Author Archives: randyspiro

About randyspiro

I am a super lawyer in California with dual specialization in Estate Planning and Taxation.

Making Sure Your Title Insurance Policy Will Be In Force When You Need It

When real estate is purchased, the buyer typically also buys a title insurance policy. When the buyer later sells, if there is a problem with title to the property, the title insurance company is obligated to take care of it. … Continue reading

Posted in Estate Planning, Law, special needs, Super Lawyer, taxes, title, title insurance, Trusts, Uncategorized, wills | Leave a comment

Portability- The Best Kept Secre

Recently the IRS released statistics for federal estate tax returns (form 706s) filed in 2011, which was the first year of portability (the ability of the surviving spouse to add the deceased spouse’s estate tax exemption to the surviving spouse’s … Continue reading

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Homestead

Some people have recorded a document entitled homestead indicating that they want a certain dollar amount of the value of their principal residence to be protected from their creditors. Some companies even solicit people to have the company prepare and … Continue reading

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When the original of the trust document has been lost

A person who has a revocable living trust may inadvertently lose the original trust document. He or she will typically continue to hold title to assets in the name of the trust. The person can still furnish copies from his … Continue reading

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NEW IRS RULES

New IRS ruling where surviving spouse forgot to timely file the deceased spouse’s federal estate tax return and thereby failed to make portability election When one spouse dies on or after January 1, 2011, his or her federal estate tax … Continue reading

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Is there a need to save estate tax?

For persons dying in 2014, the estate tax exemption is $5,340,000. If the surviving spouse files a timely estate tax return for the first-spouse-to-die, the first-spouse-to-die’s exemption can be added to the surviving spouse’s exemption. This is called portability. Unless … Continue reading

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Assets Located Outside of the United States

Sam and Jill have created a revocable living trust. They have been told to transfer their assets into their trust in order to avoid probate. When their attorney asked them to list their assets, they forgot to tell him about … Continue reading

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