Video Resources by Rex Crandell
Rex Crandell Firm has created a number of videos that offer an in depth look into Estate Planning.
Check out some of the video resources below and send us any feedback you have. Want to see a video on a topic that is not yet uploaded here?
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DEEDS Real Estate Ownership & Title Issues- A Training Class for Buyers, Sellers, Estate Planners
REAL ESTATE DEEDS preparation and HOW to HOLD TITLE to PROPERTY. Class covers DEEDS, LIENS, TENANTS IN COMMON, JOINT TENANCY, TRUST TRANSFER DEED, REVOCABLE TRANSFER ON DEATH DEEDs and much, much more.
How TRUSTS obtain an EMPLOYER IDENTIFICATION NUMBER (EIN)
What Does the Tax ID (EIN) Number Do? A Tax ID (EIN) number allows the IRS to identify a business or trust. If you created an irrevocable trust, you’ll want to apply for an EIN number as soon as possible. This will make it easy for you file taxes, manage the trust assets, and complete financial transactions. Does a trust need an EIN? Does your trust need a Tax ID or EIN Number? The long and short answer is “it depends”.
Giving your house to your kids & property tax issues (Prop 19)
On November 3, 2020, California’s Proposition 19 (Prop 19) passed by a slim majority. This constitutional amendment makes two major changes to California’s property tax system. Watch the video below to learn more!
Do I need to have a Trust in California?
The best time to consider these issues is well in advance of any pressing need to take care of this long-term planning. You will need to answer questions relating to who will receive benefits from your estate after you are gone. We provide the services of estate planning for our clients.
INCOME TAXATION OF TRUSTS, ESTATES AND DECEDENTS
Trusts and estates are separate, fiduciary entities for income tax purposes. The trustee or executor, known as the fiduciary, reports the income earned by the trust or estate on a fiduciary income tax return (Form 1041) and pays the tax due. A trust or estate can lower its tax liability by taking applicable deductions, credits, or exemptions.
Starting a Business in California (How to Guide from a CPA/Attorney)
The first step in starting a business in California is to decide on a business structure. Some common options include sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type of business structure has its own advantages and disadvantages, so it’s important to choose the one that is right for your business.
Why you need an AHCD as part of your California Estate Plan
The Advance Healthcare Directive is designed specifically so that if you’re unable to talk to your medical provider you can have another person step in on your behalf. It’s sometimes called a power of attorney for health care or advance health care directive.
DO I NEED TO PAY INCOME TAX AFTER DEATH ?… YES !
Income tax on income generated by assets of the estate of the deceased. If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes. See Form 1041 instructions for information on when to file quarterly estimated taxes.
How Over Age 55 Can Buy a New Residence & Keep Old Low Property Taxes in California
On November 3, 2020, voters approved Proposition 19 (Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act), which makes sweeping changes to a property owner’s ability to transfer their Proposition 13 Assessed Value. Those changes included broad provisions that superseded prior laws for transferring the assessed value to another home (e.g. Proposition 60 and 90). Both Proposition 60 and 90 expired on March 31.
Dementia and Estate Planning: What you need to Know !
More than five million Americans suffer from dementia, and that number is projected to increase to more than seven million by 2025. The likelihood that you will get dementia doubles every five years over the age of 65 and dementia affects one in 14 people over 65 and one in six over 80, according to alzheimers.org.
ERRORS TO AVOID on your ADVANCE HEALTHCARE DIRECTIVE FORM
Advance Health Care Directives allow you to have legal control over your health care treatment in the event that you are unable to speak for yourself. California’s Advance Health Care Directive provides an efficient and flexible format for planning your future health care.
Revocable Trusts in Estate Planning
What is a Revocable Trust and what does it accomplish? A Trust is an arrangement where a person called a trustee holds title to property for a beneficiary or beneficiaries. One of the primary benefits of having a revocable trust is that your assets will avoid going through probate in California, even if you have assets over $184,500.
GODPARENTS & GODCHILDREN IN ESTATE PLANNING
What is a Godparent? A Godparent, in Christianity, one who stands surety for another in the rite of baptism. In the modern baptism of an infant or child, the godparent or godparents make a profession of faith for the person being baptized (the godchild) and assume an obligation to serve as proxies for the parents if the parents either are unable or neglect to provide for the religious training of the child, in fulfillment of baptismal promises.
COURT ACCOUNTING for Probate, Conservatorships & Trusts. A how to workshop.
Unless waived by the court under Probate Code section 2628, a conservator or guardian of the estate must file accountings in the frequency, manner, and circumstances specified in Probate Code section 2620. The court may order accountings to be filed more frequently than required by the statute. An accounting must be filed as a standard accounting unless this rule authorizes filing a simplified accounting.
What should you look for when hiring an estate planning attorney in California?
This video will go over what to look for when hiring an estate planning attorney! There are a number of questions you should ask to ensure that you are working with an attorney who has the experience and knowledge to help you with your estate plans and everything that goes along with it. The Office of Rex Crandell specializes in Estate Planning and offers a Comprehensive Estate Planning Package where you can rest assured knowing you, your assets and beneficiaries are protected.
End of Life Care Planning in Walnut Creek, CA – What to consider?
This is a very serious subject and it doesn’t matter whether somebody’s in good health or they’ve got a terminal illness and a short time to live, the decision-making process is the same. To help your heirs we recommend that you plan for your own death in advance. This should include all the things that you are considering rather than just leaving it as a big mess to your beneficiaries.
