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February 2014 Archives

Actor's estate planning mistakes may overtax loved ones

California community property laws influence how estate assets are divided. A Los Angeles spouse cannot be disinherited involuntarily, and children or other relatives are not automatic heirs. According to California Probate Code Section 6400-6414, a will cannot prevent a surviving spouse from claiming half an estate, but the protection does not cover an unmarried partner.

Trust maintenance costs factor into California estate plans

Trusts can have significant benefits for Los Angeles individuals with defined goals for estate assets. During estate planning, the creation of a trust must be balanced with the costs of establishing the document and maintaining the trust, in the present and the future.

Actor Paul Walker never updated his 2001 California will

When "Fast & Furious" actor Paul Walker died in November, he left behind an estate with an estimated value of $25 million. The 40-year-old unmarried movie actor created an estate plan in 2001 -- a will and trust shifting assets to his now-15-year-old daughter.

Whittling away estate taxes through California trusts

The estates of wealthy California residents can be subject to high federal taxes unless provisions are made to preserve assets. One goal of estate planning is to minimize the tax burden so that beneficiaries are not deprived unnecessarily of full inheritances.

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