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In the past, the only way single people could avoid having their home avoid probate—without adding someone to the title while they were still alive—was by creating a trust. This could be time-consuming and expensive. Starting in 2016, homeowners who want to use the new option will simply sign an instrument called a Simple Revocable Transfer on Death Deed. This will name who will receive the property. They must have it notarized and record it with their county within 60 days but can change their mind and revoke the deed at any time. This new law expires January 1, 2021 in order to allow time to study its effects. Transfer on death deeds that are executed between now and then would not be impacted, but would still be in effect and could be revoked at any time. However, new ones can’t be executed after that date unless the law is extended. The law requires the California Law Revision Commission to study and make recommendations regarding the new deed to the Legislature by January 1, 2020. Reference: The San Francisco Chronicle (November 9, 2015) “Californians have a new way to keep homes out of probate” #AssetProtection #ProbateAttorney #HoustonEstatePlanning #LeagueCityTrustsandEstates #SimpleRevocableTransferonDeathDeed #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

two days before he took his own life, accused sex trafficker Jeffrey Epstein executed a new estate plan One of the important things an estate plan does is ensure that the deceased person’s creditors are paid One of the main reasons people use trusts to do estate planning is because they provide a shield from

Overall, having an estate planning attorney to guide you helps the probate process go as smoothly and

In addition, you can ask your estate planning attorney to help you with the process. If something changes, contact your estate planning attorney to change your guardian choice.

Eddie planned on scheduling an assessment for his aunt in Houston, as his aunt wanted to prove that there At Your Legacy Legal Care, we meet with many caregivers to discuss long-term care planning for their

Meet with an experienced estate planning attorney to determine if these wealth transfer strategies make Reference: NASDAQ (December 23, 2015) “Estate Planning: How to Adjust to Rising Rates” #EstatePlanningLawyer

your assets and passing them on to the next generation, it is time to talk to an experienced estate planning You can take the law into your own hands by crafting a custom-made asset protection plan that fulfils It is unnecessarily risky to rely on the default legal rules or a cookie-cutter plan you could print

gift from being re-gifted or sold out of the family is to place a condition on the gift in your estate plan

While an inheritance is a natural part of estate planning, there are a few different reasons that some This special type of Trust is created as part of your estate plan and can actually dictate that the money child with a disability being in a position where they need to survive without them, it is important to plan ahead for these types of issues with proper estate planning.

Constitution plays a role in POA recognition.