SlideShare ist ein Scribd-Unternehmen logo
1 von 13
Downloaden Sie, um offline zu lesen
WILLS, TRUSTS, AND ESTATES: THE ESSENTIALS OF
WEALTH MANAGEMENT
VI PHAM, ATTORNEY AT LAW
WHY PLAN?
 Make your intentions clear
 Avoid probate
 Control from six feet under
WHEN THERE IS NO PLAN
 Court Intervention
 Intestate Succession
 Death without a Will/Valid Will
 California: Per Stirpes distribution with Right of Representation
 Surviving Spouse
 Children
 Parents
 Siblings
 Nieces, Nephews
PER STIRPES DISTRIBUTION: RIGHT OF REPRESENTATION
Marge (pre-
deceased)
Homer
(decedent)
Bart (deceased)
Millhouse (1/6) –
right of
representation
Ralph (1/6) – right of
representation
Lisa
(1/3)
Maggie
(1/3)
REAL PROPERTY TITLE: WHY DOES IT MATTER?
 Tenancy in Common
 Interests do not have to be equal
 Subject to probate
 No right of survivorship
 Joint Tenancy
 Ownership passes by operation of law without probate
 Unities of time, title, interest and possession
 Owners take interest at same time
 Receive title from same source
 Identical interests to other joint tenants
 Undivided ownership interest
 Right of Survivorship
 Community Property
 All property acquired by either spouse during marriage
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO
ROBERT AND ELIZABETH SMITH
16007 Crenshaw Blvd.
Torrance, CA 90506
A.P.N. 3525-381-011
SPACE ABOVE THIS LINE FOR RECORDER'S USE
TRUST TRANSFER DEED
(Excluded from Reappraisal Under Proposition 13, i.e., Calif. Const. Art. 13A §1 et seq.)
The undersigned Grantors, ROBERT SMITH and ELIZABETH SMITH, declare under penalty of perjury under the
laws of the State of California that the following is true and correct:
Documentary transfer tax is $ NONE. This conveyance transfers an interest into or out of a Living Trust, R & T
11930.
This is a transfer of property that is residential property that will be owner-occupied. It is EXEMPT from fees under
the Building Homes and Jobs Act. Govt. Code §27388.1(a)(2).
GRANTORS: ROBERT SMITH and ELIZABETH SMITH, husband and wife as community property,
hereby grant to:
GRANTEES: ROBERT SMITH and ELIZABETH SMITH, as Trustees of the ROBERT and ELIZABETH
SMITH TRUST dated June 20, 2020
all that real property situated in the City of Torrance in the County of Los Angeles, State of California, described as:
LOT 32 OF TRACT 21262, IN THE CITY OF TORRANCE, COUNTY OF LOS ANGELES, STATE OF
CALIFORNIA, AS PER MAP RECORDED IN BOOK 581, PAGES 38 AND 39, OF MAPS IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY
Dated:
ROBERT SMITH
ELIZABETH SMITH
MAIL TAX STATEMENTS TO:
ROBERT AND ELIZABETH SMITH, 16007 Crenshaw Blvd., Torrance, CA 90506
BIRTH, DEATH, AND TAXES
 Death Taxes
 Charged to decedent’s estate
 Not applicable in California
 Federal Estate Tax Exemption for 2021: $11.7 million
 Gift Tax: $15,000 annual per recipient, per spouse; $11.7 lifetime
 Giver needs to file gift tax return
 Triggers:
 Parents/Grandparents paying for vacations, educational expenses, weddings, joint account holders on a non-spouse bank
account
Wills, Trusts, and Estates: The Essentials of Wealth Management

Weitere ähnliche Inhalte

Ähnlich wie Wills, Trusts, and Estates: The Essentials of Wealth Management

SPECIAL WARRANTY DEED
SPECIAL WARRANTY DEEDSPECIAL WARRANTY DEED
SPECIAL WARRANTY DEEDTerry Evers
 
The changing status of women worksheet
The changing status of women worksheetThe changing status of women worksheet
The changing status of women worksheetTerryl Meador
 
