Moravec Varga & Mooney

When someone dies without a will in California, their estate is handled under the state's intestate succession laws. This often results in a transfer of property that might not align with the deceased's wishes. As a professional in estate planning, I've seen many families navigate the complexities of California's legal landscape after the loss of a loved one. Without a will, the state dictates how your assets are distributed, often leading to outcomes that the decedent may ne

When a loved one becomes incapacitated due to an injury, illness, or neurological condition, it's heart-wrenching. Often, this may happen without a power of attorney in place, making it necessary for the courts to appoint a conservator. This conservator is tasked with making vital financial and personal decisions on behalf of the incapacitated individual. However, when a conservator begins abusing or exploiting their authority, particularly for personal gain, the situation de

Estate tax exemption sunset 2026 The current tax law in the United States includes provisions for estate and gift taxes, which come into play when assets are passed down through inheritance or gifts. Under the Tax Cuts and Jobs Act of 2017, the estate and gift tax exemption was raised significantly, but only temporarily. This law increased the estate and gift tax exemption to $11.18 million per individual, up from the previous level of $5.49 million, with this increase set to

Estate Planning for Cohabitating Couples Estate planning is an essential tool for everyone, but it takes on particular importance for unmarried cohabiting couples. Unlike married couples, who enjoy automatic legal protections and rights under state law, unmarried partners often lack the same security. In California, without proper estate planning, the surviving partner may be left without legal rights to the deceased partner’s property or decision-making authority. This post

In California, if the Decedent died after 4/1/2022 and had less than $184,500 in personal and real property combined, you can collect the assets without a full estate administration. If the Decedent dies before 4/1/2022, the amount is raised to $166,250. The manner in which you will collect the small estate will depend on the type of property the Decedent left. Each of these methods is intended to be much less costly and quicker than a full estate administration. Please n

How to probate an estate in California should you be brave enough to attempt the process.

For decades, the standard structure of a revocable trust for a Married Couple in California called for the establishment of an irrevocable trust upon the death of the first spouse to die, typically referred to as a “Bypass Trust, “Decedent’s Trust,” “Exemption Trust” or “Family Trust.” While the Bypass Trust often benefited the surviving spouse, its main purpose was to make sure that the couple got the maximum benefit from each of their Estate Tax Exemptions. Since the estate

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed by Congress and signed into law in late 2019, represents one of the most significant overhauls of retirement-related legislation in decades. While the Act is designed to improve retirement savings opportunities for Americans, it has also introduced key changes that affect how beneficiaries inherit retirement accounts. Understanding these changes is crucial for anyone engaged in estate planning, as

Neglected estate plans not only jeopardize a clients’ estate planning wishes but may also negatively impact their loved ones, not to mention

Understand key estate planning strategies for non-citizen, non-resident individuals. Learn how U.S. estate tax laws apply and how to protect your global assets.

In this new era of a significantly increased estate tax exclusion (over $11 million per person) and the option to elect “portability,”[1] the tax concerns of married couples in California have shifted from estate tax avoidance to capital gains tax avoidance. As such, many clients are now considering switching to a less complicated and less administratively burdensome trust to one that leaves all assets to the Surviving Spouse, either outright or in trust, and reduces the capi

Property Tax Exemptions Often, a client wishes for one or more of his children to receive the family home or other real property as part of their inheritance, while retaining the parents’ current property tax assessment. This is known as the parent-child exclusion. When a property qualifies for this exclusion, it means that the child can assume the parents’ typically very low property tax basis on the parents’ personal residence (of any value) and of other property up to $

The biggest change in 2018 to the Trusts & Estates law is the ballooning estate tax exemption. From 2017 to 2018, the exemption doubled from $5.45 million to $11.2 million per person. In addition, over the next years, the exemption will continue to climb based on the rate of inflation. The lifetime gift tax was retained, with the same lifetime exemption as the estate tax. The carry-over basis for gifted assets AND the step-up in basis for inherited assets were also retain

What happens to your Facebook account when you die? What about any money you left in your iTunes account? Or the pictures and other files yo

Estate planning using a living trust is a common tool in California to avoid the costly and time-consuming probate process. A trust can ensure a smooth transfer of assets, including real property, after the death of the trust creator (the “settlor”). However, even well-drafted trusts can encounter complications when it comes to transferring real estate, particularly if the real property is only listed on a schedule to the trust but no deed was signed transferring ownership to