What Is a Conservatorship?
What Is a Conservatorship? On air discussion on 4/5/16 on www.KPRZ.com with Marty Schneider – The Retirement Professor Q: How can my wife take care of things if I became disabled? Aren’t there some things I need to agree to or to sign no matter what? A: Most property owned by married couples in California is in joint title. Most loans are joint loans with both husband and wife on the loan. Most property is considered community property. Joint title is great, BUT if one of you becomes disabled (legally unable to make decisions), it is almost impossible for the other to do...
Read MoreDeath 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 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...
Read MoreI got $10,000 for my college graduation. Do I have to tell the IRS?
On the Word on Wealth Radio show tonight (www.KPRZ.com and 1210AM San Diego, CA) The Retirement Professor (Marty Schneider) and I discussed the question – If I got $10,000 for my college graduation. Do I have to tell the IRS? The answer may surprise you: NO. Gifts under $14,000 per year do not get reported to the IRS or the state of California. They are not taxable. That’s right – not taxable. Do these gifts need to be in cash? No. Gifts that are excluded from reporting and from tax can be any type of gift valued @ $14,000 or less. The gift can be a partial interest in a...
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