Choosing between Formal Probate or Petition to Determine Succession to Primary Residence: New legislation provides that a Personal Residence in California with a date of death value less than $750,000 may now be excluded from formal probate. A Summary probate procedure applies now for owners dying after April 1, 2025 but all consequences should be carefully weighed before choosing how to proceed in court.
The Los Angeles County Assessor has launched a very helpful tool for estimating the amount of Supplemental Property Taxes which are levied when there is a change in ownership – including when property is inherited via Trust or Probate, or when it is sold. Learn more about this important liability for Trustees, Executors, Estate Administrators and homeowners.
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.
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.
A pour-over will is a type of will stating that any assets or property owned by the Settlor of a living trust that were omitted from the Trust at their death will transfer (or, pour over) into the trust after death. In this way, the pour-over will serves as a safety net for any assets not formally transferred into a living trust during the Trust Settlor's life.
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.
2023 Estate Tax Exemptions, Annual Gift Tax Exclusions, and Portability
When estimating the possible cost of probate, it's important to consider court fees, attorney and executor fees, costs for required services by additional professionals (fees to publish notice, fees for accountants, appraisers, etc.), as well as the cost of bond which is generally required of the...
If estate planning is on your mind, you have likely heard of the probate process and you know it is something that is best avoided. With a carefully-crafted estate plan, it is possible to help your beneficiaries avoid this complex, expensive, and time-consuming process. Avoiding the Probate Proce...
It is a common misconception that if one has a will, there is no court process after they die. This is only true if he/she died not owning any real estate, and having personal property less than $150,000 in value, or with named beneficiaries. When this is not the case, a willhas to undergo a long...
If one dies owning assets in his/her name alone, and the estate requires probate administration, the family would be wise to find a Los Angeles probate attorney with lots of experience in Probate court and one that does not shy from keeping in touch with the family. It is not common knowledge tha...
Attorney Maria N. Jonsson, Esq. is a Certified Specialist in Estate Planning, Trust & Probate Law by the State Bar of California Board of Legal Specialization. The Law Offices of Maria N. Jonsson, PC is committed to providing a comprehensive and holistic analysis of your specific circumstances as they relate to Estate Planning, Probate and Trust Administration issues in California. Schedule a one-on-one discussion of your case with Attorney Jonsson directly.