Public Notice of Non-Compliance
Public Notice of Non-CompliancePublic Notice of Non-Compliance
Public Notice of Non-ComplianceICJ-ICC
 
Gay and lesbian demographics
Gay and lesbian demographicsGay and lesbian demographics
Gay and lesbian demographicspaigero
 
Sl book club ch 19 and ch 20
Sl book club ch 19 and ch 20Sl book club ch 19 and ch 20
Sl book club ch 19 and ch 20Tina Sansone
 

Ähnlich wie Wills, Trusts, and Estates: The Essentials of Wealth Management (6)

SPECIAL WARRANTY DEED
SPECIAL WARRANTY DEEDSPECIAL WARRANTY DEED
SPECIAL WARRANTY DEED
 
The changing status of women worksheet
The changing status of women worksheetThe changing status of women worksheet
The changing status of women worksheet
 
Public Notice of Non-Compliance
Public Notice of Non-CompliancePublic Notice of Non-Compliance
Public Notice of Non-Compliance
 
Gay and lesbian demographics
Gay and lesbian demographicsGay and lesbian demographics
Gay and lesbian demographics
 
Sl book club ch 19 and ch 20
Sl book club ch 19 and ch 20Sl book club ch 19 and ch 20
Sl book club ch 19 and ch 20
 
The Only Solution Big Enough
The Only Solution Big EnoughThe Only Solution Big Enough
The Only Solution Big Enough
 

Mehr von Aggregage

Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerAggregage
 
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Aggregage
 
The Retention Ripple Effect: Nonprofit Staff and Donor Dynamics
The Retention Ripple Effect: Nonprofit Staff and Donor DynamicsThe Retention Ripple Effect: Nonprofit Staff and Donor Dynamics
The Retention Ripple Effect: Nonprofit Staff and Donor DynamicsAggregage
 
Breaking the Burnout Cycle: Empowering Managers for Excellence
Breaking the Burnout Cycle: Empowering Managers for ExcellenceBreaking the Burnout Cycle: Empowering Managers for Excellence
Breaking the Burnout Cycle: Empowering Managers for ExcellenceAggregage
 
Strategic CX: A Deep Dive into Voice of the Customer Insights for Clarity
Strategic CX: A Deep Dive into Voice of the Customer Insights for ClarityStrategic CX: A Deep Dive into Voice of the Customer Insights for Clarity
Strategic CX: A Deep Dive into Voice of the Customer Insights for ClarityAggregage
 
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...Aggregage
 
How to Build an Experimentation Culture for Data-Driven Product Development
How to Build an Experimentation Culture for Data-Driven Product DevelopmentHow to Build an Experimentation Culture for Data-Driven Product Development
How to Build an Experimentation Culture for Data-Driven Product DevelopmentAggregage
 
Bridging the Gap: The Intersection of DEI Initiatives and Employee Benefits
Bridging the Gap: The Intersection of DEI Initiatives and Employee BenefitsBridging the Gap: The Intersection of DEI Initiatives and Employee Benefits
Bridging the Gap: The Intersection of DEI Initiatives and Employee BenefitsAggregage
 
Mapping Digital Transformation: Retail’s Strategic Shift
Mapping Digital Transformation: Retail’s Strategic ShiftMapping Digital Transformation: Retail’s Strategic Shift
Mapping Digital Transformation: Retail’s Strategic ShiftAggregage
 
AI & DEI: With Great Opportunities Comes Great HR Responsibility
AI & DEI: With Great Opportunities Comes Great HR ResponsibilityAI & DEI: With Great Opportunities Comes Great HR Responsibility
AI & DEI: With Great Opportunities Comes Great HR ResponsibilityAggregage
 
