Inheritance tax is a widely misunderstood topic, partially because not all states have such a tax. Generally speaking, inheritance tax is a tax liability on an individual’s inheritance. States with an inheritance tax typically exclude surviving spouses from tax liability, and some states exclude other family members.
Estate planning is a process by which individuals plan for the disposition of their assets, and it is a necessary process for every person who wants to control what happens to his or her estate both before and after death. Wills and trusts are often integral parts of this process.
When looking for an estate planning attorney in California, it’s imperative that you ask the correct questions. By asking prospective California estate planning attorneys good questions, you’ll be in a position to make an informed decision regarding your legal representation.
Estate planning allows individuals to get their financial affairs in order before death. Some of the most well-known estate planning tools include advance health care directives, wills, and living trusts
When an individual is unhappy with the terms of another’s will, he or she may be entitled to challenge it in court. The four primary reasons that wills are invalidated in California are lack of testamentary capacity, undue influence, signature problems, and fraud.
Many people’s conception of wills and how they are administered derives from TV dramas where someone in a musty room reads the will and gasps arise from those who feel left out or cheated. As much as TV dramas are entertaining, they’re not really what happens when a person dies with or without a will.