What is Estate Planning? Estate Planning Basics – Overview by Rex Crandell
It can include a variety of strategies and documents. If you have a lot of assets, then you may need to use procedures to avoid or defer estate taxes. If you own real estate, you likely will need a revocable living trust to avoid probate. If you are just starting out in life and have not accumulated many assets yet then a simple will might be a viable option.
Should I put assets in my child’s name or in a trust?
Normally what most people end up concluding is that having a revocable trust is the best practice because it’s simple, it’s common and it’s well known. Overall, I’d have to conclude that putting assets in a child’s name is not a good idea and I would not recommend it!
What is an Advance Healthcare Directive and why is it important?
Estate planning has many different forms and the Advance Healthcare Directive is just one of the several that are needed for a comprehensive estate plan.
The Advance Healthcare Directive is designed specifically so that if you’re unable to talk to your medical provider you can have another person step in on your behalf. It’s sometimes called a power of attorney for health care or advance health care directive.
What is a Durable Power of Attorney and who needs one?
The next type of power of attorney is more important for estate planning and it’s called a durable power of attorney. No, it’s not printed on tough paper like cardstock, what it means by durable is that it’s still effective if a doctor renders an opinion that you are mentally incapacitated.
What does it mean to “Fund a Trust”? Funding your Trust in California
Funding your trust is the process of transferring all your assets to the trust itself in order for the trust to control it. It’s kind of like a corporation in the way the president of a corporation can manage the assets that the corporation owns but if the corporation doesn’t have their name on title the corporate president can’t do anything.
What are some advantages and disadvantages of a Revocable Trust? | Revocable Trusts California
One of the primary benefits is that you would avoid probate in California if you have assets over $166,250. If you just have a will or no will at all you would have to do a probate for your beneficiaries to get your assets. If you own real property more than likely it is to your advantage to have a revocable trust to avoid the probate process.
SPECIAL NEEDS TRUSTS – What are the benefits of a Special Needs Trust?
A special needs trust was invented so that people would not lose the entitlement to their government benefits. If you’re getting government benefits such as entitlement programs like disability, social security, medicare or medi-cal you’re only allowed to have certain assets. If you have too many assets you would not qualify for that program.
CHOOSING YOUR BENEFICIARIES – What you should look for!
First of all, we need to determine what a beneficiary is. A beneficiary is a person who will receive assets or something of value after you pass away. That could be tangible assets, real estate, personal property or intangible assets such as stock, certificates, copyrights, patents, etc.
CALIFORNIA TRUST ADMINISTRATION – The Trustee’s Job
Trust and Estate Administration in California can be very time consuming, a great deal of work, it will require patience, persistence, communication with beneficiaries, organization and in the end it can be very rewarding.
COURT ACCOUNTING TRAINING CLASS
Court accounting is a legal duty for all Guardians, Conservators, and Probate Executors or Probate Administrators. These groups of persons are also commonly referred to as “fiduciaries”. What does it mean to be a fiduciary? This is the highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other’s best interests.
ADVANCE HEALTH CARE DIRECTIVES & END OF LIFE DECISIONS
Advance directives aren’t just for older adults. Unexpected end-of-life situations can happen at any age, so it’s important for all adults to prepare these documents. A medical or health care power of attorney is a type of advance directive in which you name a person to make decisions for you when you are unable to do so.
DURABLE POWERS OF ATTORNEY FOR FINANCIAL MANAGEMENT
A Power of Attorney is a document that lets you appoint someone to represent you. If you sign a Power of Attorney, you are the principal. The person you appoint to represent you is called the agent or attorney-in-fact. Durable means that it is still effective you become incapacitated and can not think well nor manage your own finances or can not manage your own assets.
LAST WILL AND TESTAMENT IN ESTATE PLANNING
Should you die without a will, state “intestacy” laws will dictate how your property will be distributed. California’s intestacy law gives your property to your closest relatives, beginning with your spouse and children. In the absence of a spouse or children, your grandchildren or your parents will get your property.
LIVING TRUST TRAINING PRESENTATION
The “living trust” described in this brochure is a revocable living trust. It is sometimes referred to as a revocable inter vivos trust, or a grantor trust. A living trust may be amended or revoked by the person creating it (commonly known as a “trustor,” “grantor” or “settlor”), at any time during the trustor’s lifetime, as long as the trustor is competent.
CALIFORNIA COURT ACCOUNTING TRAINING
The Rex Crandell Firm is a professional services firm located in the San Francisco East Bay Area and Walnut Creek, Concord. We provide comprehensive estate planning and trust services, revocable living trusts, wills, durable powers of attorney forms for financial management, advance healthcare directives, probate filings, inheritance & beneficiary consulting.
ESTATE PLANNING 101
Who Needs Estate Planning in California and What Can Go Wrong if Not Right
What is Estate Planning? It can include a variety of strategies and documents. If you have a lot of assets, then you may need to use procedures to avoid or defer estate taxes. If you own real estate, you likely will need a revocable living trust to avoid probate. If you are just starting out in life and have not accumulated many assets yet then a simple will might be a viable option.
COURT ACCOUNTING WEBINAR
For California Guardians, Conservators, Executors and Trustees
Court accounting is a legal duty for all Guardians, Conservators, and Probate Executors or Probate Administrators. This group of persons are also referred to commonly as “fiduciaries”. What does it mean to be a fiduciary? This is the highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other’s best interests. A fiduciary might be responsible for general well-being, but often the task involves the financial duty to manage the assets of another person, or of a group of people.
2020 and 2019 TAX UPDATE
New tax law changes are summarized for the 2020 and 2019 tax filing years. Highlights are described briefly and simply. What you should know before having your 2019 and 2020 individual income tax returns prepared.
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