You’re wise to research whether you need to be concerned about estate taxes because many taxes can be minimized or eliminated altogether. There is no sense in paying more than you owe. The big tax that makes the news is the federal estate tax; you may have also heard of the gift tax. Federal Estate […]
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Can You Trust the Insurance Company’s Doctor?
In the ideal world, any doctor examining and treating you would have your best interests at heart; but, what if the doctor is being paid by an insurance company and you’ve been injured in a car accident? Think about the motivation in this situation. The insurance company is motivated to pay you the minimum amount […]
4 Things Commonly Forgotten During Estate Planning
Life is full; lots to remember. If you forget something in the estate planning world, your estate plan may not work, meaning the documents may not be honored or they may not do what you want them to do. To help your plan work, we’ve created this list to help you to remember 4 things […]
What Happens When You Have No Estate Plan?
When you don’t have an estate plan, you and your family lose control. You have no say in what happens when you become incapacitated or die. You have no say in who raises your minor children. You have no say in who makes your health care decisions; , you have no say in who gets […]
Promises to Change a Will Don’t Count
Promises to update, amend, or revoke a will, or any other estate planning document, don’t count unless the change is actually made according to law. In other words, you have no legal standing to challenge a will based on the deceased’s promise only. Changes to Wills and Other Estate Planning Documents Must be in Writing […]
Powers of Attorney are Useless after Death
While powers of attorney are essential during your lifetime, they are useless after your death. The authority granted under powers of attorney ends immediately at the principal’s death. The “principal” is the person who creates the power of attorney; so, if you execute this document, you are the principal. The person who helps you is […]
If You’re New to San Diego, You Likely Need to Update Your Estate Plan
If you’re one of the many people who have migrated to beautiful San Diego in recent years, you may need to have your estate plan reviewed and, perhaps, updated. This is especially important if you moved here from another state. Estate planning documents sometimes don’t travel well from state to state and you may have […]
Executors Must Not Commingle Funds
There are many rules that executors and administrators of estates (i.e. “personal representatives”) must follow, with the most important being the rule against commingling. In other words, executors absolutely must keep their own money separate from the estate’s money. Use the estate’s money as your own and you may go to jail. This anti-commingling rule […]
California’s No-Contest Clause and Disgruntled Heirs
In 2010, California’s no-contest clause probate code provisions were amended, limiting the enforceability of no-contest clause provisions. No-contest clauses have been used to discourage unhappy relatives, girl/boy friends, second spouses, and others from challenging a will (or trust.) If a challenge is brought, the heir stands to lose any inheritance he or she would have […]
You can Use a Pay on Death Account to Avoid Probate
Pay on death (POD) accounts, sometimes referred to as “transfer on death” (TOD) accounts, avoid probate. Probate is avoided because POD accounts have a beneficiary designation. Thus, there is a contract that says, “When I, Sam, die, I want my bank account to be transferred to my brother, Phil.” While Sam maintains control and ownership […]