Recent Posts in Estate Planning Posted By Randick O'Dea Tooliatos Vermont & Sargent LLP 5-Mar-2020 Should You Contest a Will? When a loved one passes away, you might have a good idea of how they chose to distribute their property in a will. In rare situations, however, the will is read, and certain beneficiaries are shocked at the choices of their loved one. Perhaps most of ... Continue Reading Posted By Randick O'Dea Tooliatos Vermont & Sargent LLP 5-Feb-2020 Do You Need to Update Your Estate Plan? When you make an estate plan, it is easy to feel secure that your affairs are in order and will be properly handled should you become incapacitated or pass away. However, many circumstances can change throughout your life, and a common mistake is ... Continue Reading Posted By Randick O'Dea Tooliatos Vermont & Sargent LLP 21-Sep-2019 The Importance of Business Succession Planning Many people in California earn a living from their own businesses or business interests. While you might be focused on the success of your current operations, it is also important to consider what will happen to your business if you retire, pass ... Continue Reading Posted By Randick O'Dea Tooliatos Vermont & Sargent LLP 23-Aug-2019 Does an Executor Need Legal Representation During Probate? If someone named you as the executor of their will, it is common to wonder whether you need legal assistance after the testator passes away. You will need to locate the will and submit it to the probate court, after which the legal process will vary ... Continue Reading Posted By Randick O'Dea Tooliatos Vermont & Sargent LLP 22-Jul-2019 Estate Planning FAQ No one enjoys pondering the possibility of a serious illness, injury, or death. However, in order to best protect your family and what you have worked for during your life, you should always consider speaking with an experienced estate planning ... Continue Reading Posted By Sargent Law Offices 1-Aug-2016 Selling a Home Owned by Your Late Parents Have you lived in your parents’ house your entire life? While that may be the one place you call home, it may not necessarily be yours to keep or sell after your parents pass away. Due to estate planning laws, the familiar home will still need ... Continue Reading Posted By Hannah Sargent 18-Dec-2015 Revocable Transfer on Death Deed The revocable transfer on death deed, California Probate Code Section 5600 et seq. goes into effect on January 1, 2016. It will take time to see how this new process will work, but here are the basics. Some ins and outs of the new California Probate ... Continue Reading Posted By Sargent Law Offices 18-Sep-2015 How to Undo a UTMA - Part II The last article discussed some common reasons people have for wanting to dissolve a Uniform Transfers to Minors Act (UTMA) account set up in the past for their kids. Unfortunately, a UTMA is an irrevocable account and legally belongs to your child. ... Continue Reading Posted By Hannah Sargent 17-Sep-2015 How to Undo a UTMA Oftentimes, well-meaning parents or grandparents set up a custodial account for their child under the Uniform Transfers to Minors Act (UTMA), but later realize they should not have done so. What then? This article will discuss why you may regret ... Continue Reading Posted By Sargent Law Offices 14-Sep-2015 Hidden Dangers in Setting Aside Money for Young Children When you set aside large amounts of money for your young children to control, you are surely working on the best intentions. What could be wrong with a minor having so many finances? The truth is that there is a right and a wrong way to do something ... Continue Reading Posted By Sargent Law Offices 11-Sep-2015 Gifting Property Before Your Passing The main priority for many people who are entering their golden years is to create an estate plan, either through a will or a trust, which takes care of their friends, family, and loved ones. If you have already prepared for what will happen to your ... Continue Reading Posted By Sargent Law Offices 26-Aug-2015 Estate Planning Strategies for Blended Families A blended family (where one or more spouses have children from a previous marriage) presents some difficult estate planning issues, but the following strategies can greatly reduce the likelihood of unintended outcomes or bitter inter-family conflict. ... Continue Reading Posted By Sargent Law Offices 24-Aug-2015 Special Estate Planning Needs for Blended Families If you have a blended family, you are in the majority of families in America today, and you have some special estate planning considerations you must address if you want to ensure the best possible outcome for your loved ones. A blended family is ... Continue Reading Posted By Hannah Sargent 5-Aug-2015 How Does Portability Affect My Estate Plan? In light of Congress’s recent adoption of “portability” of the federal tax exemption between spouses, big changes are underway and already established. If you preparing to draft an estate plan, be sure you have a good understanding ... Continue Reading Posted By Hannah Sargent 30-Jul-2015 Can I Keep My Home If There Is No Cash in the Estate and Creditors Seeking Payment? You have no cash in your estate and creditors are coming after you and your home for payments. It is a horrible situation that people down on their luck have to face each and every day. The feeling of losing it all can cause sleepless nights and ... Continue Reading Posted By Sargent Law Offices 20-Jul-2015 Supreme Court Decisions Brings Tax and Inheritance