Temmerman, Cilley & Kohlmann, LLP - Estate Planning

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August 2014 Archives

Estate Planning and Gift Tax

A gift tax is a tax that a person must pay to the federal government when he or she gives a gift at a value above the exempt amount. The exempt amount in 2012 was $13,000. There is no California State gift tax. Certain gifts, such as gifts to a charity and gifts to a spouse, are not subject to a gift tax. The recipient of a gift does not have to pay a gift tax.

Administration In California

Most probate proceedings are managed by California's Independent Administration of Estates Act, which enables the executor to administer the will without permission from the court. However, if probate is required, either an executor or a party not named will seek the court's approval to become the administrator of the estate. The executor or administrator of the will must file a Petition for Probate in the appropriate probate court. A seasoned attorney provides clients assistance through the administration of the probate estate.

Create An Honorary Trust To Protect Your Pet In California

Having acquired a substantial amount of funds from various start-ups, a man who is a passionate advocate of animal rights bought a large tract of land where he cares for abandoned and injured animals. Concerned about what will happen to his favorite dog, the man placed $75,000 in a trust for the care of his dog, naming a nearby bank as the trustee. The trustee was directed to use the income and principal of the trust to care for the dog for the rest of the dog's life. Any remaining funds were to be distributed to an environmental non-profit group. To assist individuals seeking to protect their animals in the event of the individual's death, a progressive attorney can draft an honorary trust.

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