Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
Sorted by date Results 26 - 50 of 171
It's hard to believe the Holidays are upon us again! Sitting around the Thanksgiving dinner table, often children will ask their parents the "what if?" question. We all know what that is. "How do you want your estate handled?" Follow along with me as we discuss common questions. What is better, a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a...
Fall is officially here! The leaves are turning colors and floating (or maybe whipping is a better word these days) through the air with all the Santa Ana wind we have been experiencing. What better way to celebrate fall but to bake an Apple Pie Cake and drink a warm Mulled Cider? Well, A Taste of Tehachapi has just the thing. The Apple Pie Cake mix is loaded with organically grown gala apples, organic Ceylon cinnamon, nutmeg, allspice, ginger and cardamon. All you add is eggs, oil and a couple...
A Taste of Tehachapi has a number of jams, both with and without sugar. Here are just a few ideas to use jam other than on toast! Experiment with strawberry, blueberry, elderberry, apple pie, apple butter, plum and peach to name a few. Stay tuned for our famous Christmas Jam! You can email me to pre-order at [email protected] or text (661) 557-2589. Stay tuned for more surprises and seasonal items from both of us! We are located at 121 E. F St., right next door to ThaiHachapi. Beyond bread:...
Fall is in the air. The days are getting shorter and I noticed some frost the other day on my roof. It will be very nice to have some cooler weather. This time of year also starts all the holidays. Halloween is a big deal here in Tehachapi. There are all sorts of decorations, some specially spooky. Lots of Fall themed items are filling the local stores. Thanksgiving is right around the corner and so is Christmas! So, it’s really time to think about all the goodies and presents that we will e...
It is hard to believe it is fall again in Tehachapi. Soon it will be Thanksgiving and then Christmas! Have you been thinking about Estate Planning? I know it can be a difficult topic...but your children will be happy you have thought ahead to make it easier to take care of your estate without a probate. What is better, a will, or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California...
I know I'm a nag. I nag because it's so important to plan now for your family when you die. It's not that we plan to fail, we fail to plan. So what happens to your children when they inherit the family home that is in a trust? A step-up in basis resets the cost basis of an inherited asset to its market value on the decedent's date of death. Example: Dad dies and has a house that is owned by a revocable trust. He bought the house for $100,000 in 1970 and transferred it to his trust. Dad has died...
In the simplest cases, those in which there are no difficult creditor claims, disputes over ownership of assets or arguments against a will, probate often goes smoothly. It occurs in seven phases, and if there are no complications that require additional phases, the system proceeds as follows. 1. Locate the will. 2. Obtain certified copies of the death certificate. Banks and other institutions will want copies. 3. Probate administration requires filing a petition for probate, which usually...
The cost is the worst part of a probate. When property passes through full probate, the estate will incur attorney's fees, court costs and potentially other expenses, all of which can be quite substantial depending on the size and nature of your estate. Attorney fees are generally set by state law and are usually based on the market value of the assets in the estate being probated, exclusive of any debts or loans associated with the asset. If you own real estate in California or your estate...
In a fundamental sense, estate planning is about control. With an appropriate estate plan in place, you, not the courts (or anyone else you would not choose), decide who will have control of the distribution of your assets and make financial decisions on your behalf in the event of your death or disability. You can also arrange who will make decisions about your medical care and end-of-life issues, or about who will have legal custody of your minor or disabled children. Properly structured, an...
It's hard to believe we are in the middle of summer! Now is the perfect time to get your estate planning in order. Don't let another year go by without a plan. What is better, a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $185,000, there will be a probate in most circumstances). However, if you have minor...
So you have a new business...what form should it take? Is an LLC better than a corporation? Or maybe a sole proprietorship or a partnership? This article will help you understand the differences between the popular LLC and a corporation. LLCs are gaining popularity as the choice of business structure because they have by far fewer formalities compared to corporations. They keep the same accounting practices and keep accurate books, but the LLC can structure it's Operating Agreement to require...
In a fundamental sense, estate planning is about control. With an appropriate estate plan in place, you, not the courts (or anyone else you would not choose), decides who will have control of the distribution of your assets and make financial decisions on your behalf in the event of your death or disability. You can also arrange who will make decisions about your medical care and end-of-life issues, or about who will have legal custody of your minor or disabled children. Properly structured, an...
