Revocable transfer on death deeds have only been around in California since 2016 and are already subject to a lot of bureaucratic minutiae. Originally set to sunset in 2021, they were instead extended to at least 2032 meaning absent some crazy litigation sending shockwaves through the estate planning or real estate legal worlds, then these transfer on death deeds are likely here to stay for the long run. One would think the process would be simple. You sign a deed transferring your property to someone else at your death. However, there are a lot of rules to be aware of, including those that went into effect just this year.

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Legal Note: This figure has increased for death occurring on or after April 1, 2022, to $184,500. Although the task of funding one's trust - that is, transferring assets into the trust - can be a minor hassle, it is a straightforward and relatively easy task. However, before we can discuss how to fund your trust, we first need to determine what should go into your trust to start. Ultimately, everyone's situation is going to vary wildly. Aside from making sure your documents are done correctly, you should always speak to an attorney about your estate plan to ensure all your assets are accounted for and that there are no lose threads that can spiral into a massive knot for your family to untangle.

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You've done it. You had your trust drawn up and you've signed it and had your signature notarized. You're done right? Well, almost. At that point, you've only done half the job. The next task is to fund the trust - put assets in it. Until you do so, that trust is empty. Empty trusts do nothing for you except subject your estate to probate, something you created the trust to avoid in the first place.

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A simply but very common question we hear from our clients looking to create an estate plan is, "Why do I need a will if I have a trust?" You might be thinking the same thing. If the main reason to have a trust is to avoid probate, then why do I need to have a will as well if a will does not avoid probate? Our recommendation is always, yes, you should have a will even if you have a trust for 3 very important reasons.

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According to a recent survey, only about 33% of Americans have any sort of estate planning documents in place. That means 67% of the population is leaving what happens to their estate up to whatever the laws in their state dictate. Here we address the top 4 reasons people gave for not having these documents in place yet.

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We have previously talked about why it is more tax advantageous for your heirs if you keep your home during your lifetime and they inherit the property only after you pass away - in essence, they get to skip out on a lot of tax. However, forget the kids for a minute. What if you really wanted to downsize or just move somewhere nicer? Where's your tax benefit? Learn how you can reduce your capital gains tax burden by hundreds of thousands of dollars!

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As parents get older, the question of what to do with the family home can become front and center. Should mom and dad sell it and live off the sales proceeds? Should they move out and rent the property out? What should they do when a spouse dies? Here, Andrew Bethel will discuss why it may be in everyone's best interest for mom and dad to keep the family home rather than sell it.

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We've talked a lot about holding property in Joint Tenancy and the right of survivorship that accompanies this method. However, a matter we stress with our clients and their families is that joint tenancy is not a substitute for a proper estate plan. At most, it's a band-aid - a temporary "fix" of a large, yet totally avoidable, problem.

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The surefire way to invite a challenge as to the validity of your estate planning documents is to make changes, adjustments or even amendments to those documents by handwriting your wishes on the document itself. The judge will hate it. Your successor trustee will hate it. Your beneficiaries will hate it. The only one who will like it is the attorney representing the party challenging that change.

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As the famous saying goes, "Nothing is certain except death and taxes," and being an estate planning firm, it seems as though our every day is helping our clients plan for both of these certainties. Biden recently released his 2023 federal budget which included tax hikes for the top marginal income earners. While this wouldn't impact most people in enacted, what about those who are set to receive large inheritances in the coming years?

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