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Welcome to the Avelino Law Firm A Professional Law Firm specializing in business, contracts, estate planning, and real estate law. http://avelinolawfirm.com/index.php/component/content/frontpage Fri, 28 Jul 2017 10:43:55 +0000 Joomla! 1.5 - Open Source Content Management en-gb SUMMARY OF KEY 2017 ESTATE PLANNING LAW CHANGES http://avelinolawfirm.com/index.php/estate-planning/38-planning-for-an-estate/88-summary-of-key-2016-estate-planning-law-changes http://avelinolawfirm.com/index.php/estate-planning/38-planning-for-an-estate/88-summary-of-key-2016-estate-planning-law-changes  

1.  FEDERAL ESTATE TAX EXEMPTION AMOUNTS INCREASED

The estate tax exemption for individuals increased from $5.45 million per individual in 2016 to $5.49 million per individual in 2017. For couples, the estate tax exemption increased from $10.90 million per couple in 2016 to $10.98 million per couple in 2017.

 

 2. ANNUAL GIFT TAX EXCLUSION REMAINS THE CHANGE

The annual gift tax exclusion remained unchanged, and still remains at $14,000.00 per year per individual and $28,000.00 per year per couple.

 

 3.  UNAMBIGUOUS WILLS CAN BE REFORMED TO REFECT A TESTATOR’S INTENTION

In Estate of Duke (2015) 61 Cal. 4th 871, the California Supreme Court held that extrinsic evidence can be admitted to reform an unambiguous will to reflect the intention of a testator at the time it was made.

 

4.  TRANSFER OF DEATH DEEDS

Under Probate Code § 5600, a homeowners can prepare and file a “Revocable Transfer on Death Deeds,” which allows transfer of ownership of real property at the death of the owners without a will, trust or probate.

 

5.  A TRUSTEE MAY SELL SPECIFICALLY GIFTED PROPERTY IN CERTAIN CIRCUMSTANCES

In Siegel vs. Fife, (2015) 234 Cal. App. 4th 988, the court held as follows:

“The court of appeal affirmed, rejecting the objector’s argument that the order granting the petition to sell the property violated Probate Code section 21402 regarding the abatement order for trust assets. The trust requires the trustee to apply trust principal to provide for Brown’s care. If the sale of assets becomes necessary, the trust expressly states that all remainder interests, which include the objector’s rights to the house, are secondary. The court noted the precarious nature of the trust estate and that work needed to repair the house and would cost over $225,572.33, although it is appraised at only $685,000.”

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attykenavelino@gmail.com (Administrator) frontpage Tue, 27 Sep 2016 01:54:37 +0000
Protect Your Assets http://avelinolawfirm.com/index.php/asset-protection/64-administrator http://avelinolawfirm.com/index.php/asset-protection/64-administrator ASSET PROTECTION – PROTECT YOUR ASSETS

America has become the most litigous society in the world!  Just read the paper or turn on the television, the our country is living through a litigation explosion with expanding theories of liabilities and outragious jury awards.  What can an business persons and professionals do to help minimize one's vulnerability to law suits and judgments.  The answer is Asset Protection.

ASSET PROTECTION IS NOT THE FOLLOWING:

  1. Secretly hiding assets;
  2. Fraudulently conveying assets to other relatives and friends for the purpose of avoiding paying credtiors;
  3. Giving assets away after losing a case;
  4. Evading taxes; and
  5. Other criminal methods of hiding assets.

ASSET PROTECTION PROVIDES

  1. Security:  by organizing and arranging assets in a legal manner that assist in preserving much of the value of an individual or families' assets if attacked by creditors, judgment liens, and frivolous lawsuits.  Asset Protection does not guarantee that a creditor will not be able to attach one's assets. 
  2. Privacy:  reduce the number of assets that can be seen in public records.

 

To achieve this goal, an attorney will combine business, estate, family planning, along with asset protection methods.  However, asset protection does not deal with the secrecy of hiding assets, fraudulently transferring property or other fraudulant methods to avoid creditors.  These methods, in most cases, can protect assets before liability is incurred, or these methods can make it very expensive for plaintiffs to file a lawsuit.  These methods may not work for everyone.  Please consult a lawyer if you can benefit from asset protection, and if so, which methods are best for your specific needs. 

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attykenavelino@gmail.com (Administrator) frontpage Wed, 15 Sep 2010 08:03:35 +0000
Real Estate Transactions http://avelinolawfirm.com/index.php/real-estate-law/41-real-estate-transactions/53-real-estate-transactions http://avelinolawfirm.com/index.php/real-estate-law/41-real-estate-transactions/53-real-estate-transactions Real Estate Transactions

Considering the high-impact ramifications of buying and selling commercial real estate, clients expect and receive sound legal advice before closing a deal. Clients can be confident that they are well-protected from future litigation worries. We have expertise in negotiating, drafting and revising sales contracts, and reviewing title issues, financing and closing documents to ensure a smooth commercial property closing.

We represent buyers and sellers of shopping centers, apartment buildings, office buildings around the country. We are experienced in negotiating and documenting commercial, office, and subleases.

  • Acquisitions
  • Financing and Refinancing
  • Loans and Equity Investments
  • Large-Scale Leases and Subleases
  • Shopping Center and Residential Real Estate Transactions
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attykenavelino@gmail.com (Administrator) frontpage Tue, 14 Sep 2010 19:28:53 +0000
Business Transactions http://avelinolawfirm.com/index.php/component/content/article/40-commercial-transactions/52-commercial-transactions http://avelinolawfirm.com/index.php/component/content/article/40-commercial-transactions/52-commercial-transactions Business Transactions

 Whether you are starting or managing a business, or acquiring or merging with another business, we offer a full array of business and commercial legal advice. We bring excellent negotiation skills to a transaction tempered with a businessman’s practicality. We then document a transaction to ensure that all agreements are properly and clearly drafted and executed so that our clients’ rights are protected to the fullest extent of the law. Some of our main practice areas include:

  • Business Formation--including Sole Proprietorship, Partnerships, Corporations, Limited Liability Companies (LLC), and Limited Partnerships (LP)
  • Corporate and Partnership takeovers and disputes
  • Mergers and Acquisitions
  • Employee Non-compete Agreements
  • Employee Non-disclosure and Confidentiality Agreements
  • Business Agreements

 

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attykenavelino@gmail.com (Administrator) frontpage Tue, 14 Sep 2010 19:03:52 +0000
Estate Planning: Not just for the rich and famous! http://avelinolawfirm.com/index.php/estate-planning/38-planning-for-an-estate/46-estate-planning-not-just-for-the-rich-and-famous http://avelinolawfirm.com/index.php/estate-planning/38-planning-for-an-estate/46-estate-planning-not-just-for-the-rich-and-famous ESTATE PLANNING IS NOT JUST FOR THE RICH AND FAMOUS 

Estate Planning is for everyone, not just the upper class. In fact, almost everyone can benefit from proper estate planning. 

Estate Planning is the process of managing and placing a person’s family and financial affairs in order. The goals involve maximizing the person’s enjoyment of his or her estate (property and all other assets) during his or her lifetime and the beneficiaries’ (heirs, children, family, friends and church/charity) enjoyment of the estate after the person has passed away. Essentially, the objectives of Estate Planning include the following: 

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attykenavelino@gmail.com (Administrator) frontpage Sun, 12 Sep 2010 22:41:08 +0000