Benefits to Same-Sex Marriages In Obergefell v. Hodges, the Supreme Court ruled that the Fourteenth Amendment requires that all states license and recognize same-sex marriages. This decision requires that all married couples are treated equally under Federal and State law. Many ... Continue Reading Posted By Hannah Sargent 15-Jul-2015 Planning for Incapacity Although it is very unpleasant to contemplate being incapacitated, whether through gradual illness or sudden tragedy, it is a great gift to our loved ones to prepare for such an event. If you do not make appropriate end-of-life decisions ahead of ... Continue Reading Posted By Hannah Sargent 9-Jul-2015 Will I Need to Pay Estate Taxes? Often people are worried about paying estate taxes upon death and the burden that this will have on their finances. Few people, however, will actually be wealthy enough to owe such taxes, especially given certain IRS exemptions and deductions. In ... Continue Reading Posted By Hannah Sargent 7-Jul-2015 What is a Durable Power of Attorney for Finance? A durable power of attorney for finance is a legal document that gives another person authority to conduct your finances on your behalf. That person is often referred to as an “agent” or “attorney-in-fact.” Having a durable ... Continue Reading Posted By Hannah Sargent 4-Jun-2015 What Is a Will? Wills are what most people think of when they consider estate planning and certainly a vital part of any estate plan. Whether you also set up trusts and other vehicles for the transfer of your wealth, it is almost always a good idea to have a will as ... Continue Reading Posted By Hannah Sargent 1-Jun-2015 Alternative Ways to Provide for Children: Life Insurance and Educational Insurance Plans For parents who may not have many assets to leave to their children, particularly young parents, life insurance and educational insurance plans may be good options for providing for their children’s future. Life Insurance Life insurance can be ... Continue Reading Posted By Estate Planning Attorney 30-May-2015 Providing for Children in Estate Planning (Part 3 of 3) Part 3: Trusts and Property Guardianships As mentioned in the previous post, there are three main ways that property is managed for children in estate planning – custodianship under the UTMA, trusts for children, and property guardianships. ... Continue Reading Posted By Estate Planning Attorney 29-May-2015 Providing for Children in Estate Planning (Part 2 of 3) Part 2: Appointing a Property Manager and Custodianship under the UTMA Since children under the age of 18 may not own property legally (beyond a minimal amount) it is necessary to appoint a “property manager” for your child in your estate ... Continue Reading Posted By Estate Planning Attorney 28-May-2015 Providing for Children in Estate Planning (Part 1 of 3) Part 1: Appointing a Personal Guardian One of the most common reasons people have for preparing an estate plan is to provide for their children in the tragic event that they and/or their spouse die before their kids are grown. This post will discuss ... Continue Reading Posted By Hannah Sargent 22-May-2015 The Estate Is Not Very Big. Do I Still Need to Go Through Probate? California Probate Code section 13100 provides for a Small Estate Probate in order to avoid a full probate if the decedent’s real and personal property in the state of California does not exceed $150,000 at the time of the decedent’s ... Continue Reading Posted By Hannah Sargent 8-May-2015 Special Provisions for Minors is Part of Good Planning Clients with minor children know the importance of selecting who will take care of their children should an accident befall them. Special provisions in your will or trust for minors is also important for those with adult children or other adult ... Continue Reading Posted By Hannah Sargent 7-May-2015 Do I Put My Retirement Plan in My Trust? What to do with my retirement plan? Retirement plans: 401(k)s, 403(b)s, and IRAs are a few of the assets that are generally not recommended to put into a trust. The nature of the instrument is that any change of ownership or title can trigger the ... Continue Reading Posted By Hannah Sargent 29-Apr-2015 When Should I Have My Trust Reviewed? A revocable living trust is a living, breathing document. You can, and should, make changes to it. Once you lose capacity, or die, the trust generally cannot be changed. As a rule-of-thumb, you should conduct a review of your trust every five years. ... Continue Reading Posted By Hannah Sargent 23-Apr-2015 Do I Need a Will or a Trust (Part 2)? In the previous post we discussed the costs and benefits of the two documents: a will and a trust. In this section we discuss the following factors which play into the decision: your particular family situation, the number and type of your assets, ... Continue Reading Posted By Hannah Sargent 22-Apr-2015 Do I Need a Will or a Trust? (Part One) Whether you should prepare a will or trust is a personal decision dependent on many factors. Some of the most important factors include: your family situation, the number and type of your assets, and whether reducing the cost of your estate ... Continue Reading Posted By Hannah Sargent 6-Dec-2012 Estate Tax Rules of Thumb One of the questions I am regularly asked is,”Will my spouse/relatives/children get taxed on their inheritance?” The answer varies in each circumstance, but here some rules of thumb regarding estate tax: Spouse: If your spouse is a U.S. ... Continue Reading