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?Can Brain Science Actually Help Make Your Training & Teaching "Stick"?
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?Aggregage
 
How Personalized Customer Experiences Drive Retail Growth and Revenue
How Personalized Customer Experiences Drive Retail Growth and RevenueHow Personalized Customer Experiences Drive Retail Growth and Revenue
How Personalized Customer Experiences Drive Retail Growth and RevenueAggregage
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysAggregage
 
The Resurgence of Direct Mail as a Growth Marketing Strategy
The Resurgence of Direct Mail as a Growth Marketing StrategyThe Resurgence of Direct Mail as a Growth Marketing Strategy
The Resurgence of Direct Mail as a Growth Marketing StrategyAggregage
 
Top 5 Ways to Optimize Your Loyalty Strategy
Top 5 Ways to Optimize Your Loyalty StrategyTop 5 Ways to Optimize Your Loyalty Strategy
Top 5 Ways to Optimize Your Loyalty StrategyAggregage
 
HR Pro Playbook: How to Navigate Global Workforce Expansion with Confidence
HR Pro Playbook: How to Navigate Global Workforce Expansion with ConfidenceHR Pro Playbook: How to Navigate Global Workforce Expansion with Confidence
HR Pro Playbook: How to Navigate Global Workforce Expansion with ConfidenceAggregage
 
A Tale of Two Case Studies: Using LLMs in Production
A Tale of Two Case Studies: Using LLMs in ProductionA Tale of Two Case Studies: Using LLMs in Production
A Tale of Two Case Studies: Using LLMs in ProductionAggregage
 
SME Relationships: Proven Solutions for Seamless Collaboration and Success
SME Relationships: Proven Solutions for Seamless Collaboration and SuccessSME Relationships: Proven Solutions for Seamless Collaboration and Success
SME Relationships: Proven Solutions for Seamless Collaboration and SuccessAggregage
 
DEIB Reimagined: Navigating Change and Shaping the Future
DEIB Reimagined: Navigating Change and Shaping the FutureDEIB Reimagined: Navigating Change and Shaping the Future
DEIB Reimagined: Navigating Change and Shaping the FutureAggregage
 
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!2024’s Retail Odyssey: Going Small, Artificial, and Augmented!
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!Aggregage
 

Mehr von Aggregage (20)

Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon Harmer
 
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
Strategic Project Finance Essentials: A Project Manager’s Guide to Financial ...
 
The Retention Ripple Effect: Nonprofit Staff and Donor Dynamics
The Retention Ripple Effect: Nonprofit Staff and Donor DynamicsThe Retention Ripple Effect: Nonprofit Staff and Donor Dynamics
The Retention Ripple Effect: Nonprofit Staff and Donor Dynamics
 
Breaking the Burnout Cycle: Empowering Managers for Excellence
Breaking the Burnout Cycle: Empowering Managers for ExcellenceBreaking the Burnout Cycle: Empowering Managers for Excellence
Breaking the Burnout Cycle: Empowering Managers for Excellence
 
Strategic CX: A Deep Dive into Voice of the Customer Insights for Clarity
Strategic CX: A Deep Dive into Voice of the Customer Insights for ClarityStrategic CX: A Deep Dive into Voice of the Customer Insights for Clarity
Strategic CX: A Deep Dive into Voice of the Customer Insights for Clarity
 
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...
The Data Metaverse: Unpacking the Roles, Use Cases, and Tech Trends in Data a...
 
