California provides special rules for small estates to avoid the expense and time of a regular probate procedure. As of January 1, 2012, eligibility limits have been raised from $100,000 to $150,000 for the value of all the property that would otherwise be subject to probate. Real estate of small value, up to $50,000, can…
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Estate Taxation 2012
When considering having a trust prepared, it is wise to be aware of the tax consequences. Tax laws often change, which would mean you may need a new trust drafted each time the tax consequences are changed to effect your estate. California currently has no estate or inheritance tax. Federal taxation rules are currently unstable. …
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Per Capita vs. Per Stirpes
Often in wills or trusts, an individual will designate the shares given to individuals as “per capita” or “per stirpes.” What is the difference? Per capita means “per individual.” This means that if someone says, “I give to my children equal shares, per capita, my estate,” all individuals living at the time will take an…
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Types of Wills
In the State of California, it is possible to create a will in one of three ways: -A handwritten or holographic will is one that is done in your own handwriting. It must be legible and have everything clearly stated as to whom your assets will be given to and how things will be divided. This must be…
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