A recent study in 2011 found that more than 50% of Americans do not have an estate plan. Furthermore, the study found that 92% of adults under 35 do not have one. A favorite saying among estate planning practitioners is, “Everyone has an estate plan. If you don’t create it…
Probate attorneys are well versed in handling contentious probate estates. Usually the problems involve money and beneficiaries and most of the time these problems are never publicized. However, probate problems with famous estates are a different matter entirely. These cases highlight the necessity for good estate planning for everyone. Rosa…
Some states are better than others for decedents dying in the year 2012. Although California boasts a relatively high income and sales tax, it is actually a great place to die for tax purposes. As a way of background, it is important to understand some different terms. An estate tax…
The IRS released the final version of Form 8939: Allocation of Increase in Basis for Property Acquired from a Decedent. This is the form necessary to elect out of estate taxes for decedents who died in 2010. The form was originally due November 15, 2011 but because of delays and…
The staff at Burt + Clerc love to support those who help others. The annual “Paint El Paseo Pink” walk event will be held on October 15, 2011. Hundreds of individuals will walk up and down El Paseo to raise money for the Desert Cancer Foundation. Desert Cancer Foundation is…
After a long-awaited delay, the IRS finally issued some guidance on August 5, 2011 with respect to the filing of the new Form 8939. Notice 2011-66 describes how administrators can opt-of estate taxes for decedents who died in 2010 using Form 8939. Revenue Procedure 2011-41 outlines the tax rules that…
A member of Burt + Clerc was named as a “Top Lawyer” by Palm Springs Life in their June 2011 issue. Julia E. Burt was recognized for her years of experience and exceptional service in the field of estate planning. 62 of the Coachella Valley’s finest legal professionals made the…
Many Coachella Valley residents have revocable trusts which include a provision for a “bypass trust” otherwise known as an “A/B split trust.” Some residents are considering amending or restating their trusts to remove this provision. Although this may seem wise, there are numerous reasons why these provisions are still important…
Burt + Clerc previously wrote about the need for everyone to have some basic estate planning documents in place. One of these fundamental documents is a will. In California, the probate courts allow an individual to create holographic will. This is essentially a handwritten will. There are some risks involved…
Retirement accounts and most other beneficiary designated accounts are traditionally left out of estate planning documents. A trust attorney will usually recommend that clients keep their IRAs and life insurance polices outside of a trust. However, there is a huge caveat to this advice, you MUST have the appropriate beneficiaries…