Many clients ask me if it would be easier--administratively-- to add their son or daughter on title to the home during their lifetime. After all, adding someone on title could be as easy as executing a new deed with a title company. However, whether or not that child SHOULD be added is really the question that needs to be addressed. Many people do not understand the significant legal and tax consequences of adding someone on title during their lifetime. I'd like to address some of those consequences in this blog post.
Whether you are in the market to sell or purchase a new home, the real estate transaction process can be overwhelming and complex, especially when you attempt to do it on your own. There are a lot of people or agencies that may be involved and each has its own role to play. There's also a lot of paperwork, deadlines, and legal requirements that must be met. Lauren Rios wants to make sure the process moves along seamlessly for you. Here, we answer some commonly asked questions, but if you have more specific questions or want smart representation in your residential real estate transaction, contact us today at 650-727-0900 to schedule a complimentary introductory call.
Your estate plan should also take into consideration all of your digital assets.
If you own cryptocurrency or similar holdings, you should ensure that they are included in your estate plan so you can preserve them for your heirs.
CALIFORNIA PROBATE: THE WAY IN WHICH YOU TAKE TITLE AFFECTS HOW YOUR REAL ESTATE IS ADMINISTERED UPON YOUR DEATH
How you hold title to real property will affect how that asset is administered upon your death.
If a beneficiary is a minor or an incapacitated person, the Probate Court may appoint a guardian ad litem at any stage of a probate proceeding.
August means school is back in session or just around the corner, signaling the return of new school supplies, homework, and pop quizzes. Try your hand at this estate planning pop quiz to see if your knowledge of estate planning makes the grade and if it is time for us to schedule a meeting.
Some of my estate planning clients own highly appreciated investment properties, but few are familiar with the effective tax deferral and estate planning strategy available with the IRC Section 1031 “like kind” exchange. It can help you defer capital gains taxes on certain appreciated property indefinitely, and even eliminate them permanently. This blog post will give you a high level introduction to 1031 exchanges. If you are considering a 1031 exchange or have questions about this type of real estate transaction, please call our office for assistance.
If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it.
Along with warmer weather and lazy days spent at a pool, summertime also often includes a family gathering, such as a Fourth of July barbecue, a family vacation, a reunion, or time spent at a family cabin or lake house. Whatever the form, in our always-on-the-go society, getting the whole family together is a rare occurrence. Consider taking advantage of this time together to discuss your estate and financial wishes with your family by including a family meeting in your family gathering.
For over a quarter of a century, the National Safety Council has recognized June as National Safety Month. An objective of National Safety Month is to raise public awareness of the top safety and health risks in the United States. One of the lesser known but considerable risks Americans and their loved ones face are the financial and emotional repercussions that can accompany incapacity or death. A revocable living trust is a legal tool that can keep you and your loved ones safe from the costs, uncertainty, and confusion that may result upon your incapacity or death.
There is a lot to think about when moving: along with organizing and packing up all of your belongings, there is also starting and stopping utilities, mail forwarding, updating voter registration, and so on. While the ever-growing number of items on your moving to-do list may be overwhelming, it is important not to overlook two essential items that should be added to your moving checklist: (1) locating your important documents and (2) meeting with your advisor team.
If you are more environmentally minded, read this blog post for some nontraditional, eco-friendly burial ideas. An added benefit is that many of these environmentally friendly ideas are also less expensive than the traditional options.
We all plan for “just-in-case” scenarios. When packing for our week-long vacation, we throw in a rain jacket even though the weather forecast is sunny—just in case. When planning for the future, it is also important to consider what will happen just in case one of your loved ones becomes disabled. Read this blog post to see how you can include this important safety net into your existing trust.
Read this for a brief overview of Special Needs Trusts (SNTs).
February 21 is the day on which we celebrate several US presidents who made noteworthy contributions to our country. As with any discussion that involves politics, a discussion about US presidents risks generating a variety of opinions about which reasonable minds can disagree. However, politics is not the focus of this month’s newsletter. Instead, our aim is to examine a few of the important lessons we can learn from the estate planning of some of our country’s most famous political leaders.
Read this blog post for a list of common statutory exemptions from documentary transfer tax on transfer of real property.
When it comes to finding happiness for both you and your loved ones, consider how your estate planning might play a role in that process. This blog helps identify steps to help ensure that the effort you put into your estate planning will contribute to your and your family’s happiness rather than diminish it.
One of the questions I receive from family members after a loved one passes away is how can they access their deceased family member's iPhone or Mac account to retrieve precious family photos or messages. Until recently I would tell those family members that they would need a court order from the Probate Judge to gain access. In December 2021, Apple released a new update for their products that now allows individuals to designate a Legacy Contact (or contacts) to have access to their data in their Apple accounts after their death. If set up properly, designating your Legacy Contact will eliminate the need for a costly and time consuming court petition. This blog post contains step by step instructions from Apple, Inc. Support for adding a Legacy Contact to your Apple ID account.
Should you leave a portion of your estate to your professional advisor who has grown to become a close family friend? Read this blog post to find out if you can.
This blog post will help you take the right steps if you are ever involved in a car accident.
Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Don’t let your loved ones become part of these statistics. You need to understand, and work to overcome, the disconnect that occurs between generations regarding the transfer of wealth.
Next week is Estate Planning Awareness Week (October 18–24, 2021). To that end, this month’s newsletter is geared toward helping you become aware of and better understand common estate planning myths. Left unaddressed, these myths can create serious trouble for your loved ones, often leading to intrafamily conflict, permanently damaged relationships, and lengthy and expensive court battles. Read about these myths in this blog post.
For many pet owners, pets are members of the family. These individuals often say that if something happens to them, they are more concerned with what will happen to their pets than to their children or spouse. This post examines the issues surrounding caring for pets after the disability or death of the pet's owner.