TRY ME!
Estate Deductions In California
Summary
In California, estates below $5M are not subject to federal estate tax. Probate fees apply to assets not covered by TOD or beneficiary designations, typically around 4% for the first $100,000, decreasing for higher amounts. Attorney fees are based on the probate estates value. TOD and beneficiary designations can help bypass probate, but must be correctly set up. Personal property in a 3-bedroom, 2-bathroom home is valued between $25,000 to $75,000. Probate fees are calculated only on assets going through probate, not on the entire estate.Full Conversation
What are all the deductions that will be taken from my three million dollar valued estate when I die? I refuse to make a will or establish a trust. I have no spouse and two children that will inherit. What questions do you need to ask me to help me determine what amounts will go to fed, state of CA, lawyers, taxes, etc. resulting in net to my two children?
Hey Stubborn! Here are some potential deductions and considerations:
- Federal Estate Tax: Estates above $*.* million (*) may be subject.
- California Estate Tax: No state estate tax.
- Probate Fees: Around *% for the first $*,*, then decreasing percentages.
- Lawyer Fees: Varies by complexity.
- Debts and Liabilities: Any outstanding debts.
Would you like more details on probate fees or legal assistance?
- Federal Estate Tax: Estates above $*.* million (*) may be subject.
- California Estate Tax: No state estate tax.
- Probate Fees: Around *% for the first $*,*, then decreasing percentages.
- Lawyer Fees: Varies by complexity.
- Debts and Liabilities: Any outstanding debts.
Would you like more details on probate fees or legal assistance?
I've already stated that my estate is well below $5M, so federal estate tax is not applicable. No outstanding debts. I own a house and have funds in banks/savings.
Sure, here’s a concise breakdown of what you can expect in terms of deductions from your estate:
- Probate Fees: California probate fees are approximately *% of the first $*,*, *% of the next $*,*, *% of the next $*,*, and *% of amounts above $* million.
- Attorney Fees: Similar to probate fees, often a percentage of the estate value.
- Executor Fees: Can be similar to probate fees.
Would you like more detailed information on any of these points?
- Probate Fees: California probate fees are approximately *% of the first $*,*, *% of the next $*,*, *% of the next $*,*, and *% of amounts above $* million.
- Attorney Fees: Similar to probate fees, often a percentage of the estate value.
- Executor Fees: Can be similar to probate fees.
Would you like more detailed information on any of these points?
If my house is TOD to my children and my banks/savings claim my children as beneficiaries does that mean that the entire value of those assets go to my children?
Case Rating: *
If your house is TOD (Transfer on Death) to your children and your bank/savings accounts list your children as beneficiaries, those assets will typically pass directly to your children outside of probate. However, any debts, taxes, or other obligations of the estate could still affect the total value they receive.
Would you like more details on how TOD and beneficiary designations work in California?
If your house is TOD (Transfer on Death) to your children and your bank/savings accounts list your children as beneficiaries, those assets will typically pass directly to your children outside of probate. However, any debts, taxes, or other obligations of the estate could still affect the total value they receive.
Would you like more details on how TOD and beneficiary designations work in California?
yes
Case Rating: *
In California, Transfer on Death (TOD) and beneficiary designations can help bypass probate for certain assets. Here's how they typically work:
- Transfer on Death (TOD): Allows real estate to pass directly to beneficiaries without going through probate.
- Beneficiary Designations: Accounts like bank and savings accounts can name beneficiaries to receive funds directly.
Would you like more detailed information about how these designations work in California?
In California, Transfer on Death (TOD) and beneficiary designations can help bypass probate for certain assets. Here's how they typically work:
- Transfer on Death (TOD): Allows real estate to pass directly to beneficiaries without going through probate.
- Beneficiary Designations: Accounts like bank and savings accounts can name beneficiaries to receive funds directly.
Would you like more detailed information about how these designations work in California?
yes
Case Rating: *
In California, Transfer on Death (TOD) deeds and beneficiary designations can simplify the process of transferring assets, but it's essential to ensure everything is correctly set up to avoid probate.
Would you like more detailed information about setting up TOD deeds and beneficiary designations, or do you have specific questions about the process?
In California, Transfer on Death (TOD) deeds and beneficiary designations can simplify the process of transferring assets, but it's essential to ensure everything is correctly set up to avoid probate.
