the trust solely in the interest of the beneficiaries. If a trust has … Continue reading What are a trustee’s duties and potential liabilities?
All California competent adults should consider signing a California Advance Health Care Directive. In the aftermath of the Terri Schiavo case, most people recognize how important this estate planning document is to protect yourself and your loved ones. In this document, you empower someone to make medical decisions for you if you become unable to … Continue reading Importance and Use of California Advance Health Care Directive