Best Probate Attorneys in Palmdale, CA

For the years after 2009, you're allowed to give away up to $13,000.00 annually without having to file a Form 709 - gift tax return. If you're married, you and your spouse can gift $13,000.00 each, for a totally of $26,000.00 to one individual. This is a great way to help adult children purchase their own home by helping with a down payment. Or it can also be a way to fund a college plan for grandchildren, nieces and nephews (you'll want to look into a 529 Plan when funding college for younger children).

There are many types of trusts, the most common is a Revocable Living Trust or sometimes referred to as a Living Trust. A Trust is simply an agreement that spells out the rules that must be followed regarding the property held in the trust for the named beneficiaries. By establishing a trust you vest the trustee's with the power to protect the estate from probate, reduce estate taxes and to a certain extent protect the property in the trust.

Yes, by having a Will in combination to a Revocable Living Trust you provide for any assets or tangible property to be governed by the trust in the event the trust is not named on the title for the property. Life happens and there are times property is acquired after you've put your estate plan in place. Because life happens it is a good idea to review your estate plan on a regular basis.

A Living Will is somewhat of a misnomer and is unrelated to a Last Will and Testament or Will. A better title would be Advance Health Care Directive. The Advance Health Care Directive is your pre-determined health care decisions and choices set out in writing directing your physician, family and friends on the extent of the medical treatment, including special treatment you want or do not want at the end of life.

Yes, according to the IRS you simply need to have the intent to make a profit to be in business and this is normally done by being a sole proprietor. While it's easy to start a business it requires careful planning to be successful in business.