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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.…

Do you own a winery, farm, or other lucrative property in California? Were you planning to transfer the property to your children, knowing there would not need to be a tax reassessment? If you counted on the parent-child tax exemption for property transfers in California, you might want to speed up your plans. This is because voters passed Proposition 19, and the changes in the law will go into effect on February 15, 2021. Currently, parents can transfer ownership of a principal residence to their children without the need for a reassessment of property taxes to the property’s fair current market value. If the middle generation is deceased, grandparents can transfer property directly to their grandchildren. This exemption was important for people wanting to transfer valuable legacy properties, which might include…

Many people assume that having an estate plan is not necessary unless something happens, such as a serious and incapacitating illness or injury. However, when such a major life event happens, it is usually too late to create an estate plan. This is because you must be of sound mind in order to draft estate planning documents and make these important decisions. If you are an older adult, the time to start estate planning is now, even if you think it is not needed. Being proactive about early estate planning - before something happens - is the best way to protect your interests, your estate, and your family. Consult with a Santa Ana estate planning lawyer as soon as possible about your options. Proactive Planning With the COVID-19 pandemic still raging across the United States, too…

When an adult can no longer properly care for themselves, it might be necessary for the court to appoint a conservator, which is similar to a legal guardian in other states. A conservator might be a spouse, adult child, sibling, or another person who is willing and able to make decisions for the conservatee. Once a conservator is appointed, it is important for them - and other close relatives - to understand their role. As a conservator, you want to make sure you are meeting your responsibilities and not handling affairs outside of the scope of the conservatorship. As a caring loved one who is not a conservator, you want to make sure the conservator is not taking advantage of or neglecting your loved one. The following is a brief overview…

Many people create trusts for different purposes, including avoiding probate or having greater control over the distribution of your property and assets. Trusts can also help protect assets for the purposes of federal benefits or against taxes. If you are getting married or ending a marriage, you might wonder whether a trust will help you protect your assets from your former spouse in a divorce judgment. How Trusts Work Trusts are legal arrangements in which a fiduciary holds, manages, and distributes assets for the trust creator. This fiduciary is called a trustee and can be the creator themselves or a designated successor trustee. Trusts can hold assets, real property, and more. Trust creators can create a trust document with specific instructions for how they want the trust property to be…

It is highly beneficial to have a carefully crafted will, though how do you ensure that you consider all relevant factors to ensure your will is effective and enforceable? The best way to feel confident in your last will and testament is to seek help from an experienced Santa Ana estate planning lawyer. The following are some examples of important considerations when creating a will, though you should always consult with a lawyer you can trust, as well. Your Property, Assets, and Beneficiaries Every person has a different collection of assets and property, including both real property and personal property. You should take inventory of all you own and determine: Will some property titles be passed directly to certain individuals? Will some assets in beneficiary accounts pass directly to designated beneficiaries?…

When it comes to wills and the probate process, executors play a very important role in the State of California. Specifically, executors of a will manage estate assets, take charge of all asset appraisals and inventory, make sure that all of the estate creditors are properly and timely notified, make sure that estate assets are properly distributed, take care of all accounting and record-keeping tasks, and, when the time comes, close the estate and distribute all of the decedent’s assets. If you have been appointed the executor of a loved one’s estate, the experienced Santa Ana, California probate lawyers at the Law Offices of Roshni T. Desai are ready to help. Our knowledgeable legal team can answer all of your legal questions and address all of your concerns. Please give us a call today…