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.
Because the topic of death and dying is so morbid and stressful to contemplate, some folks tend to procrastinate preparing a Power of Attorney, a Health Directive, a Will and/or a Living Trust until much later in life, and sometimes, until they delay until last minute or only after experiencing a...
A pour-over will is a type of will which provides that any assets or property owned by the testator at their death that was not titled in the testator's living Trust, will transfer (or pour over) into the trust, and will pass as per the terms of the trust. A pour-over will works in conjunction with a living trust and names the trust as the sole beneficiary of the will.
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.
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.
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?
2023 Estate Tax Exemptions, Annual Gift Tax Exclusions, and Portability
What Is Property Tax Reassessment Exclusion? Real property that is not entitled to special exemption is valued at the base-year value determined under Proposition 13 guidelines, adjusted for inflation. As provided in Article XIIIA of the CA Constitution, the property tax rate is generally 1% of a...
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.