On March 15, 2018 Los Angeles Estate Planning Attorney KC Marie Knox of law firm Hymes, Schreiber & Knox, LLP was informed by the State Bar of California that she passed the Legal Specialist Examination in Estate Planning, Trust and Probate Law.
California Rule of Court 9.35 served as the basis for the creation of the State Bar Legal Specialization program. The program was intended to provide a method for attorneys to earn the designation of certified specialist in particular areas of law, increasing public protection and encouraging attorney competence.
The program was the first of its kind in the United States, and it has served as a model for other state programs for certifying legal specialists around the nation.
Please visit our website to learn more about our Estate Planning Attorney in Woodland Hills.
This following article titled “In Support of Sensible Legislation on Digital Assets” is featured in the October 2014 issue of the San Fernando Valley Bar Association‘s Valley Lawyer Magazine (view pdf):
For the past ten or so years, new articles have abounded regarding the difﬁculty in accessing the digital records of the dearly departed. Famous examples include:
- Justin Ellsworth, the U.S. Marine who was killed while serving in Fallujah, and his father’s desperate pleas to access his Yahoo account, which were denied.
- Karen Williams, whose 22-year-old son was killed in a motorcycle accident, and her desire to access his Facebook account, which was also refused.
Both parents were faced with bureaucratic roadblocks during a time when emotions were already being pushed to their limits.
The problems associated with digital records are exacerbated by Continue reading
Posted in Assets, Estate Planning
Tagged attorney, California, California Probate Code, Digital Accounts Act, Digital Assets, digitized assets, Electronic Communications Privacy Act, Estate Plan, Estate Planning, Facebook Account, HB 345, Jack Markell, Joel Anderson, Justin Ellsworth, Karen Williams, KC Knox, KC Marie Knox, Law, Law Firm, Laws, lawyer, Legistlation, Los Angeles, probate, San Fernando Valley Bar Association, santa clarita, SB 849, SFVBA, Stored Communications Act, Uniform Law Commision, Valencia, Valley Lawyer Magazine, Woodland Hills, Yahoo account
Source: IRS, Statistics of Income, August 2013
The IRS recently released a statistical report entitled “Estate Tax Returns filed for Wealthy Decedents, 2003-2012”. Some of the more interesting statistics in the data collected were:
- The number of estate tax returns declined 87 percent from about 73,100 in 2003 to about 9,400 in 2012 primarily due to the gradual increase in the filing threshold.
- The gross estate filing threshold was $5.12 million in 2012, up from $1.0 million in 2003.
- In 2012, the total net estate tax reported on all estate tax returns filed for the year was $8.5 billion.
- California had the highest number of estate tax returns filed in 2012, followed by Florida, New York, Texas, and Illinois.
- Estate tax decedents with total assets of $20 million or more held a greater share of their portfolio in stocks (about 40 percent) and lesser shares in real estate and retirement assets than decedents in other total asset categories
Does the significant decline in the number of estate tax returns (due to the threshold for such returns increasing to $5.12 million in 2012 from $1 million) mean that only the “wealthy” (i.e. those with estates in excess of $5.12 million based on the 2012 threshold), need to be concerned about an estate plan and the avoidance or minimization of estate taxes? Absolutely not.
While the avoidance and/or minimization of estate taxes is certainly one good reason to engage the services of an estate planning attorney, there are a number of other reasons to consider which will be discussed in part 2 of this blog series.
Posted in Estate Planning
Tagged California, Estate Planning, Estate Planning Attorney, Estate Planning Law Firm, Estate Planning Lawyer, Estate Tax, estate tax report, estate tax return, Estate Tax Returns, Estate Taxes, Los Angeles, Woodland Hills