The holidays are upon us. Many of us will sit down for a feast, with family, next week. We will talk about what we are thankful for. Then may Hanukkah or Christmas are celebrated in your house. Again a time to be thankful. Then the new year is here! 2014 is just around the corner.
Maybe it’s just me but the holidays remind me that people have got to do their estate planning! Spending time with the people that matter most, talking about being thankful, giving gifts, and then talking about new year’s resolutions. To me all of that adds up to the importance and value of proper estate planning.
If you have family you care about then get your estate plan in place!
It’s the time of year to think about others so get your planning done now. There is still time!
Also, get it done now and you won’t even have to put it on your list of things to do next year!
Happy holidays! -John
Roseville, California. John Palley will be the main speaker at the Placer County Association of Realtors meeting on July 16, 2013. He will be talking about real estate sales in probate cases. His entire outline is below
Placer County Association of Realtors – July 16, 2013
By: John B. Palley, Esq.
- Johnson, Fort, Meissner, Joseph & Palley
- Estate planning, probate, business, real estate, and related litigation
- Offices in Sacramento and Roseville – Practice throughout California
- John Palley is a Certified Specialist in Estate Planning, Trust and Probate
B. Real Estate sales in probate cases
II. How Does a Real Estate sale become a Probate real estate sale?
- Most commonly there is no LIVING TRUST involved
- In some cases it’s avoided by a deed (joint tenancy or CP with ROS)
- Wills – Simple but some type of probate required when there is real estate
- Other Estate Planning (LLC’s, FLPs and QPRTs)
- Don’t forget title companies make the law but are not perfect
III. What is Probate
- Generally speaking – Probate Court involvement
- Different options if assets worth less than $150,000
- Formal Probate is a 7 month (or more) process
- The probate code (pc) and the Judge create a formal process
- The PC lays out strict guidelines for collecting assets & dealing with creditors
IV. Real Estate sales in Probate Administration
- Million Dollar Question: When can you sell property in probate?
- Listing Agreements – Probate form recommended but not required – 90 day
- Probate Sales Form and Probate Advisory Form
- Short Sales in Probate? (Protecting other estate assets)
- Key Point in Probate: IAEA v. Non-IAEA (PC 10452 v. PC 10309)
- Selling Upside Down Houses in Probate – PC 10360 et seq.
- Notice of Proposed Action and/or Court Confirmation (waiver is possible)
- Document all marketing and pricing work very carefully
- Commissions – same as any other real estate deal
- Disclosures that are not provided in probate: The Transfer Disclosure Statement, The Seller’s Questionnaire, Earthquake Booklet, Earthquake Questionnaire, signature on the Natural Hazard Disclosure but the report needs to be provided, and Smoke Detector form.
- Disclosure that are required in probate: Lead Based Disclosure, Data Base Disclosure (Megan’s Law), Water Heater Disclosure and strapping, and anything actually known.
- Working with a qualified probate attorney will make you look good
- Title companies are the actual makers of law!
- Contact me with any questions!
John B. Palley, Esq.
THINGS A PROBATE/TRUST LAWYER LIKES TO SEE IN A
REAL PROPERTY SALE
1) Market Analysis Report in writing
2) Probate Listing Agreement
3) Marketing Plan
4) Keep detailed log of all marketing and offers
5) Use of Probate Sales forms
6) Fax/email agreement once fully signed
7) Title company information to attorney
8) At least 20 (or 45 – trust) days for escrow unless discussed beforehand
9) Final closing statement
10) Plus, everything you would do for a “regular” client!
