CA Estate Planning Blog

Thursday, June 16, 2016

The Purple One’s Probate Problems

The Purple One’s Probate Problems

When Prince passed away earlier spring we lost a truly amazing musician. His music and showmanship were groundbreaking, but so too were his ideas about the rights of recording artists. Over the years he has been in court probably more than any other musician out there, fighting for control of his work product. He even famously changed his name to an unpronounceable “love symbol” during a legal battle in the 1990s.

In more recent years, he fought a constant battle against people who attempted to upload his songs and image to the internet.

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Thursday, June 16, 2016

Using Life Insurance Trusts and Related Taxes in Estate Planning

Is it practical to use life insurance trusts in estate planning?

The terms of using life insurance trusts in estate planning have changed in several ways over the last two decades. Whereas 20 years ago the exemption from the federal gift and estate tax was $600,000 and estate planners routinely advised their clients with life insurance policies to implement a trust to hold them, now that the exemption has increased to $5.45 million, such trusts are not implemented as frequently.

A life insurance trust refers to an irrevocable trust designed to take title of a life insurance policy during the insured's lifetime in order to protect that policy from being considered part of the owner's assets.  By creating such a trust, the imposition of federal estate tax on the policy is prevented.

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Tuesday, May 31, 2016

FAQ Concerning California's New Revocable Transfer on Death Deed

In September of last year, California Governor Jerry Brown signed into law House Bill 139 -- creating a new type of deed designed to help expedite the probate process. Specifically, the “revocable transfer on death deed” was created to simplify the probate process for surviving family members, effectively allowing valuable real estate to pass to heirs outside of the probate court. The following answers some of the most frequently-asked questions about this new estate planning tool.

FAQ #1: What led to the creation of the revocable transfer on death deed?

To understand the the revocable transfer on death deed, it helps to better understand the traditional methods of transferring real estate prior to its introduction. When a person dies owning real estate, there were generally three ways in which the home could transfer to the intended beneficiaries: (i) via joint tenancy with the right of survivorship; (ii) through the directives in a Will or Trust, or (iii) by intestate succession as laid out in the California Probate Code.

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Monday, May 16, 2016

Estate Planning for Women

Why is estate planning particularly important for women?

Whatever your age, gender or financial status, you should engage in estate planning. Nonetheless, experts tell us that estate planning often is more important for women, partly because it is one of the only aspects of taking responsibility that women tend to ignore. According to Patricia Annino, author of Women and Money: A Practical Guide to Estate Planning, women, at least in our culture, are psychologically oriented toward taking care of others, rather than themselves. Even though estate planning will eventually benefit their loved ones, they tend to be focused on, even preoccupied with, meeting the daily needs of those around them, postponing essential planning for the future.

 What factors make estate planning essential for women in particular?

As most of us are aware, statistics show that women live, on average, 7 years longer than their mates.

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