Monthly Archives: September 2021

HOMESTEAD EXEMPTION

The California Constitution provides for a Homeowners’ Property Tax Exemption which is a $7,000 reduction of the taxable value of your principal residence. Upon qualification, this can amount to a cost saving of approximately $70 each year on your property taxes. In addition to this cost savings, the primary benefit is the protection it provides from a judgment creditor. Timing:To qualify, the property must have been the principal residence of the owner as of January 1 of that particular tax year. Although there is no cost to file for the […]

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WHAT IS PROBATE

In simplified terms, probate is the legal process of settling the financial affairs of a deceased individual after they die via court supervision; i.e. the distribution of their assets and payment of their debts. On average, probate in California takes about twelve to eighteen months. However, if problems arise, the process can much longer. The Will:Often, this entire process pivots on the existence of a Will, if it can be located, its contents, and its validity will dictate the parties and actions to be taken. In short, a Will is […]

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