I work hard on this blawg (law blog) every week. Sometimes more than once a week. I know of many lawyers who follow it. Some of you I know and some I do not. I would really appreciate your consideration in nominating my blog on this page for the ABA Blawg awards of 2013. Thank you. -John Palley
I just renewed my membership to the Sacramento Estate Planning Council. I have been a member since 1995. Is your attorney? If not, why not? It’s a group of professionals dedicated to serving their clients in the area of estate planning law. There are attorneys, CPAs, bank officers, and financial planners. The meetings are monthly and the meetings are aimed at improving the member’s knowledge of the latest estate planning techniques. If your attorney, or other professional, is not a member you should ask them why! -John Palley
PRESS RELEASE June 24, 2013
Sacramento, CA. The Law Offices of Meissner, Joseph & Palley, Inc. is pleased to announce the hiring of Ulises Pizano-Diaz as a tax, business and estate planning attorney. Mr. Pizano is fluent in Spanish and previously worked at a boutique tax law firm where he represented clients in all aspects of tax controversy and litigation, and administrative appeals. His practice focused on both federal and state tax issues including multi-state issues such as “nexus,” non-residency, and apportionment. He also advised non-resident businesses on potential California tax liabilities. Additionally, he also assisted clients with criminal tax matters at both the federal and state level.
Mr. Pizano graduated, with distinction, from University of the Pacific, McGeorge School of Law and received a Masters in Accountancy/Tax from California State University Sacramento. Mr. Pizano has been admitted to practice law by the State Bar of California, the Eastern District of the U.S. District Court and the U.S. Tax Court.
Mr. Pizano serves as Education Chair to the Taxation Committee of the State Bar of California, is the Vice Chair of the California State Car Corporate and Pass through Entities Committee, is the Speaker Chair for the Business Section of the Sacramento County Bar Association, and is the Treasurer of the Taxation Section of the Sacramento County Bar Association.
Meissner, Joseph & Palley has been serving the Sacramento community since 1979 when it was known as The Law Offices of Johnson & Fort. The firm’s focus is business, estate planning, probate and tax law. The firm also has an office in Roseville.
I recently saw a link to this New York Times article on volunteer travel. It’s not cheap to travel around the world and help people but, for people that can afford it, I can not imagine a better way to plan for your family’s future! Here’s the article for your reading pleasure. LINK
I know you don’t believe the headline but it’s TRUE. 100% true! One of newest and nicest cemeteries in the greater Sacramento valley area does not accept money. Free burial, headstone and even a 15 minute service. What’s the catch? You or your spouse have to have served in the military and been honorably discharged. That’s it. Here is a link to the cemetery.
The cemetery is an official VA (Veterans Administration) cemetery and is free to all qualifying veterans. I have not been there yet but I understand it’s beautiful. Here is the info:
Sacramento Valley National Cemetery
5810 Midway Road
Dixon, CA 95620
Phone: (707) 693-2460
Fax: (707) 693-2479
I was quoted in an article today on Forbes.com. The article is about doing business on the golf course. I don’t have time for golf anymore. The incident I am quoted for happened about 15 years ago.
Here is the link to the article.
The end of the year is often a time when I remind people to work on their estate planning now. Why now? Well, first and foremost your estate plan is for your loved ones; family, friends, charities. What better time to think about your loved ones than Thanksgiving and the end of year holiday season!? Also, why not get it done now so you don’t start the year with another item on your to-do list. Get it done NOW and you can start the new year with one less thing to do.
However, this year is special. The incredible tax saving opportunities put in place in December of 2010 are set to expire December 31, 2012. That is, you can currently give away $5.12 million, TAX FREE, and that option goes away in a little over a month. If you have assets take advantage NOW!
We are doing a lot of qualified personal residence trusts, family limited partnerships and LLCs (“FLPs” or “FLiPs”), life insurance trusts, children’s trusts and other vehicles. Take advantage now!
Contact me to discuss. -John
As an estate planning attorney I often have the pleasure of meeting with retired veteran’s. On this day we are reminded to say THANK YOU! I forget the other days but am occasionally reminded when a retired vet comes in, often very elderly, with their WWII hats and the like. What an honor it is to serve these clients and help protect their family’s future!
I do standard estate planning and sometimes more advanced estate planning. I do wills and I do trusts. However, no matter what it is I do for these retired vet clients I am truly thankful that I can help them.
I hope I remember to say thank you to the next retired vet client I see… and I hope all of my readers remember this too.