Posts

Showing posts with the label estate plan

Understanding the Vital Role of a Living Will aka Advanced Healthcare Directive in Healthcare

Image
In the realm of healthcare , one document often overlooked but of immense significance is the living will. While the topic might seem daunting or uncomfortable to address, understanding its importance can profoundly impact not only your own medical care but also the well-being of your loved ones. In this blog post, we delve into the vital role of a living will, shedding light on its purpose, benefits, and why everyone should consider having one. What is a Living Will? A living will, also known as an advance healthcare directive, is a legal document that outlines your preferences for medical treatment in case you become unable to communicate your wishes due to illness or incapacitation. It provides guidance to healthcare professionals and loved ones regarding the type of care you desire or wish to refuse under specific circumstances. Why is a Living Will Important? Empowers Personal Autonomy : A living will allows individuals to assert their autonomy over their medical care, ensuring th...

Navigating Statutory Probate Fees in California: What You Need to Know

Image
Probate can be a daunting process, especially when it comes to understanding the statutory fees involved. In California, statutory probate fees are determined by state law and can significantly impact the estate's assets. In this blog post, we'll delve into the statutory probate fees in California, providing clarity and guidance for individuals navigating the probate process: Understanding Statutory Probate Fees: In California, the statutory probate fees are outlined in the California Probate Code, specifically sections 10800-10814. These fees are based on the *gross value of the probate estate and are calculated as follows: 4% of the first $100,000 of the estate 3% of the next $100,000 2% of the next $800,000 1% of the next $9 million 0.5% of the next $15 million Example Calculation: Let's consider an estate with a gross value of $1,500,000: First $100,000 : 4% = $4,000 Next $100,000 : 3% = $3,000 Next $800,000 : 2% = $16,000 Remaining $500,000 : 1% = $5,000 Total Statuto...

Where to Look for Lost Money and Property in California

Image
Recently, I attended a presentation on estate planning by a local trust attorney. Not so much for having my living trust drawn up, I already have that in place (and if you don't, you might want to look into having one done,) but to introduce myself to the attorney, learn something new, and to possibly drum up more business for myself. While I am well acquainted with living trusts and wills since notarizing trust docs is part of what I do, I learned that, as of March 2023, there is 11.9 BILLION DOLLARS worth of unclaimed property sitting in the California State Comptroller's office, the bulk of which is property that lands there when people don't have a trust or estate plan! Do you have unclaimed property siting dormant just waiting for you to claim it? Or perhaps a family member has passed away; are you sure all their assets were accounted for? One quick way to determine if you have money coming to you is to check the California State Comptroller's website and perform ...