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Blog Posts in July, 2012

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  • What is the Unlimited Marital Deduction? How Does it Work?
    What is the Unlimited Marital Deduction? How Does it Work?

    The estate tax marital deduction is used to reduce the gross taxable estate of a decedent for purposes of calculating estate tax. It generally is the value of property that passes from a deceased ...

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  • I Have A Revocable Living Trust, Isn't That Enough To Avoid Probate In California?
    I Have A Revocable Living Trust, Isn't That Enough To Avoid Probate In California?

    If a resident of California creates a revocable living trust (sometimes referred to as an “inter vivos” or “family” trust), that person has taken an important first step. However, without funding the ...

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  • Why is Funding a Trust Important in California?
    Why is Funding a Trust Important in California?

    When assets are transferred to a trust, the assets become the “principal” of the trust or its “corpus”. Upon the death of the creator of the trust, the principal/corpus is controlled by the terms of ...

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  • What is a
    What is a "Pour-Over Will" and Why Do I Need One if I Have a Trust in California?

    I have explained why trusts need to be funded in order to avoid probate in the previous two posts. But simply having a funded trust does not mean that you don’t need to also have a will. No one is ...

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  • What If I am Really Careful About Funding My Trust; Do I Still Need a Pour-Over Will in California?
    What If I am Really Careful About Funding My Trust; Do I Still Need a Pour-Over Will in California?

    The short answer, if you have minor children, is yes. Even though you may have created a revocable living trust and you have been diligent about funding it, a revocable living trust is essentially a ...

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