Generation Skipping Trusts, also known as GSTs, are an excellent estate planning tool created to avoid double estate taxation at the death of a grantor and the subsequent death of their children. Considering the potential changes in estate tax exemptions coming soon, this type of trust may become an increasingly useful tool in planning for
Estate Planning
What is Probate?
What is probate? In California, when a person dies having assets in their name worth over $184,500, their estate is subject to probate whether they had a will or not. A will does not prevent probate. The only difference between having a will and not having a will is that with a will, the testator
Will vs Trust – Which Is Right for You?
Will vs Trust Will vs Trust – Which Is Right for You? No matter your age, there is a necessity to plan for unforeseen circumstances. This includes planning for your death and deciding how you would like your property distributed. An estate plan allows you to do just this. Without an estate plan, the transfer
What Happens When Someone Dies without a Will?
What Happens When Someone Dies without a Will? What Happens When Someone Dies without a Will? If a California resident dies without a Will, the laws of intestate succession apply. This means the decedent’s estate will pass through probate court, and the court will distribute the assets according to state laws. However, this may be
How Does a Bypass Trust Work?
Bypass Trust A Bypass Trust allows you to provide for your surviving spouse and leave assets to your children, without the burden of estate taxes. Some BackgroundAs of 2023, the federal estate tax exemption is $12,920,000. This means estates valued below that number are exempt from the federal estate tax. The value of an estate
What is Step-Up Basis and How is it Beneficial for Trusts and Estates?
What is Step-Up Basis and How is it Beneficial for Trusts and Estates? Step-up basis allows for the tax basis to be stepped up to fair market value upon the transfer of an asset at death. What is basis? The IRS defines basis as “the amount of your capital investment in property for tax purposes.”
Put Your Home in a Trust
Put Your Home in a Trust Owning a home is a quintessential part of the American Dream. During the excitement and joy of signing closing papers and receiving keys, very few homeowners stop to consider how to protect their home in the event they pass away. One way homeowners can protect their homes, amongst other
You hit the lottery jackpot! Now what?
Lottery Jackpot We play the lottery jackpot when we are feeling lucky. But how does a winner ensure they stay lucky when they hit it big? Hitting the lottery jackpot might seem like a dream come true: by spending a few dollars and selecting a few numbers, a person can win an enormous amount of
Benefits of Estate Planning: Why Updating Your Estate Plan Helps You Keep Up with Life’s Contingencies
Benefits of Estate Planning The sun is out, the birds are chirping, and you are feeling jubilant. You have just left an experienced Trusts and Estates attorney’s office, and your robust estate plan is assembled exactly to your specifications. You have created a will, designated your medical and financial powers of attorney, and executed a
Avoiding Probate Hassles with a Heggstad Petition
Avoiding Probate Hassles with a Heggstad Petition Creating a living trust allows a person to control their assets while still alive, and to then distribute such assets upon their death to the people or organizations selected beforehand, thereby avoiding probate. But what happens when an asset that should have been included in a living trust,