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Estate Planning for Widows & Widowers: When Your Spouse Dies

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Not sure what to do when your spouse dies? Navigate through the estate planning essentials & learn strategies to help secure your financial future. 👉 Book a Call at www.cunningham... for trust administration, estate planning, and information on living trusts.
Did you know, in most circumstances in 2023, you need to lodge a will within 30 days of your spouse's death and begin the probate process within 60 days? This is why you need to meet early with your estate planning attorney. We'll explain how to take advantage of taxation benefits available to widows and the importance of filing for portability. Navigating through these legal and financial processes may seem overwhelming, but our goal is to make it manageable for you. Remember, seeing an estate planning lawyer is a must to ensure all steps are correctly followed.
👉 Book a Call at www.cunningham... to learn how to make a living trust, avoid California estate tax, and talk to a family trust lawyer.
SUBSCRIBE to California Estate Planning RU-vid Channel www.youtube.co...
CONTACT us at www.cunningham... to discuss estate planning, keeping your last will or living trust up to date, and find out about upcoming California estate planning events. Offices throughout California.
WEBSITE: www.Cunningham... for California Estate Planning information
FREE LEGAL WEBINARS: www.Cunningham... includes Q&As with expert attorneys!
PHONE: 1-866-988-3956 for a consultation on a California Living Trust!
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DISCLAIMER: THIS IS NOT LEGAL ADVICE.

Опубликовано:

18 окт 2023

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Комментарии : 13

@DougASAP 10 месяцев назад

Thank you very much! I really enjoy and appreciate your videos! They are content dense and have a high signal-to-noise ratio!

@CunninghamLegal 10 месяцев назад

Great to hear! Thanks for leaving a comment.

@DougASAP 10 месяцев назад

At 10:00 I think it would be more accurate to say "MAY" not "Can" qualify as a "Widow(er)" for the year of death plus 2 more years after the death of a spouse". I would bet than 4% of Widow(er)s qualify in years 2 and 3. Thanks again for your great videos!

@rzhang3039 9 дней назад

Great video. Thank you for the valuable information. One question. For the depreciation, is it based on new base of the appraisal or the county property tax assessment of that year?

@CunninghamLegal 9 дней назад

No. Broadly speaking, cost basis is defined as purchase price. For real estate it also includes improvements minus depreciation. These are unrelated to “base year value” (aka assessed value).

@rzhang3039 9 дней назад

Thanks for your reply. But after the spouse dies, the cost base is step up to the appraisal value. Would the depreciation value be recalculated based on appraisal value? Thanks again!

@CunninghamLegal 7 дней назад

@@rzhang3039 Typically, Yes. However, the original term of depreciation remains in place. If the original depreciation term was 27.5 years and 10 years have passed, the remaining depreciation is taken over 17.5 years.

@rzhang3039 7 дней назад

Thanks again for the reply and good information!

@pamelaclay3314 9 месяцев назад

I’m a widow and wanted to know if I need a trust or will if I don’t own home?

@CunninghamLegal 9 месяцев назад

Estate planning is not only about real estate. It also involves planning for what happens to your bank accounts, personal possessions, and other assets upon your death. An estate plan can also include directives about your personal healthcare and financial decisions. Proper estate planning can offer potential tax benefits for those who have lost a spouse- including the unlimited marital deduction which can exempt property passed to a surviving spouse from estate taxes. Additionally, "portability" allows the surviving spouse to add the deceased spouse's unused exclusion to their own, potentially shielding a significant amount from estate taxes. Consulting with an estate planning attorney is crucial to maximize these benefits- if you're eligible. Please contact our office if you are interested in these strategies: www.cunninghamlegal.com/california-law-offices/contact/

@pamelaclay3314 9 месяцев назад

Do need a living trust or a will if you don’t own home?

@CunninghamLegal 9 месяцев назад

Whether you own a home or not, both a will and a living trust can be important for managing your assets and wishes after death. A will can allow you to designate who will inherit your property and can also appoint a guardian for minor children. A living trust can efficiently transfer your assets (investments, savings, collections, and more) to your chosen beneficiaries, often allowing for a faster, less expensive process than probate. If you don't have a will or a trust, you leave the distribution of your assets up to state law, which may not align with your personal wishes and can cause additional stress for your loved ones. It's best to consult with an estate planning attorney to determine which is more suitable for your personal circumstances.