Law Office of Carol A. Fauerbach

02/21/2025

If you've recently reached Senior status, you might find yourself encountering -- not only discounts -- but an array of new opportunities, laws and information designed to help and protect you during these years. Check out my latest blog post, which includes a Quick-Guide to help you navigate this new territory.

As seniors begin their golden years, they may experience changes in their budget, medical care, and perhaps even in their living situation and/or location.

10/24/2024

Common Law Marriage is not recognized in the state of California. Find out how that impacts inheritance and estate planning in my latest blog entry:

Common law marriage is not recognized under California law and can have significant implications for estate planning. A common law marriage is a type of informal marriage based on cohabitation and holding yourselves out as a married couple. Since common law marriage is not recognized under Californi...

04/18/2024

When people think of an “estate plan,” the documents that most often come to mind are a will or a trust; however, there are other important components of an estate plan that are designed to protect you and your loved ones should you become incapacitated. Read my latest blog entry here:

A complete estate plan contains more than just a will or a trust in order to properly protect you and your loved ones. One important aspect of estate planning is incapacity planning.

02/21/2023

You may have pets that you consider members of the family. You can learn more about providing for them in your estate plan by reading my blog "Hay is for Horses....and so are Pet Trusts."

https://www.caflegalservices.com/blog/2022/12/hay-is-for-horsesand-so-are-pet-trusts/

02/06/2023

If you already have a Will, do you need a Trust? What's the difference? Read my latest blog entry here:

The answer to this question depends upon your specific situation. In California, a Will does not prevent your estate from going through probate. Probate is the court oversight of the administration and distribution of a deceased person’s estate. Probate is very expensive and time consuming for you...

02/01/2023

IRS Estate and Gift Tax Exemption Changes for 2023

The amount that you can give during your lifetime or at your death that will allow your estate to be exempt from federal estate taxes and gift taxes has increased for 2023.

The federal estate tax exemption limit for 2023 is $12,920,000 per person. For a married couple, this would result in $25,840,000 in estate tax exemptions. However, keep in mind that this exemption is expected to be reduced significantly in 2026.

The surviving spouse’s marital deduction for gift and estate taxes continues to be unlimited except when the surviving spouse is not a U.S. Citizens. For non-citizen spouses, the marital deduction for 2023 is $175,000.

In addition to the lifetime exemption, there is an increase in the annual gift tax exemption for 2023. The 2023 annual gift tax exemption is $17,000 for each person you make a gift to in 2023.
Some states have additional estate tax, gift tax, and inheritance tax laws.

The information provided above is general information regarding changes to 2023 estate tax and gift tax exemption laws and not intended to provide legal or tax advice. You should refer to IRS.gov and a tax professional for more details regarding estate tax and gift tax exemptions, and your state’s estate tax, gift tax, and inheritance tax laws.

Disclaimer
The information you obtain at this site is not, nor is it intended to be, legal or tax advice. You should consult an attorney and tax specialist for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

01/19/2023

How We Are Different...

At the Law Office of Carol A. Fauerbach, we start by listening to your specific estate planning needs. We take the time to explain to you how estate planning works and the options available to you. We customize each estate plan, thoroughly review the completed documents with you, and educate you on how to best use your estate plan to meet your objectives. And welcome questions even long after your documents have been completed.