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Pretermitted Spouse in California
INTRODUCTION The #1 reason why you should review your estate plan when you get re-married is to avoid the pretermitted spouse problem. GENERALLY California law, at probate code section 21610-21612,...
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PRESS RELEASE – John Palley to speak at PCAR
Roseville, California. John Palley will be the main speaker at the Placer County Association of Realtors meeting on July 16, 2013. He will be talking about real estate sales in probate cases. His...
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The King of Intestate Succession Charts
I saw this great piece on the Wall Street Journal’s webpage. It is a chart of succession to the throne. It reminds me of the California laws of intestacy. That is, if someone dies who inherits their...
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The Issue of the predeceased spouse
INTRODUCTION A little known area of California probate law relates to the issue of predeceased spouse. That is, the children of the first spouse to die. In some cases they have an interest when the...
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What can I expect at my upcoming probate Court date?
INTRODUCTION I get asked this question a lot. ”What can I expect at my upcoming probate Court date?” Or, “how soon after my Court date will I have letters testamentary?” Or even, “do I need to be at...
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CalPers Special Power of Attorney
Approval, confirmation and affirmation! We all like these things, right? For years I have encouraged clients to get “bank” or “special” powers of attorney for assets that are not a part of their...
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National Estate Planning Awareness Week is coming
INTRODUCTION Each year the Financial Awareness Foundation promotes National Estate Planning Awareness Week. The Financial Awareness Foundation is currently under organization to become a 501(c)(3)...
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Naming your estate as beneficiary of a life insurance policy
INTRODUCTION There are generally two ways that a life insurance policy could become payable to the estate of a deceased person. The first is if a person actively names their estate as the beneficiary....
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Executor’s Companion Book
I have heard this book is a great resource if you are serving as a trustee or executor of an estate. I have not read it myself yet. However, I encourage you to get a copy if you are going to serve in a...
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Rental property gone GOOD
Review this post for the BEFORE pictures. It was sold in a probate sale. Here is a picture of the NOW. In the immortal words of John “Boss” Piches WOW, WOW, WOW! Yes, that’s the same house!...
View ArticleFederal AFRs October 2013
Here is the latest from the IRS for the AFR (applicable federal rates) for October 2013. REV. RUL. 2013-21 TABLE 2 Adjusted AFR for October 2013 Period for Compounding Annual Semiannual Quarterly...
View ArticleReverse Mortgages after death
INTRODUCTION I received a call the other day asking how houses with reverse mortgages are handled after death. Reverse mortgages are just mortgages. Thus the mortgage has no bearing on what procedure...
View ArticleProtecting your digital assets
INTRODUCTION Protecting your digital assets isn’t talk about by most attorneys. However, it should be! In some cases your digital assets are of extreme value; either monetarily or for sentimental...
View ArticleHolding trust property in joint tenancy
Can it be done? Can property be held in trust AND in joint tenancy? Your lawyer told you it can’t be done, right? Tell them to review California Civil Code section 683(a). 683. (a) A joint interest...
View ArticleEstate tax exclusion 2014
The IRS has released their inflation adjusted numbers for 2014. The estate tax exclusion has gone up to $5.34m for 2014. The annual gift exclusion remains at $14,000. Below is the text straight from...
View ArticleThe Holidays and Estate Planning
The holidays are upon us. Many of us will sit down for a feast, with family, next week. We will talk about what we are thankful for. Then may Hanukkah or Christmas are celebrated in your house. Again...
View ArticleDoes a legal separation cut off inheritance rights
A prospective client asked me this question the other day and I said I didn’t know the answer off hand. Sort of funny that I didn’t know as I have been doing this since 1994. That is, I have focused my...
View ArticleSacramento Probate Court Continuances
I pride myself on rarely having to seek continuances in probate court. That is, I try to be prepared and take care of my business BEFORE the court date so as to avoid continuances. Historically...
View ArticleNew Year’s Resolutions 2014
If you are making new year’s resolutions for 2014 does it include any of the following: 1) Get a living trust; or 2) Update our current estate plan; or 3) Add a life insurance trust (ILIT); or 4) Look...
View ArticlePaul Walker’s Probate Estate
It appears another celeb has died without a proper estate plan in place. He made a ton of money on the Fast and Furious movies and apparently led his life fast and furious! Here’s a link to a good...
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