ja_mageia

  • Narrow screen resolution
  • Wide screen resolution
  • Decrease font size
  • Default font size
  • Increase font size
Home Law Practices Estate Planning
Estate Planning - Lawyer - San Diego - Irvine
Article Index
Estate Planning
What is estate Planning?
What is involved in estate planning?
Who needs estate planning?
What is included in my estate?
What is a will?
What is a revocable living trust?
What is probate?
To whom should I leave my assets?
Whom Should I name as my executor or trustee?
How should I provide for my minor children?
When does estate planning involve tax planning?
How does the way in which I hold title make a difference?
What are other methods of leaving property?
What if I become unable to care for myself?
Who should help me with my estate planning documents?
Should I beware of someone who is a
What are the costs involved in estate planning?
All Pages

How does the way in which I hold title make a difference?

The nature of your assets and how you hold title to those assets is a critical factor in the estate planning process. Before you change title to an asset, you should understand the tax and other consequences of any proposed changed. Your estate planning lawyer will be able to advise you.

Community property and separate property:
If you are married, assets earned by either you or your spouse while married and while a resident of California are community property. On the other hand, a married individual may own separate property as a result of assets owned prior to marriage or received by gift or inheritance during marriage. There are significant tax considerations which need to be addressed in the estate planning process with respect to both community property and separate property. There are also significant property interests to consider.

Separate property can be "transmuted" (that is, changed) to community property by a written agreement signed by both spouses and drafted in conformity with California law.

It is important to seek competent legal advice when determining what character your property is and how the property should be titled.

Joint Tenancy Property:
Regardless of its source, if a property is held in joint tenancy, it will pass to the surviving joint tenant by operation of law upon the death of the first joint tenant. On the other hand, property held as community property or as tenants in common, will be subject to the will of a deceased owner.