Mark W. Bidwell

California real property transfers

Trusts

Lifetime transfers compared to post death transfers of real property

In anticipation of death an owner of California real property can either gift while living the property or plan by Will or trust for the transfer to occur after death. In California property taxes are assessed at about one percent of the purchase price of the real property plus nominal annual increases. This is the […]

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California Real Property Ownership Change from Deceased Parent to Child

This post explains how a child obtains ownership of a parent’s real property after his or her parent has died. This post also explains how a child can reduce property tax and reduce capital gains tax.

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Funding a trust with an “850 Petition” in Probate Court

Post death funding of trust with a petition in probate court

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Funding trust post death “Heggstad Petition” in Probate Court

File a petition in probate court for post-death transfer of assets into a trust

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Settlor, trustee and beneficiary

The Actors A person owns an asset. The owner acquired the asset, controls the asset and benefits from the asset. A trust is a written document creating three separate actors for the asset. Creator – The owner of the asset creates the trust is known as the settlor or trustor Trustee – The trustee is […]

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AB, Exemption, Credit Shelter and Bypass Trusts

AB, Exemption, Credit Shelter and Bypass Trusts A hybrid trust is the AB Trust, also known as the credit shelter,bypass  and exemption trusts. This trust is created by a married couple and is revocable. Upon the death of the first spouse, the assets of the first spouse are placed into an irrevocable trust. The purpose of […]

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Irrevocable Trusts Compared to Revocable Trusts

Irrevocable trusts compared to revocable trusts

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Top 3 Reasons for a Trust

 The top three reasons Californians create a trust are to avoid probate, to minimize estate taxes, and to prevent familial problems associated with not having an estate plan.

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