The IRS made history by announcing the HIGHEST EVER applicable Estate and Gift Tax Exclusions for US Citizens for tax year 2024 – they are increased to $13,610,000.00 per person, or $27,220,000.00 for a married couple.
Your estate plan in California can include several documents, many of which may require beneficiaries, like any trusts you may have set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully.
Despite popular belief, Estate Planning is not a one-and-done project. To be truly effective, your estate planning documents should reflect your changing circumstances which needs your attention on an ongoing basis.
Even in the most “simple” circumstances, a California Probate takes a bit over a year from start to finish. For that reason, finding the right probate attorney can make a world of difference with how efficiently the case can be handled. Here are some things to look for when hiring a Probate attorney.
Knowing the basics of trust administration is important when you are named as a Trustee or a beneficiary of a Trust, and the trust creator's assets are titled in their trust, or if there are assets left outside of the trust. Not knowing or understanding your Trustee duties, or Beneficiary entitlements can lead to many challenges and liabilities, and can lead to the intended beneficiaries not getting their share in the trust for months, or, sometimes, years, after the death of the trust creator.
On February 28, 2023, the Federal Housing Finance Agency announced that the annual change in the House Price Index for California for 2022 was $2.26%. As a result, the $1 million amount "reassessment exclusion" from property taxes under Proposition 19, is now adjusted to $1,022,600. This amount will be adjusted again on February 15, 2025.
Homeowners can now designate a third party - a family member or trusted friend, to receive a copy of past due notices for unpaid property taxes, so as to prevent such homeowners from losing their home to an unintended foreclosure for non-payment of property taxes,
Prevent Title Fraud - The Los Angeles County Assessor, in partnership with the County Recorder, just announced the ability for homeowners to REGISTER their property, and get a Fraud Notification Email within 48 hours of a document being recorded against title to their property! This is a hugely beneficial tool in the hands of homeowners to be on the lookout for Title Fraud.
Cryptocurrency, unlike its name suggests, is a Digital Asset – as such, the law treats it as Property, and not Currency. Crypto and NFTs are known as “bearer assets” – just like with “bearer bonds” – whoever has possession of the “asset” is the beneficial owner of it, which makes it challenging to be sure that an intended beneficiary will actually get the asset. How to avoid "Finders Keepers" when we estate-plan for Crypto and NFTs?
While certain types of trusts can protect assets from creditors, they don't all have this feature. This is why it's important to consider your estate planning options beyond a revocable living trust if you wish to safeguard assets for your loved ones. Revocable vs. Irrevocable Trusts There are ma...
If you are creating a living trust, the person you select as your trustee matters a great deal. Trustees in California are tasked with many responsibilities and legal duties pertaining to the management and distribution of trust property. The decisions made by your trustee can affect you during y...
In estate planning, it is a very common question to ask: “When I buy a house, how should I take title?” There is a common misconception that realtors/escrow are required to give your legal advice – the opposite is true: they are prohibited from giving legal advice, and it falls on you as the buye...
If you need an estate planning lawyer, you must find the right one for you. If you're wondering what that means, think about how personal your estate plan is to you. It protects you just as much as your loved ones, so finding the right estate planning attorney that can address your specific needs...
Estate planning is one of the most important things that not enough people do. A survey conducted by Caring.com in 2017 found that nearly 60% of American adults said that they don't have a will or a trust. While these numbers may have elevated slightly due to the COVID-19 pandemic – which exposed...
Most people would agree that estate planning is something they believe is important, but even some of those with that opinion don't have their own affairs in order. Despite all of the benefits estate planning can provide – chief among them: peace of mind! – not everyone who knows and understands ...
If you're like most people, you might have put your estate plan together and thought you wouldn't have to look at it again. If it shocks you to hear that you are wrong, we're glad – only because updating your estate plan is one of the most important things you can do to ensure your family remains...
Wedding season is here! While it's important to check off items such as a venue, the guest list, and the photographer, another item couples should check off is setting up an estate plan. Even though many believe an estate plan is only needed after you get married or if you are older, that's no...
Summertime is drawing near and as the world begins opening up again many people are planning summer vacations. Whether you travel to a neighboring town, state, and especially out of the country, it's always important to make sure your estate plan is in order. Review Your Estate Plan If you don't ...
Creating an estate plan doesn't need to be complicated. When considering what needs to be in your estate plan, you'll want to make sure you have important documents that explicitly state your wishes. Having an experienced lawyer can make this process much easier. If you are ready to make an estat...
The Age of COVID Estate Plans – Cheap Trusts are in fact Very Expensive Estate planning services are highly sought after in this “Age of COVID.” Unfortunately, the higher cost of a custom-drafted, sophisticated and thorough estate plan containing all the essential legal documents, as well as guid...
If you have been postponing the setting up of an estate plan for 30 years – have you waited long enough? Going forward - time is not your friend: for folks in their 60s or 70s, waiting any longer to set up Powers of Attorney, Wills and a Trust, and transferring their assets in Trust, could involv...
Every life transition changes the person that we are. Graduating from High School or College, getting Married, starting a Business, or a Family – those are big life events that define new legal paradigms, and entail more responsibilities towards those who are close to us and/or depend on us. Gett...
Summer is time for the long-awaited and much deserved time away from the office and the daily grind. Every year millions of Americans pack their suitcases and board a plane, a cruise ship, or set out on a road trip. Every year many vacations are ruined when the unthinkable happens: an accident, a...
When people think of Estate Planning they usually think about setting up a living trust and powers of attorney. A lot of budget outfits out there would deliver just that. The real value of working with an Estate Planning attorney is to take a holistic approach to Estate Planning and not only have...
The Law Offices of Maria N. Jonsson, PC is committed to answering your questions about Estate Planning, Probate and Trust Administration issues in Marina Del Rey & Venice, CA. We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.