Property taxes can eat a big chunk of one’s income. Property taxes are assessed annually, by the relevant county assessor on Jan 1, at 1% of the assessed value. Increased assessments are limited to 2% increase, unless there has been a “change of ownership.
What is the difference between estate tax and inheritance tax?
Estate tax is that owed and payable by the estate. The federal government applies an estate tax to estates over $5.43 million for 2015 (this amount is indexed and is scheduled to increase every year). For states that impose an estate tax (most do not, including California), the residence of the decedent determines whether or not state estate tax will apply.
Gerald Willits died at the age of 76 years old, in Orange County. Mr. Willits, a plumber, lived a life of solitude, estranged from his daughter and so detached from others that it was several days before anyone discovered his remains.
The rooms in Mr. Willits’ one-story house were piled high with paper, fast-food wrappers and other trash, and were infested with rats.
Probate is expensive! Many people are aware that probate is a generally costly process, but don’t know exactly what the costs are. This article will break down the fees associated with probate administration, and the calculation of those fees.
In San Diego, there is a $435 filing fee just to get the probate started.
Probate is administered by the executor (if there is a will) or by the personal administrator (if no will). Often, however, the average person does not have the experience or time to maneuver the probate process alone. There may also be personal or professional reasons why the individual may need assistance with probate.
What happens if more than one person is petitioning the probate court to become the personal representative of the decedent’s probate estate?
If there is a will, and the will designates an executor, then the named executor will most likely be appointed, subject to the caveats below.
A year after his death, Robin Williams’ third wife, Susan, and his kids Zachary (from his first marriage), Zelda and Cody (both from his second marriage), are still at war with one another. The issues at stake are: division of his personal property, which was not explicitly dealt with in his trust, and; how much money is needed to maintain the residence that Susan shared with Williams, for which, per Williams’ estate planning documents, his estate is to provide sufficient funds to maintain during Susan’s life.
When a loved one dies and probate is necessary, what happens? Who begins the process, and how?
If there is a will, whoever has custody of the will should first deposit the will with the probate court in the county where the decedent lived. This is supposed to be done within 30 days of the decedent’s death.
When someone passes away, their property needs to be distributed to their heirs and/or beneficiaries. Probate is the most widely known manner of doing this. But how do you know if probate is necessary? Not everyone’s property needs to go through probate; this article will address the circumstances under which probate will not be necessary.
There are some occasions where an individual may not be privy to whether a family member provided for them in their will, in life insurance, in a trust, or in some other manner. This can arise where family members have become estranged; a common scenario involves remarriage of a parent, the new spouse of which does not get along with the children.