If you have pets, consider including them in your estate plan. In doing so, your documents can address: Who will take your pets if you die or become incompetent? Who will find them a good home? How will the costs of your pets be handled? Regarding who will take your pets or who will find … Continue reading Estate and trust planning for your pets
Request a Transcript or Copy of a Prior Year Tax Return: from the IRS You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year tax return. You often need them when you … Continue reading Request a Transcript or Copy of a Prior Year Tax Return
Just because California is a community property State does not mean that an inheritance here is community property. For a married Californian, property received by gift or inheritance is separate property, not community property. For many parents, that fact alone is enough protection. Perhaps most parents have confidence that their children will do the “right thing” with … Continue reading Trust inheritance provisions to protect your children’s inheritance from in-laws and divorce
Your living trust can provide that, after your death, wealth remains in trust for your child (or other intended beneficiary) to help with designated purposes. Well known examples of such purposes are health and education. But another purpose is help with buying a house. For example, your trust could provide that, after your death, the trustee may … Continue reading Trust inheritance provision to help your beneficiaries buy a home
For most California estate plans, federal estate tax can be avoided, as can probate. Of increasing concern is how to avoid an increase in California real property tax. For the California residence, it can pass from parent to child (or child to parent) without an increase in property tax. But, without proper planning, property taxes … Continue reading Planning to avoid an increase in California real property taxes