When a parent passes away, the family is usually at a loss as to how to handle their loved one’s estate. Our law firm can provide a comprehensive guide on what needs to be done when a parent dies. It is always good advice to consult with an experienced and qualified probate attorney to make sure [ ] The post When a Parent Dies Sacramento Probate Attorneys Can Help appeared first on Northern California Center for Estate Planning and Elder Law.
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and [ ] The post Steps to Take When a Parent Dies appeared first on Northern California Center for Estate Planning and Elder Law.
One reason for a living trust for a married couple is the opportunity to pass on their estates to their children in the most tax-efficient manner. When the first spouse dies, the surviving spouse is allowed to make use of all available tax benefits. This can be the difference between leaving your children the wealth you have accumulated and leaving them with barely enough to pay for funeral expenses. Can’t I just leave everything to my spouse? Typically, when one spouse dies, they leave all of their assets to the surviving spouse. Although this seems logical, it actually prevents the use of the deceased spouse’s estate tax exemption. Currently, the estate tax exemption is $5.34 million (it will increase to $5.43 million in 2015), which means that much of your estate can be transferred tax free. How is the tax exemption lost? Because the assets are transferred into the name of the surviving spouse, and when that spouse later dies, the only exemption available is his o
A revocable living trust can be a very viable solution for you if you want to facilitate efficient postmortem asset transfers. If you use a last will, the will must be admitted to probate unless the estate is modest. The heirs to the estate do not receive their inheritances until the process has run its course. In most jurisdictions, it will take close to a year for a simple case to be probated and closed by the court. More complicated cases can take considerably longer. There are also a number of expenses that can pile up during the probate process, and they can consume a noticeable portion of the estate. This is all money that would have otherwise gone to the surviving family members. When a revocable living trust is in place, the trustee that is named in the document can distribute assets to the beneficiaries outside of probate. As a result, the heirs receive their inheritances in a timely manner. Married Couples It is possible for a married couple to create a joint revocable livin