How to Build an Experimentation Culture for Data-Driven Product Development
How to Build an Experimentation Culture for Data-Driven Product DevelopmentHow to Build an Experimentation Culture for Data-Driven Product Development
How to Build an Experimentation Culture for Data-Driven Product Development
 
Bridging the Gap: The Intersection of DEI Initiatives and Employee Benefits
Bridging the Gap: The Intersection of DEI Initiatives and Employee BenefitsBridging the Gap: The Intersection of DEI Initiatives and Employee Benefits
Bridging the Gap: The Intersection of DEI Initiatives and Employee Benefits
 
Mapping Digital Transformation: Retail’s Strategic Shift
Mapping Digital Transformation: Retail’s Strategic ShiftMapping Digital Transformation: Retail’s Strategic Shift
Mapping Digital Transformation: Retail’s Strategic Shift
 
AI & DEI: With Great Opportunities Comes Great HR Responsibility
AI & DEI: With Great Opportunities Comes Great HR ResponsibilityAI & DEI: With Great Opportunities Comes Great HR Responsibility
AI & DEI: With Great Opportunities Comes Great HR Responsibility
 
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?Can Brain Science Actually Help Make Your Training & Teaching "Stick"?
Can Brain Science Actually Help Make Your Training & Teaching "Stick"?
 
How Personalized Customer Experiences Drive Retail Growth and Revenue
How Personalized Customer Experiences Drive Retail Growth and RevenueHow Personalized Customer Experiences Drive Retail Growth and Revenue
How Personalized Customer Experiences Drive Retail Growth and Revenue
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
 
The Resurgence of Direct Mail as a Growth Marketing Strategy
The Resurgence of Direct Mail as a Growth Marketing StrategyThe Resurgence of Direct Mail as a Growth Marketing Strategy
The Resurgence of Direct Mail as a Growth Marketing Strategy
 
Top 5 Ways to Optimize Your Loyalty Strategy
Top 5 Ways to Optimize Your Loyalty StrategyTop 5 Ways to Optimize Your Loyalty Strategy
Top 5 Ways to Optimize Your Loyalty Strategy
 
HR Pro Playbook: How to Navigate Global Workforce Expansion with Confidence
HR Pro Playbook: How to Navigate Global Workforce Expansion with ConfidenceHR Pro Playbook: How to Navigate Global Workforce Expansion with Confidence
HR Pro Playbook: How to Navigate Global Workforce Expansion with Confidence
 
A Tale of Two Case Studies: Using LLMs in Production
A Tale of Two Case Studies: Using LLMs in ProductionA Tale of Two Case Studies: Using LLMs in Production
A Tale of Two Case Studies: Using LLMs in Production
 
SME Relationships: Proven Solutions for Seamless Collaboration and Success
SME Relationships: Proven Solutions for Seamless Collaboration and SuccessSME Relationships: Proven Solutions for Seamless Collaboration and Success
SME Relationships: Proven Solutions for Seamless Collaboration and Success
 
DEIB Reimagined: Navigating Change and Shaping the Future
DEIB Reimagined: Navigating Change and Shaping the FutureDEIB Reimagined: Navigating Change and Shaping the Future
DEIB Reimagined: Navigating Change and Shaping the Future
 
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!2024’s Retail Odyssey: Going Small, Artificial, and Augmented!
2024’s Retail Odyssey: Going Small, Artificial, and Augmented!
 

Kürzlich hochgeladen

ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toirenelavilla52178
 
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCTrustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCFlatiron Legal Advisors, LLC
 
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseTown of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseRich Bergeron
 
How to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyHow to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyBridgeWest.eu
 
Appointment of Auditors Made For Firm
Appointment  of  Auditors  Made For FirmAppointment  of  Auditors  Made For Firm
Appointment of Auditors Made For FirmEbizfilingIndia
 
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Rich Bergeron
 
Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Jong Hyuk Choi
 
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsTown of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsRich Bergeron
 
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfAmit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfadvsudhirdhc
 
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Rich Bergeron
 
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Diamond959916
 
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfAshutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfVidit Agrawal
 
Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327bariajenne
 

Kürzlich hochgeladen (14)

ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
 
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCTrustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
 
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseTown of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
 
Nayoga Protocol by Author - Tushar Avinash Bagal A33.pptx
Nayoga Protocol  by Author - Tushar Avinash Bagal A33.pptxNayoga Protocol  by Author - Tushar Avinash Bagal A33.pptx
Nayoga Protocol by Author - Tushar Avinash Bagal A33.pptx
 
