probate

THE ATTORNEY'S CORNER: ESTATE PLANNING FOR FAMILY BUSINESSES

 

“Articles Concerning Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

September 13, 2014 (San Diego County) – Planning to pass on a family business can be very challenging due to the many issues that must be considered. Business succession issues include: who will take over from the current owner; potential income and transfer taxes; when does the ownership transfer take place; how should the new owner hold his/her interest; and, are there family members to consider who are not active in the business.


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THE ATTORNEY'S CORNER: MAKING GIFTS OF COMMUNITY PROPERTY

 


By Stephen C. Ross, Esq.

Gifts of real and/or personal property may be used to achieve estate planning goals and minimize death taxes. However, in California, a married person cannot make a gift of community personal property, or dispose of such property for less than fair and reasonable value, without obtaining the written consent of the other spouse. Community real property, with the exception of short-term leases, cannot be transferred or encumbered by a spouse unless the other spouse joins in the deal. Written spousal consent should be obtained for gifts made to children and others under the California Uniform Transfer to Minors Act.

One exception to the spousal consent rule is that neither written consent nor joinder is necessary if both spouses make a mutual gift to a third party, or one spouse makes a gift of community personal property to the other.


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THE ATTORNEY'S CORNER: POWERS OF ATTORNEY & ESTATE PLANNING

 

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

April 23, 2013 (San Diego County) – A power of attorney (POA) is a written document wherein a person (the principal) appoints another person (the agent) to transact business and manage property on behalf of the principal. A POA has many purposes in estate planning, including: allowing the agent to transfer property into a revocable trust that is the principal’s primary estate planning tool; facilitating gifts to take advantage of the federal annual gift tax exclusion; and, allowing the agent to operate the principal’s business that is not included in a trust.


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THE ATTORNEY'S CORNER: AVOIDING PROBATE, PLUS SUMMARY DISSOLUTION

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

March 16, 2013 (San Diego County) – Probate is a legal proceeding whereby the court ensures the decedent's assets are collected, creditors paid and the remaining assets distributed pursuant to the terms of the decedent's will. If the decedent died without a will (intestate), the estate assets will be distributed pursuant to the California law of intestate succession.


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THE ATTORNEY'S CORNER: WHAT TO INCLUDE IN YOUR ESTATE PLAN

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

February 17, 2013 (San Diego County) – I often talk with people who believe estate planning is only for the wealthy. However, even people with few assets may benefit from proper estate planning.

You may be subject to formal probate proceedings if the gross real and personal property value of your estate exceeds $150,000 and you do not have a revocable trust. A properly prepared power of attorney for health care may avoid the need for a costly conservatorship proceeding if you subsequently lack capacity to make your own decisions. A power of attorney may avoid a conservatorship proceeding and ensure that a person you trust is ready to handle your financial affairs if you become incapacitated.


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Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.