Losing a loved one is an emotionally challenging time, and understanding the support available can be a crucial part of navigating this difficult period. The Social Security Administration (SSA) offers vital assistance through survivors’ benefits, providing a financial safety net to those who have lost a family member. Immediate Steps to Take Upon the death…
We want to bring your attention to an important update in estate and gift tax laws that may impact you in the near future. The federal lifetime gift and estate tax exemptions, which currently allow individuals to shield up to $13.61 million and couples up to $27.22 million from estate tax, are set to expire…
Introduction Estate planning, a topic often associated with legal documents, financial assets, and inheritances, might not immediately conjure thoughts of delectable desserts. However, when you delve deeper, you’ll discover a surprising connection between the art of creating delicious treats and crafting a comprehensive estate plan. Just as a dessert is a thoughtful blend of ingredients…
Without the portability option, couples often have to use complex and restrictive estate planning
strategies, such as credit shelter trusts, to take full advantage of both spouses' estate tax
exclusions.
Legal separation can introduce unique complexities to estate planning. While a separation does not terminate the legal rights of spouses to inherit from each other, it is essential to take additional steps to clarify the situation for your heirs. This blog post explores the implications of legal separation on estate planning in California and provides actionable steps to safeguard your assets and enforce your final wishes.
Edie Ceccarelli, a 114-year-old woman from Mendocino County, California, was recently confirmed as the world’s third oldest person. Her longevity is a testament to her good health and strong spirit, but it also highlights the importance of estate planning.
Planning for digital assets is important for several reasons. First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones after your death due to the simple fact that their existence is unknown. Second, planning now means your family will not have to worry about hunting for these items upon your death while also grieving a beloved family member.
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. You should ensure that they are included in your estate plan so you can preserve them for your heirs.
If you do decide on a trust, you can avoid a lengthy probate process. Another frequently underrated reason is the added privacy a trust offers.
My spouse has died, do I need to file an estate tax return? California does not have any estate or inheritance taxes at a state level.