Would you like more detailed information about setting up TOD deeds and beneficiary designations, or do you have specific questions about the process?
If my house and banks/savings are valued at $*.5M and they go directly to my children, is probate valued at only *.5M?
Case Rating: *
If your house and bank/savings accounts are designated to go directly to your children via TOD or beneficiary designations, those assets typically bypass probate. Probate would then only apply to any remaining assets not covered by these designations. In your case, probate might be valued at $*.5M if other assets worth $*.5M exist outside TOD and beneficiary designations.
Would you like more information about setting up TOD or beneficiary designations?
If your house and bank/savings accounts are designated to go directly to your children via TOD or beneficiary designations, those assets typically bypass probate. Probate would then only apply to any remaining assets not covered by these designations. In your case, probate might be valued at $*.5M if other assets worth $*.5M exist outside TOD and beneficiary designations.
Would you like more information about setting up TOD or beneficiary designations?
Do probate fees include the value of savings that have beneficiaries designated? Or are probate fees based only on the value of assets that go into probate?
Case Rating: *
Probate fees are based only on the value of assets that go into probate. Assets with designated beneficiaries, like savings accounts with named beneficiaries, typically bypass probate and are not included in the calculation of probate fees.
Would you like more information on how to set up these designations?
Probate fees are based only on the value of assets that go into probate. Assets with designated beneficiaries, like savings accounts with named beneficiaries, typically bypass probate and are not included in the calculation of probate fees.
Would you like more information on how to set up these designations?
What is the average value of the personal property within an average 3bd-2ba California home?
Case Rating: *
The average value of personal property in an average *-bedroom, *-bathroom home in California can vary greatly, but it's often estimated between $*,* to $*,*. This includes furniture, electronics, appliances, and other personal belongings.
Do you have any other questions or need further information on this topic?
The average value of personal property in an average *-bedroom, *-bathroom home in California can vary greatly, but it's often estimated between $*,* to $*,*. This includes furniture, electronics, appliances, and other personal belongings.
Do you have any other questions or need further information on this topic?
What do you mean "typically bypass probate"? Sounds like there are cases with savings accounts that list beneficiaries, but still go through probate.
Case Rating: *
In California, assets with designated beneficiaries, such as savings accounts, typically bypass probate. However, if the designation is not correctly set up, contested, or if there are outstanding debts or taxes, these assets could still end up in probate.
Do you have any other questions or need further clarification on this topic?
In California, assets with designated beneficiaries, such as savings accounts, typically bypass probate. However, if the designation is not correctly set up, contested, or if there are outstanding debts or taxes, these assets could still end up in probate.
Do you have any other questions or need further clarification on this topic?
Earlier you said that attorney's fees were based on a percentage of the estate value. Is the estate value the full estate including TOD and savings accounts with beneficiaries? Is the estate value only the portion going through probate?
Case Rating: *
Attorney's fees for probate are typically based on the portion of the estate that goes through probate, not on the entire estate including TOD and savings accounts with beneficiaries.
Would you like more detailed information on probate fees in California?
Attorney's fees for probate are typically based on the portion of the estate that goes through probate, not on the entire estate including TOD and savings accounts with beneficiaries.
Would you like more detailed information on probate fees in California?
yes
Case Rating: *
In California, probate fees for attorneys are calculated based on the portion of the estate that goes through probate. Here are some more details:
- Probate Fees: Calculated as a percentage of the probate estate's value.
- Attorney Fees: Typically follow the statutory fee schedule, similar to probate fees.
Do you have any other questions about probate fees or the probate process in California?
In California, probate fees for attorneys are calculated based on the portion of the estate that goes through probate. Here are some more details:
- Probate Fees: Calculated as a percentage of the probate estate's value.
- Attorney Fees: Typically follow the statutory fee schedule, similar to probate fees.
Do you have any other questions about probate fees or the probate process in California?
I'm sure that I will, but that will be enough for now. Thank you so much! bye.
Case Rating: *
It seems like the user has all the information they need for now. No need for further action or lawyer connection. If they have more questions in the future, they can reach out again.
It seems like the user has all the information they need for now. No need for further action or lawyer connection. If they have more questions in the future, they can reach out again.
Start a new chat