Law Offices Of Mark Gullotta

When an unexpected death occurs, lack of planning for the future can leave us unsure of how to proceed. Call us today to make your estate planning experience as easy and painless as possible. #markgullotta #californialaw #probatelaw #probateattorney

The passing of a loved one is a stressful yet decisive time. Call us today and we can help you navigate what to do next to best honor your loved one's wishes. #markgullotta #californialaw #probatelaw #probateattorney

Some trusts make it possible to benefit more than one person such as children and surviving spouses. A surviving spouse can receive the income produced by a trust during his or her life and a child can receive the principal of that trust after that. An estate planning expert can explain the many different trust options that could apply to your specific situation.

Different states have various laws that apply to situations when there is no will involved. To avoid having the state make certain presumptions about who will inherit your property, make sure your personal wishes are recorded.

We now live in a world where the important items we want and need to protect are not just physical. Contact us today to learn how to protect your assets in a digital world. #markgullotta #californialaw #probatelaw #probateattorney

What is a trust? That is one of the most common ways to avoid probate. Your property, insurance policies and accounts are placed in the name of the trust while you are alive. That means probate is unnecessary and the executor can immediately divide up the property based on the instructions in the will.

Estate planning can be a difficult and stressful task. Let us help you bear that burden. Contact us today! #markgullotta #californialaw #probatelaw #probateattorney

If you are concerned at all about your estate passing to your beneficiaries, then proper estate planning is a must. A well-constructed estate plan can help evade or reduce probate court involvement in the division of assets.

What is a beneficiary designation? It’s a legal document that designates by name the person or entity who is entitled to receive the monetary benefits associated with contracts such as annuities, life insurance policies, or retirement accounts.

Can probate be avoided with a will? Contact us today and we can make sure you have all the facts. #markgullotta #californialaw #probatelaw #probateattorney

One of the most important aspects of estate planning is avoiding probate. Probate is a legal process that involves court appearances and paperwork by attorneys who work to resolve a deceased person’s estate.

Using a trust is one way to avoid family arguments in the future, like if two siblings are fighting who will control dad’s financial choices and who will take care of his medical decisions. A trust encourages a smooth process and no court battles.

Estate planning is part of being a good steward of what you’ve earned. After all, there are legal means to protect that wealth from the tax man after you’ve passed- why would you hand your hard earned money over to them when you don’t need to?

Through estate planning, you can make your own arrangements in advance and choose those who will care for you and your estate if you ever become unable to do so. A power of attorney is a written legal document that gives another person the right and authority to act on your behalf, but that authority will end if you become incapacitated, unless you have a durable power of attorney.

Have you ever been called on to help make decisions about funeral plans for a relative who didn’t leave a will? That can be an extremely high-stress situation. When you work with an attorney that specializes in estate planning, a will and other pre-planning will make things as simple and stress-free as possible.

When you work with an attorney on your estate plan, it will be completely customized to fit your unique circumstances and requirements. This means the process can take some weeks, since you'll need to go over all of your assets and wishes in detail.

Unfortunately, not every family gets along or continues to do so after a funeral. Putting your wishes in a legal document now will help to curb any potential fighting between family members.

Perhaps the most common element of estate planning is the will. This legal document declares your wishes with regard to any property or assets after your death. Wills must be written according to rules in your state.

It’s wonderful to have wealth- and your family will certainly benefit from it after you’re gone- but did you know that taxes can be a huge drain on that wealth upon your passing? An estate planner can help ensure they will take the smallest possible bite out of what you’ve earned.

Even though no one is excited about the thought of dying, there are reasons to think positively about estate planning. After all, it allows a person to have control over their assets and ensures their wishes will be carried out after death.

What are the advantages of using a trust? A trust is a legal arrangement in which you can name a third party to hold assets that are intended for a beneficiary. Experts say that transferring property through trusts can avoid probate and save money on estate taxes.

State laws rule estate plans, which is why estate lawyers are necessary. The state laws are very specific about what can and can't be in a will or trust, and who can and can't serve as a personal representative and trustee.

