Articles Posted in California Estate Planning Attorney

To create a will in California you must: Be An individual at least 18 years of age or older. Be of sound mind, which means that you: Comprehend what it means to make a will. Know the nature and extent of the property you own. Can recall who your relatives are. Are in good mental…

A charitable remainder trust or (CRT) is a type of irrevocable trust that allows the person who creates it (called the “Grantor”) to receive income from the trust and even split the income with other beneficiaries for a period of time.  After the period expires, the assets that remain in the trust are gifted to…

A Spousal Lifetime Access Trust or “SLAT” is a special type of irrevocable trust.  A SLAT is created by one spouse for the benefit of the other.  The spouse who creates the SLAT is referred to as the grantor and the spouse who receives gifts from the SLAT is referred to as the beneficiary spouse. …

A QTIP trust or a qualified terminable interest in property trust is a type of irrevocable trust that allows the person who creates the trust (the Grantor) to provide for a surviving spouse during her life but also maintain control over the trust’s assets once the surviving spouse dies.  The QTIP may be set up…

An irrevocable trust is a type of trust that once created is not modifiable by the individual who created it (the “Grantor”).  In fact, this type of trust cannot be changed, amended, or terminated without the permission of the beneficiaries (the individuals or entities that receive, for example, money, property or other assets under the…

Did you know that it’s National Estate Planning Awareness Week?  In 2008, the U.S. Congress passed House Resolution 1499 designating the third week in October as National Estate Planning Awareness week.  According to Caring.com’s 2022 Wills Survey, over 66% of Americans believe that having an estate plan is important, but only 1 in 3 Americans…

The unlimited marital deduction is part of the United States Federal Estate and Gift Tax law.  The law allows married U.S. citizens to transfer an unlimited amount of property and money to their spouse at any time free of any taxation (both estate and gift taxes).  These spouse-to-spouse transfers are not taxed.  The largest transfers…

Some states have surviving spouse elective share laws.  These laws provide that a certain portion of a married individual’s property and money be given to his spouse upon death regardless of whether the spouse is named in the decedent’s (the spouse who died) will.  The amount of the elective share varies by district and several…

A power of attorney (“POA”) is a legal document where you (the “Principal”) authorizes another person (your “Agent”) to handle your affairs—typically in the estate planning context—when you are incapacitated.  The type and amount of power given to an Agent depends on the terms of the POA.  An Agent can be authorized through a POA…

A revocable living trust is a type of trust that can be modified during the creator’s lifetime.  California residents commonly use revocable living trusts to: Name the individuals who will inherit your property (your “beneficiaries”). Avoid probate (a time consuming and expensive court proceedings where a judge determines who inherits your money and property). Avoid…