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  • Estate Planning Questions & Answers (18 entries)

    • Estate Planning includes: 1) Wealth preservation; 2) Incapacity planning; and 3) Children/Beneficiary protection. In short, it is a process of getting your affairs in order so that you walk ...
    • Everyone , single or married, who has accumulated any assets and wishes to determine how those assets will be managed in the event of incapacity, or distributed at the time of ...
    • You should still plan. Otherwise, your estate is guaranteed to go through the probate court and the State will determine who will receive your assets.
    • The federal tax laws allow each of us a tax credit to protect a portion of our estate against the inheritance tax. In 2013, any individual can protect the first ...
    • Planning discussions, and preparation of basic Estate Planning trust documents often take several weeks to complete. Fees for this work generally ranges ranges from $2,500 and $6,500 ...
    • Now ! Estate planning is done in order to prepare for the event of an injury or illness resulting in incapacity or death. None of us likes to think ...
    • Everything you own. This includes life insurance, business interests, personal property, real estate and retirement plans. The “value” of your estate is determined by what the “fair market value” ...
    • Current tax law allows the tax free transfer of an estate from a deceased spouse to a surviving spouse. Estate taxes are not assessed or due until the second spouse ...
    • The public, court imposed legal process of protecting creditors, changing title and managing assets for people who have died or become incapable of managing for themselves. Since deceased ...
    • A Legal document that advises the probate court about a decedent’s wishes for distribution of their assets. A will is only effective after the will creator's death, and a will ...
    • A legal document that provides instructions to a personal trustee on how to manage and distribute the estate. A Living Trust is established during lifetime and is usually revocable and ...
    • A Durable Power of Attorney authorizes someone to act on your behalf while you are alive , and if for some reason, you are not available, or capable of acting on ...
    • An Advance Health Care Directive (“AHCD”) is intended to be a written expression that you would prefer that no one go to extraordinary means to keep you alive if you were ...
    • California is a Community Property state. That means that there is a legal presumption that whatever a husband and wife own, they own as their community property rather than either of ...
    • Beneficiary Designations determine how certain assets will be distributed at the time of your death. These are most often used with life insurance policies, annuities, IRAs and other retirement plans. ...
    • All properly planned estates should include either a Will or a Revocable Living Trust ("R:T") to describe who will benefit from the estate, and how the heirs are to receive their ...
    • Probate Code Section 10810 Sets the Statutory Executor/Attorney Fees for Probating a Calironia Estate. As of 2013, the current fees are:  ...
    • When you are preparing for your initial meeting with your estate planning attorney, you should be prepared with the following: 1.  ...
  • GLOSSARY OF TERMS (42 entries)

    • Anything you own. Assets can be tangible such as land (real property) or clothes (personnel property) or intangible such as patent rights.
    • What you paid for an asset.
    • Persons for whose benefit a Trust or Insurance Policy was created. This can include minor of adult children, relatives, other family members, partners, spouses, and friends.
    • Upon the individual’s death this Trust is funded with assets from the estate up to the dollar amount of estate assets that are exempt from Federal estate taxes. It is also ...
    • All property that an individual owns at his or her death. It does not include property which passes to another individual or entity automatically upon the individual’s death such as jointly ...
    • Individual or institution named in a Will to carry out the terms of the Will.
    • Person having a legal duty to act for the benefit of another person. Usually this means persons such as a Trustee or Guardian.
    • The process of transferring the ownership of assets to a Trust.
    • If an individual (Parent) has a living child (Child) at the time when the individual makes a gift, or at probate of the individual’s will assets are bequeathed to, the living ...
    • A Federal tax on gifts made while you are alive. Currently, an individual may give up to $14,000 per recipient per year, which is exempt from the gift ...
    • A person or entity appointed by a Court to act on behalf of an incapacitated person.
    • A guardian appointed by a Court in connection with specific matter.
    • The person who establishes a Trust.
    • An Advance Health Care Directive (“AHCD”) is intended to be a written expression that you would prefer that no one go to extraordinary means to keep you alive if you were ...
    • A Trust that you create while you are alive. Contains your instructions for managing the assets with which the Trust is funded during your lifetime and for their distribution upon your ...
    • A person who dies with out a Will.
    • A person who dies with a Will.
    • A Trust that cannot be changed or cancelled once it is set up. Irrevocable trusts are especially useful for reducing tax liabilities and taking advantage of other benefits ...
    • Two people own the same property. When one of them dies the survivor becomes the sole owner.
    • Letter prepared by Parent of a disabled child. It should specify the child’s like and dislikes, the parent’s goals and desires for the child, give the names of those persons who ...
    • There is no Federal Estate Tax or Gift Tax due upon any transfer of assets between spouses.
    • An irrevocable life insurance Trust. If the owner of the policy survives for three years after donating the policy to the ILIT the proceeds of the policy are not included in ...
    • Upon the death of a spouse, after funding the Credit Shelter Trust, the remaining estate assets are usually used to fund the Marital Deduction Trust established for the benefit of the ...
    • A way of distributing your estate so that surviving descendents will receive equal shares of only what their immediate ancestor would have received if he/she had been living at your death. ...
    • Moveable property including cash, stocks, and personal belongings.
    • A short Will used with a Revocable Living Trust (RLT). It states that any assets left out of the RLT will become part of the RLT upon your death ...
    • A legal document giving the individual named therein the legal authority to act in your place in accordance with the particular powers specified therein. A general POA allow ...
    • A Trust managed by a not-for-profit association where by assets are pooled for investment purposes but separate accounts are maintained for each individual investor.
    • A Supplemental Needs Trust that can be established with a not-for-profit organization for the benefit of a disabled person of any age. The disabled person himself can also ...
    • The right to designate and change who the remaindermen beneficiaries will be.
    • The legal process through a Court where by the Will is validated, debts paid and remaining assets are distributed according to the instructions specified in the Will.
    • Real Estate, land and buildings attached thereto.
    • The person who receives the Trust assets upon the termination of the Trust. During the existence of the Trust the assets were available for use by other persons in accordance with ...
    • A provision in a Trust that prevents the beneficiary thereof from using the Trust assets as security or collateral for his or her debts.
    • Assets which are transferred by inheritance after the death of their owner, whether through a Will or through a Trust are revalued to their current fair market value as of the ...
    • A Trust established for the benefit of a disabled person who is receiving governmental benefits and which complies with specified requirements so that distributions from the Trust would not result in ...
    • A Special Needs Trust established by the disabled person’s parent, grandparent, legal guardian or a Court. The Trust does not result in any Medicaid disqualification period for the ...
    • A legal relationship created by one person, called the Grantor, in which another person, called the Trustee, manages property donated to the Trust by the Grantor for the benefit of a ...
    • A Trust established under a Will which will take effect upon the death of the Testator( the individual whose Will it is).
    • The person or entity who manages the Trust for the benefit of the beneficiary.
    • Two persons own the same property. When one of them dies his heirs inherit his share of the property.
    • A written document with instructions for disposing of the Testator’s assets after death. A Will can only be enforced through the process of Probate by a Court.