Transmutation and Waivers in California: How to Avoid Pitfalls and Ensure Compliance When Changing Property Ownership Between Spouses
What is a Transmutation? A “transmutation” is a postmarital transaction between spouses by which the character of real or personal property is changed or converted in one of the following three ways: separate property into community property, community property into separate property, or the separate property of one spouse into the separate property of the […]
Already Gifted Real Property to Your Child? Here’s How to Fix that Mistake and Preserve the Step-Up in Basis
If you have already gifted your home or other real estate to your child during your lifetime, you likely did so with the best intentions: to help them, avoid probate, or make the transition smoother. But you may now realize that the gift could cost your child significantly in capital gains taxes due to the […]
Mom and Dad’s House: Should You Get It as a Gift or Wait to Inherit It?
If your parents own a home or other real estate in California, it might be tempting to suggest they transfer it to you now—maybe as a gift, a joint title, or a “just in case” measure. But here’s the truth: asking for the property now could cost you and your parents way more than you […]
Understanding Taxes: A Beginner’s Guide To Securing Your Legacy
Starting the process of estate planning is an important milestone in safeguarding your legacy and ensuring the financial well-being of your family in the years to come. One of the most critical factors to consider when creating an estate plan is taxes. Although complex–and not at all exciting–the tax consequences of estate planning can vastly differ depending […]
HOW YOUR ESTATE PLAN CAN PREVENT YOUR FAMILY FROM BREAKING UP
As an estate planning attorney working for a family law office and practicing estate planning law here in San Mateo, Santa Clara, San Francisco, and Contra Costa Counties in California, I’ve witnessed firsthand the impact that a well-crafted estate plan can have on preserving family unity and preventing conflicts among loved ones. I wish to […]
What trust options do you have for your estate plan?
Estate planning plays a vital role in financial planning, particularly when you want to control how others handle your assets after your passing. Trusts often come into play in estate planning, helping manage and distribute assets. In California, you have access to various types of trusts, each with unique features, benefits and purposes. Revocable living […]
What skills do executors need?
When selecting the executor for your estate, it is important to understand exactly what this person will need to accomplish and hold responsibility for during their time serving as executor. What exactly do executors do? What skill set do they need to succeed? Knowing the answer to these questions is crucial. How to manage an […]
