Author: firmfinder

Transfer on death (TOD) accounts are a popular tool in estate planning, as they can have different benefits. Any account that has a TOD designation will transfer ownership right away without the need for probate. This can be highly beneficial for larger estates especially, but also save time and stress for families involved with smaller estates. That said, there are things to consider so you can avoid certain problems with TOD accounts. To discuss your specific situation, speak with a Santa Ana estate planning lawyer directly. TOD Accounts Do Not Replace Your Estate Planning Needs You cannot simply add TOD designations to your financial accounts and property titles and expect your estate planning to be complete. Instead, you need to make sure that your TOD accounts are in accordance with California law and that…

Like most states, California has laws that permit the state to claim - or “escheat” - unclaimed property that is deemed abandoned. This commonly occurs when a person passes away without estate planning documents, and no one claims the property as part of the estate. There are specific rules regarding how businesses must handle unclaimed property, when the state can deem the property to be abandoned, and how rightful property owners might reclaim their seized property. Identifying Unclaimed Property Businesses in California, including insurance companies, banks, and other property custodians, must file annual reports to the state regarding unclaimed property. These businesses must identify when certain property has remained dormant or untouched for a specified period of time in order to classify the property as unclaimed. Some common types of unclaimed property include: Saving…

In 2021, most of our lives revolve around the digital world. We use the internet and all of its resources for entertainment, social interaction, financial transactions, and much more. Even if you do not have cryptocurrency accounts, you still likely have some type of digital assets, such as social media accounts, email accounts, and cloud-based photo albums, among other things. So, what happens to your digital assets if you pass away? You might have never considered it, or you might not think it is an important matter to consider at length. However, digital assets have become an important part of estate planning, and you should always discuss this matter with an experienced Santa Ana estate planning attorney. Estate Planning for Digital Assets The first thing you will need to do is…

After you pass away, the last thing your family needs is to face a contentious dispute over your estate. Even families who seem to get along can find themselves in conflict over estate and probate issues when a parent or another loved one passes away. Plan ahead to avoid this situation for your family with the help of a Santa Ana estate planning attorney. Common Estate Disputes It is first important to understand the types of disputes that commonly arise so you can work to prevent them. The following are only some examples of conflicts that might arise. Will Contests When someone passes away, their last will and testament should be submitted to the probate court for review. During the probate process, beneficiaries, heirs, or others with possible interests in the estate can…

If your spouse suddenly passed away without an estate plan, would you have rights under California law? Fortunately, the answer is yes - widows and widowers do have some guaranteed inheritance rights in California. However, it is still preferable for spouses to have comprehensive estate plans to make the process of estate administration simpler and to ensure a spouse receives what they should.

When you put your heart and soul into starting and running a successful business, chances are you would be proud to pass the reins along to one of your children or another family member. However, this can be a difficult situation if a business owner does not have the appropriate estate planning documents in place. It can be a nightmare for your family as well as the business and its clients. The best way to ensure your business passes along to the right individuals with little to no disruption is to schedule your appointment with an Orange County estate planning attorney who regularly works with business owners. The following are some reasons why estate planning is essential for business owners. Keeping the Business Out of Probate You might think that you can…

When federal and state laws change, you should make any necessary changes to your estate plan. With the change in administrations in early 2021, there could be new legislation coming shortly regarding income taxes and estate taxes, and it is important to plan ahead for these possible changes. Schedule an appointment to discuss your plan and goals with an Orange County estate planning attorney. Some changes that might be on the horizon include: Reductions of the gift and estate tax exemption, permitting up to $1,000,000 in lifetime tax-free gifts and $3,500,000 in tax-exempt estates Increases in the estate tax rates, which are already substantial Getting rid of the step-up in basis rules, which could result in a carryover basis that creates an income tax Including grantor trusts as part of the grantor’s…

If your loved one lived in Orange County and has passed away, their estate may need to go through probate. While many people get nervous when they hear the word probate, the process may not be as difficult as you think. However, it will take a considerable amount of time. Ways to Stay Out of Probate First, not every Orange County estate must go through the full probate process. For example, if the estate is valued below $166,250, you can send a letter to the financial institution directing them to deliver the assets (non-real property) to the beneficiaries. Second, you can use a very simple procedure when assets are passing from one spouse to another. Then, many assets are not subject to an Orange County probate court. These include: Assets that are…

Millions of people move from one state to another each year, and relocating out of state can be an involved process. You need to update your license plates and driver’s license, find new healthcare providers, update your voter registration, and start filing state taxes in your new location. While you have all of this going on, it can be easy to forget another important step - updating your estate plan. If you recently moved to the Santa Ana area from another state, it is always wise to consult with a Santa Ana estate planning attorney who can help update your plan to reflect California law. Different State Laws and Requirements Each state has its own laws regarding estate planning documents and requirements. For example: Some states accept holographic wills, and others do not.…

With the Covid-19 pandemic, the past year has reminded us all that many people can pass away for unexpected reasons. If you suddenly become very ill or injured, you likely will not have the chance to sit down and carefully ponder what will happen to your property and family if you succumb to your condition. For this reason, many people have - and continue to - die without an estate plan in place. What happens when you die without an estate plan will vary depending on your circumstances, though one thing is true - California law and probate courts will determine how your estate is settled while you and your family have little to no say. There can also be complications before you pass away while you are incapacitated in the hospital.…