Something that I've referred to in previous posts is a form of ownership called a estate planning.estate planning occur when an owner sells or gives away real property to another, but reserves the right to live on the property for the remainder of his or her life. The person who receives the property has, what's known as, a remainder interest.
estate planning can be useful tools in the estate planning process. This type of ownership can allow the property estate planning to be transferred upon death without going through the probate process, because the person who has the remainder interest already owns the property.
estate planning can also have tax benefits. The basis of the property will be the market value at the death, rather than at the time of the gift, which will generally result in a tax savings when the property is later sold.Depending upon the size of your estate (its net worth - the total value of your real property holdings, investments, retirement accounts, bank accounts, insurance policies and other assets, after debts and taxes) and your goals for leaving your assets to your heirs or charities, we will help you prepare your estate plan.Additionally, if the deceased dies with a Will, but owned few assets, the estate planning Probate Code recognizes a procedure known as the Muniment of Title.They work closely with our clients to help them select the best way to own and manage their property while alive and, at death, leave property to their intended beneficiaries – spouses, children, family members and charities Once approved by the Probate Court, the Will itself is filed as a public record and acts as the instrument authorizing the transfer of title from the deceased to his or her beneficiaries.
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