How to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyHow to Grant the Greek Power of Attorney
How to Grant the Greek Power of Attorney
 
Appointment of Auditors Made For Firm
Appointment  of  Auditors  Made For FirmAppointment  of  Auditors  Made For Firm
Appointment of Auditors Made For Firm
 
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
 
Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24
 
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsTown of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
 
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfAmit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
 
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
 
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
 
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfAshutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
 
Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327
 

Wills, Trusts, and Estates: The Essentials of Wealth Management

  • 1.
  • 2.
  • 3.
  • 4. WILLS, TRUSTS, AND ESTATES: THE ESSENTIALS OF WEALTH MANAGEMENT VI PHAM, ATTORNEY AT LAW
  • 5. WHY PLAN?  Make your intentions clear  Avoid probate  Control from six feet under
  • 6. WHEN THERE IS NO PLAN  Court Intervention  Intestate Succession  Death without a Will/Valid Will  California: Per Stirpes distribution with Right of Representation  Surviving Spouse  Children  Parents  Siblings  Nieces, Nephews
  • 7. PER STIRPES DISTRIBUTION: RIGHT OF REPRESENTATION Marge (pre- deceased) Homer (decedent) Bart (deceased) Millhouse (1/6) – right of representation Ralph (1/6) – right of representation Lisa (1/3) Maggie (1/3)
  • 8. REAL PROPERTY TITLE: WHY DOES IT MATTER?  Tenancy in Common  Interests do not have to be equal  Subject to probate  No right of survivorship  Joint Tenancy  Ownership passes by operation of law without probate  Unities of time, title, interest and possession  Owners take interest at same time  Receive title from same source  Identical interests to other joint tenants  Undivided ownership interest  Right of Survivorship  Community Property  All property acquired by either spouse during marriage
  • 9. RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO ROBERT AND ELIZABETH SMITH 16007 Crenshaw Blvd. Torrance, CA 90506 A.P.N. 3525-381-011 SPACE ABOVE THIS LINE FOR RECORDER'S USE TRUST TRANSFER DEED (Excluded from Reappraisal Under Proposition 13, i.e., Calif. Const. Art. 13A §1 et seq.) The undersigned Grantors, ROBERT SMITH and ELIZABETH SMITH, declare under penalty of perjury under the laws of the State of California that the following is true and correct: Documentary transfer tax is $ NONE. This conveyance transfers an interest into or out of a Living Trust, R & T 11930. This is a transfer of property that is residential property that will be owner-occupied. It is EXEMPT from fees under the Building Homes and Jobs Act. Govt. Code §27388.1(a)(2). GRANTORS: ROBERT SMITH and ELIZABETH SMITH, husband and wife as community property, hereby grant to: GRANTEES: ROBERT SMITH and ELIZABETH SMITH, as Trustees of the ROBERT and ELIZABETH SMITH TRUST dated June 20, 2020 all that real property situated in the City of Torrance in the County of Los Angeles, State of California, described as: LOT 32 OF TRACT 21262, IN THE CITY OF TORRANCE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 581, PAGES 38 AND 39, OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY Dated: ROBERT SMITH ELIZABETH SMITH MAIL TAX STATEMENTS TO: ROBERT AND ELIZABETH SMITH, 16007 Crenshaw Blvd., Torrance, CA 90506
  • 10.
  • 11.
  • 12. BIRTH, DEATH, AND TAXES  Death Taxes  Charged to decedent’s estate  Not applicable in California  Federal Estate Tax Exemption for 2021: $11.7 million  Gift Tax: $15,000 annual per recipient, per spouse; $11.7 lifetime  Giver needs to file gift tax return  Triggers:  Parents/Grandparents paying for vacations, educational expenses, weddings, joint account holders on a non-spouse bank account