It’s important to remember that estate planning isn’t just for the ultra wealthy. When you have an elderly loved one trying to qualify for certain government programs in the near future, it’s smart to seek the guidance of an estate planning attorney now.

Are you concerned that there could be disputes among family members over the division of your estate after your death? Remember, having a will or trust in place can help create a legal basis for the nature of each person’s inheritance, often leaving little room for argument.

It’s important to remember that you don’t only have to leave assets in your estate to your immediate family or friends. If there’s a particular charity you’d like to include, we can help you allocate everything from cash payments to property.

So where do you start when it comes to estate planning? First, take inventory of your assets, including your investments, retirement savings, insurance policies, and real estate or business interests.

Setting up a trust can help protect your children from your creditors and potential lawsuits related to your estate. It can also protect them from losing their inheritance due to their own poor judgment and overspending.

If you and your spouse separate or file for divorce, it’s critical that you contact your estate planning lawyer as soon as possible. Chances are, adjustments will need to be made in terms of beneficiaries and power of attorney.

An attorney who deals in estate planning knows the ins and outs of both state and federal laws about governing estates. Having an estate planning attorney help you write up an estate plan reduces your estate and gift taxes, too.

Think estate planning is only for the elderly? This isn't true. Because there's no way to know when you will pass away, people of any age should have a plan in place to make sure their loved ones are taken care of after their death.

Probate is a court process that transfers a deceased person’s assets to the beneficiaries listed in his or her will. The executor named in your will would start the process after your death by filing a petition in court and seeking appointment. Then, your executor would then take charge of your assets, pay your debts, and distribute the rest of your estate to your beneficiaries after receiving the court’s approval.

Having an estate lawyer help you with your estate planning means that you can be sure that all of your family members are taken care of when you are gone. He or she can help you to assign a corporate trustee whose job it is to administer all aspects of your trust rather than forcing a grieving family member to assume all financial responsibilities.

In estate law, a private annuity is a means of transferring property by selling it for an unsecured promise to pay the original owner an income for life. The sale price is based on the fair market value at the time of the sale.

If a beloved work friend shared your passion for the outdoors, how can you be sure that he or she inherits your off-road vehicle if you die? The only way to do that is to let us help you put together a will that clearly lays out all of your wishes.

Did you know that the contents of your will may become part of the public record? When you want to keep the details of your estate private, we may need to set up a trust for your estate instead of a will.

A will can be a useful tool even when there isn't a great deal of money at stake. This can especially be the case when some of your possessions - like a piece of jewelry or other heirloom - hold sentimental value to more than one of your heirs.

A well-constructed estate plan will consist of several documents. This might include a last will and testament, a living trust, a living will, a power of attorney, and if relevant, a charitable trust.

Don't believe the myth that wills are only for people who are married or own a large amount of property. The only way to ensure your special wishes are carried out after your death is to set them down in writing in a will.

What does it mean when someone dies intestate? That means there was no will, so the situation is governed by the laws of the state. That means your preferences on how to divide up your estate may not be followed and your heirs may pay more in taxes than necessary.

In addition to helping you plan your estate, your attorney can help you clarify decisions about potential estate executors. As you evaluate options, remember the estate executor assumes significant responsibility for overseeing your estate and making sure your wishes are followed.

Parents sometimes desire that someone other than a family member, such as a close friend, should be the guardian of their children in the event of their death. In this case, it's vital to have your wishes documented. Otherwise, a court will likely award guardianship to a relative instead.

A major problem you can run into by preparing your will on your own is that it may be more easily contested. We can help you ensure you don't miss any legal requirements or have the will improperly witnessed.

Did you know that estate planning isn’t necessarily something that will only be relevant after your death? In some cases, you could take advantage of tax deductions for taking certain steps now. Be sure to check with your tax professional to be sure of what your situation qualifies you for.

Estate planning is more than just having a will drafted. It is a specific set of legal steps to help you avoid probate and minimize the amount of taxes on your estate.

