Camarillo Estate Law And Real Estate Law Blog

Whether someone is setting up an estate plan for the first time or they are making necessary revisions to their estate plan as a result of a personal injury settlement or a divorce, this can be a complicated and emotionally draining process. People may deal with a lot of uncertainty and they may have high levels of anxiety, become depressed or even struggle with anger. All of these emotions can be triggered by estate planning for various reasons, but people can avoid some of these challenges by approaching their estate plan from the right angle.

Sometimes, negative emotions can even get in the way of one's ability to successfully create or modify an estate plan. For example, someone who becomes extremely depressed or stressed out may decide to postpone their estate planning responsibilities, which can make things even harder in the future. There are different ways you may be able to reduce the emotional impact of any estate planning matters you are dealing with, and you should have a clear understanding of all your options and confidence in the decisions that you make.

When it comes to setting up an estate plan, there are many options, and there may be many factors to take into consideration. For example, if someone expects their marriage to end, they may be wondering how a divorce could affect their estate plan. Or, they may be unsure about which estate planning options are best as a result of their divorce. Sometimes, people have irrevocable trusts, and they may wonder how these estate plans will be impacted by divorce and whether their assets will be seen as marital property or separate property.

For starters, it is vital to carefully go over the unique details of your finances, your divorce and your trust. If you created an irrevocable trust prior to your marriage, assets in this estate plan may be protected from property division. On the other hand, if you set up an irrevocable trust during your marriage, the assets in this trust may not be seen as separate property and they may be viewed as marital property and subjected to division.

Many people dream of buying a home for the first time. Investing in a home is indeed gratifying, but it also comes with quite a few risks. Fortunately, there are steps you can take to ensure the transaction progresses as smoothly as possible. Bankrate explains common home buying mistakes and how you can work to avoid them. 

Preapproval entails applying for a mortgage before actually shopping for a house. While this seems counterproductive, it's actually quite reassuring to sellers. Preapproval entails a check of your financial background, including your credit score. That way you and the seller can rest assured that you have the funds available to actually purchase the home. This is very helpful in crowded housing markets, where you may be in fierce competition for a single property.

When they begin creating an estate plan, many people come across the phrase “death taxes” online or in conversations with others planning for the future. Generally, “death taxes” refers to estate taxes, gift taxes, and inheritance taxes. And every estate plan should account for both federal and state versions of these taxes.

For those residing in California, you’re in luck: California has no state gift or estate taxes. However, there are still federal taxes to consider – as well as new proposed state taxes.