Will Preparing a will has long been a fundamental building block of any estate plan. With a properly drafted will, you can arrange for your estate to be distributed and administered according to your wishes. In your will you can: • Appoint an executor to manage your estate through the probate process. • Appoint a guardian for your minor children or disabled beneficiaries. • Make specific bequests of property or assets to specific beneficiaries. • Designate assets to be placed in trust for fam...
If you are reading this article, I am assuming you are at least thinking about an estate plan. So let's continue! What are the benefits of a Living Trust? A trust does not get filed with the court. A will does. Transferring your biggest assets into a trust makes it a whole lot easier for your heirs, I should say kids, to manage your assets upon your death. The person you name as the successor trustee can manage your assets if you become incapacitated. It can also be highly customized to fit...
Step-up in basis is the reset in the cost basis of an inherited asset to its fair market value on the date of the decedent's death. Cost basis is what determines the taxes owed, if any, when the asset is sold. Cost basis starts with the price paid for an asset, plus any additional costs added over time to improve or maintain the original asset. Step-up in basis, or stepped-up basis, is what happens when the price of an inherited asset on the date of the decedent's death is above its original pur...
I know I'm a nag. I nag because it's so important to plan now for your family when you die. It's not that we plan to fail, we fail to plan. So what happens to your children when they inherit the family home that is in a trust? A step-up in basis resets the cost basis of an inherited asset to its market value on the decedent's date of death. Example: Dad dies and has a house that is owned by a revocable trust. He bought the house for $100,000 in 1970 and transferred it to his trust. Dad has died...
Did you know that California produces over 91% of the strawberries in the United States? Florida is second with a domestic winter crop. Here in California you might see strawberries year round due to our temperate climate, however, the biggest strawberry production occurs in the Santa Maria region that includes the coastal region of Santa Cruz, Santa Clara, San Luis Obispo, Northern Santa Barbara and Monterey County. Oxnard is considered by many to be the “Strawberry Capital of the World.” Nic...
If you drive down to Bakersfield you will see citrus trees loaded with fruit. But what can you do with all of that luscious fruit? I say make marmalade and more! Blood oranges may have originated in the southern Mediterranean, where they have been grown since the 18th century. They are a common orange grown in Italy. The anthocyanins – which give the orange its distinct maroon color – will only develop when temperatures are low at night, as during the Mediterranean fall and winter. Blood ora...
This article (part 2 of 2) will help you understand California deeds, including the different types of deeds and available options, when transferring real property interests. We have tried to answer many of the most frequently asked questions about assignments of title in California, provide a basic understanding of simple terminology relating to real property and explain the function of the most common deeds utilized by California real property owners. Affidavit – Death of Joint Tenant Upon t...
This article (part 1 of 2) will help you understand California deeds, including the different types of deeds and available options, when transferring real property interests. We have tried to answer many of the most frequently asked questions about assignments of title in California, provide a basic understanding of simple terminology relating to real property, and explain the function of the most common deeds utilized by California real property owners. Grant Deed The most used type of deed, a...
It's hard to believe we are in the holiday season again! It sure seems this year has flown by. Now is the perfect time to get your estate planning in order. Don't let another year go by without a plan. What is better ... a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $166,000, there will be a probate in most...
In a fundamental sense, estate planning is about control. With an appropriate estate plan in place, you, not the courts (or anyone else you would not choose), decide who will have control of the distribution of your assets and make financial decisions on your behalf in the event of your death or disability. You can also arrange who will make decisions about your medical care and end-of-life issues, or about who will have legal custody of your minor or disabled children. Properly structured, an...
Another major benefit for creating a living trust in California has to do with public benefits. For example, if a person on public benefits becomes incapacitated or injured in a car accident, they may have to live in a skilled nursing home that can nowadays cost $6,000/month for the entire time the person is alive. MediCal will pick up the cost if the person in a skilled nursing home has less than $2,000 cash. If they have a large amount of cash then MediCal is not going to pay anything until...
Summer is almost at an end and the kiddos are back in school. Now is the perfect time to get your estate planning in order. Don't wait for the holiday rush! What is better, a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $166,000, there will be a probate in most circumstances). However, if you have minor...
After the effective date of the law, its implementation requires the following list of governmental restrictions: A. It limits estate recovery to long-term care services for costs, such as nursing homes. B. California will no longer recover for basic health care services. C. It limits recovery to probate estates, meaning living trusts will not be subject to recovery. It also means that if you are using a Last Will and Testament as the centerpiece of your Estate Plan, then your house and other...