Have you updated all of your important documents? That’s just one of the important duties of an estate planning attorney. An attorney will make sure your insurance policies, IRA’s, annuities, and other important documents have all been updated to reflect the proper beneficiary.

If you want to make sure that an heir gets money in a bank account immediately after you die, we can explain how to set up the account so that it is immediately transferable to an heir you have previously designated.

You are free to leave property and assets to anyone you want, although in a community property state half of one spouse’s community assets must go to the other spouse. You can specifically list which child you want to receive certain assets, but if you don’t have a will, state law is used to determine how your estate is divided.

If you want to keep assets in trust for your child but are concerned that he or she will not manage those assets wisely, then you can name a trustee (either an individual or a bank or trust company) to manage the funds instead.

Estate planning can be the difference between your family receiving by far the majority of what you’ve worked so hard for and taxes receiving a rather large chunk of it instead of your family. That’s why it’s so important to plan well and to begin early.

Earning your wealth is a lifelong process- we all know that. But it’s also important to think of protecting that wealth as a lifelong process as well. Laws change and new opportunities to protect your wealth may arise. A good estate planner can help you figure out if you may benefit from those changes.

If you have a blended family, you may discover that something as seemingly simply as putting together your will can become suddenly more complicated. When you need a trusted advisor to help walk you through all your legal options, we’re always ready to help.

If you have a smaller estate, we may be able to help you take the necessary steps to avoid probate when it comes to settling your estate. This will most likely include the legal establishment of beneficiaries for everything from financial accounts to titled properties.

These days it’s recommended that everyone have an estate plan, even those of moderate means. Remember when you are trying to arrive at your overall estate value to include life insurance plans as well as retirement and any IRAs you may have.

In estate planning, personal property refers to those assets where ownership is established either by physical possession or as a result of a document showing ownership. This can be anything from bank deposits and checking and savings accounts to automobiles and recreational vehicles.

Who should I choose as my executor? There is some debate among experts whether a family member is the best choice. However, all experts agree it’s crucial to choose someone who is willing to seriously perform the duties required of an executor.

It’s important to remember that your assets can be divided in ways you may not anticipate after your death. Putting a will or trust in place is the only way to ensure your wishes are followed.

Did you know that by having a trust drawn up you can avoid probate? All of your assets, titled in your name, will be subject to probate when you die. Your estate attorney can help you to title your assets in the name of the trust (not your name) and therefore avoid unnecessary probate.

Did you know that by establishing an Irrevocable Life Insurance Trust through an estate attorney, you can help yourself to evade up to a 55 percent tax? That's right, life insurance policies that are not Irrevocable Life Insurance Trust policies can be subject to significant estate tax otherwise.

Other examples of what is considered your estate are your share of any partnership or business, any money you’re owed, or anything you own jointly with someone else.

When it comes to establishing a trust, you have several options to choose from, depending on your specific needs. For instance, you may choose a trust that offers beneficiaries periodic cash distributions, or one with key tax-saving advantages may be beneficial.

There are many different federal and state laws that govern wills, trusts, and other estate planning documents. It's important to have experienced help when planning your estate so you can be sure your documents are legally valid and cover every eventuality.

Federal taxes are billed to an estate depending on the value of the estate. The percent of taxes owed can vary annually, so be sure to check with your estate planning attorney. You could owe state taxes as well, depending on where you live.

If you have a home and other property, an attorney specializing in estate planning can make sure your loved ones pay little or no inheritance taxes.

Unfortunately, every state has a different process for handling someone’s estate after he or she dies. Rather than forcing your loved ones to become experts on probate, let’s get a will or trust drawn up for you.

There are many different ways to reduce the potential taxes on your estate while you are alive. One involves giving money now to people who would have been your beneficiaries. That lowers the value of your estate, potentially reducing the amount of any federal estate taxes.

Even if you own no property, you should consult an attorney about a will and other estate planning issues if you have children. You can direct who you want to take legal guardianship of your children should you die.