Death Tax: Is it fair to tax people at death?
Death Tax: Is it fair to tax people at death? On Tuesday’s Word On Wealth radio show, www.KPRZ.com, I answered the following questions: Why do I need a Will or a Trust? A man ready to retire owns a modest home but has no estate plan – no trust – no Will – nothing. He figures it is not a big deal because he will just let his children have the house. Assuming he dies first, his children would most likely end up with the house as joint owners. They would be partners in owning the house whether or not the chose to be. The children would take title to the house after it...
Read MoreWhat is a Complete Estate Plan?
What Is a Complete Estate Plan? Questions from Tuesday’s Word On Wealth radio show, www.KPRZ.com Q: What is a “complete estate plan”? By referring to a “complete estate plan” I mean the documents used to create a complete estate plan are as follows: 1 – Revocable Living Trust 2 – Will 3 – Guardian Designation 4- Financial power of attorney 5 – Healthcare power of attorney 6 – Assignment of personal property 7 – Comprehensive transfer of property 8 – Deeds to transfer real property 9 – Certification of Trust Q: How...
Read MoreHow can I get a copy of someone’s California Will?
On Tuesday’s Word On Wealth radio show, www.KPRZ.com, I answered the following questions: Q: How can I get a copy of someone’s California Will? A: Wills are required to be filed 30 days after the death of the Testator (the person who made and signed the will). The Will gets filed in the courthouse where the person lived. If there is no Will filed with the court and you think the decedent had a Will, you will need to do some investigating with the family to see if it can be found. To transfer assets valued over $150,000 or any real property valued over $50,000, there will need to...
Read MoreMoney and Trusts, Frequently Asked Questions
Money and Trusts, FAQ Marty Schneider, the Retirement Professor, asked me questions the following questions on our radio show today: What happens to money outside of the Trust when the trust creator dies? The money must be transferred to the Trust but may require court orders to make the transfer. Smaller amounts of money can be transferred through the use of Affadavits. How can you make sure that life insurance is in the Trust? You can look in our your original policy or ask the insurance administrator or company to provide that information. How can you make sure the bank accounts are in...
Read More4 Ways Your Trust Can Become Unfunded or Invalidated
With Attorney Gary Quackenbush on WOW (Word on Wealth – www.KPRZ.com – 1210AM radio in San Diego, CA) today we covered: 4 Ways Your Trust Can become Unfunded or Invalidated Post death funding of a Trust If the property (house, bank account, car, etc.) is not in the Trust when the Trust creator dies, you’ve got a big mess on your hands. You will probably be required to go to Probate court and have a judge transfer it to the trust. The process is very slow and expensive. If your property is not in your trust when you die, the Trust could become unfunded or invalidated. How...
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