“Articles Concerning Trusts, Wills, Probate, Family Law & more”

By: Stephen C. Ross, Esq.

February 13, 2015 (San Diego County) – The federal estate tax exemption for 2015 is increased to $5,430,000.00 per person from $5,340,000.00 per person in 2014. A husband and wife each have an exemption. Therefore, a couple can pass on up to $10,860,000.00 without paying estate tax. This assumes they have not made prior lifetime gifts. This is important to people with a large estate as they can pass on $90,000.00 more tax free this year than in 2014. The top federal estate tax rate is 40% and is applied to amounts exceeding the exemption amount.

“Articles Concerning Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

May 31, 2014 (San Diego County) – The court appoints a personal representative at the commencement of a probate proceeding to administer the decedent’s estate. One of the primary duties of a personal representative during probate administration is to collect the decedent’s real and personal property. An Inventory and Appraisal (I&E) must be filed with the court as part of the probate. The I&E a public record of all probate property the decedent owned or had an interest in at the time of death.

By Stephen C. Ross, Esq.

February 19, 2014 (San Diego County) – Probate is a court-supervised process whereby a decedent’s (deceased person) real and/or personal property is located, its value determined, his or her final bills and taxes paid (if any) and any remaining assets are distributed to his or her beneficiaries and/or heirs.

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

August 3, 2013 (San Diego) – A “premarital” (also called “prenuptial” or “antenuptial”) agreement is a contract entered into between prospective spouses in contemplation of marriage, or between domestic partners in contemplation of registering their partnership with the State. The agreement establishes property rights and financial responsibilities upon consummation of the marriage or registration of the partnership. A premarital agreement is typically intended to create conditions that will preserve a forthcoming marriage or registered domestic partnership.

“Your source for Trusts, Wills, Probate, Family Law & more”

By: Stephen C. Ross, Esq.

May 30, 2013 (San Diego County) – There are three potential legal remedies for couples who want to terminate or alter their marital or domestic partnership status. They include dissolution, legal separation and nullity. Dissolution terminates the status of a valid marriage resulting in the parties being considered single persons commencing on the date status is terminated. Legal separation is an option for spouses and partners who choose not to live together while maintaining the marital or partnership status. The third potential option, nullity, is the subject of this article.

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

April 23, 2013 (San Diego County) – A power of attorney (POA) is a written document wherein a person (the principal) appoints another person (the agent) to transact business and manage property on behalf of the principal. A POA has many purposes in estate planning, including: allowing the agent to transfer property into a revocable trust that is the principal’s primary estate planning tool; facilitating gifts to take advantage of the federal annual gift tax exclusion; and, allowing the agent to operate the principal’s business that is not included in a trust.

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

February 17, 2013 (San Diego County) – I often talk with people who believe estate planning is only for the wealthy. However, even people with few assets may benefit from proper estate planning.

You may be subject to formal probate proceedings if the gross real and personal property value of your estate exceeds $150,000 and you do not have a revocable trust. A properly prepared power of attorney for health care may avoid the need for a costly conservatorship proceeding if you subsequently lack capacity to make your own decisions. A power of attorney may avoid a conservatorship proceeding and ensure that a person you trust is ready to handle your financial affairs if you become incapacitated.