If an estate contains assets solely titled in the Decedent’s name, those assets must first pass through the Probate Court process before they can be retitled in a beneficiary’s name. If a Will exists, the Probate Court tests the validity of that Will as an initial step in this process. This initial...
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Small businesses make up about half of the private sector employment in the United States. While the exact number fluctuates, there are roughly 40 million small business in the U.S. Sixty percent of the people who start small businesses are between the ages of 40-60. Our economy depends on small business owners,...
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What is Step-Up Basis?
When you sell an asset that has appreciated in value since you purchased it, there are tax consequences. More specifically, capital gains taxes are due. Capital gains are calculated on a cost basis. If the asset is a home, the cost basis is the price...
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Not everything goes as planned. We recommend clients revisit their estate plan every 3-5 years just to make sure their original plan still meets their goals. If you are undergoing a significant life change, like a separation or divorce, it is time to move up that timeline if you are not close...
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There are a lot of misconceptions about how estate planning works. Here are a few fun facts to share at your next dinner party.
California is a community property state. California Family Code § 760 (2018) provides: “[e]xcept as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” This means all assets acquired or money earned by either...
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