Are you ready ?
In United States, a person, when he or she dies, the decedent's estate (all perosnal and real properties) will be subject to a court confirmation process called PROBATE. It is a legal proceeding by which a court will decide how to distribute the decedent's estate either according to his or her will, if there is one exist, or according the State intenancy Law. There are costs and lengthly procedures often assosicated with such proceeding. Depending upon the complexity of the decedent's estate, the costs can be as high as __% of the estate. However, there are certain legal instruments or ways you can do to avoid such proceeding. Our office can help you devise an estate plan to achieve just that.
During our life time, we all subject to many kinds of taxes (ie. sale tax, income tax, property tax....etc), both from the State and Federal Government. At your final exist to the world, you are subject to the Estate Tax (often called Death Tax ) as well. It is perfectly legal to avoid or minimize your taxes; however, it is illegal to evade your taxes. There are legal instructments that you can prepare now to minimize and even avoid paying any estate tax. A common misconception most people have is the notion that they do not own enough assets to be concerned about avoiding estate tax. It is important to realize that the amount of exemption on estate tax changes every year. If you own a house in California and have a large insurance policy and retirement account, you owe it to yourself to review your personal assets to see how much they are worth. More too often, we don't realize how much we own until we conduct an inventory.
Many types of Trusts
Living Trusts (Inter vivo Trust)A good estate planning vechile that is often used by married couple. A well prepared Trust must be properly funded and be regularly maintained. For couple, many of the trusts are designed to preserve the marital deduction and to preserve each spouse's estate tax exemption. With couple who has children from their prio marriage, there might be concerns over how their estate will be distributed after they died.
Your life circumstance may change through out your life time. When was the time you review your trust instrument? Is your trust working in the way it should? Does your trust require any revisions to reflect any changes in your life?Invoptate velit cillumes ater porst sreen ater ports sreen mate ort.
Deserunt molit anim laborum excep teur sint occaiecat cupidatan proidenter. Sunt iners ate rculpa qui ciadeserulit animest laborum.
Why have a Wills
It is often recommend that everyone at least should have a Will. You choose who will receive your property after your death.
There are many types of Wills that may or may not work for your specifric needs. Our firm can properly assess and provide you with the right kind of legal instrucments.Invoptate velit cillumes ater porst sreen ater ports sreen mate ort.
Molit anim laborum excep teur sint occaiecat cupidatan proidenter ate. Sunt iners ate rculpa qui ciadeserulit animest laborum duis auere irurer dolor in reprehenderit in volup ate velit. Excepteur sint.
State Estate Tax Molit anim laborum excep teur sint occaiecat cupidatan proidenter ate. Sunt iners ate rculpa qui ciadeserulit animest laborum duis auere irurer dolor in reprehenderit in volup ate velit. Excepteur sint
"Stepped-Up" Basis An increase in the income tax asis of peroperty received from an estaet to the fair market value at death.
Generation-Skipping Transfer Tax A tax on the transmission of wealth from older-to-younger generation recipients that would otherwise avoid the transfer tax payable by an intervening generation.