Did you know that gifts can be taxed once they reach a certain value in a calendar year? That’s why gifting trusts exist. By sending gifts that exceed the exclusion amount to a gifting trust, you add to a beneficiary’s trust and don’t get hit with a huge tax penalty. Here are four types of gifting trusts that each have specific benefits.
- Gift Trust with Annual Exclusions – This is how you get around the gift exemption amount. You put anything that you gift above the exclusion amount into a trust for the individual. The money isn’t immediately available, but it also doesn’t get taxed into oblivion.
- Intentionally Defective Grantor Trust (IDGT) – This trust can be used to transfer a family business to another member of the family and offer protection from creditors for the beneficiary.
- Charitable Remainder Trust (CRT) – Are you looking to leave money to a charity rather than family? This is a form of gift trust that is specifically designed to gain tax benefits for the estate when you leave money to the charity of your choice.
- Qualified Personal Residence Trust (QPRT) – This is a way to transfer a home to your children at a value that is far lower than the current market value. It provides tax benefits as well as asset protection for the house.
More Generous Gifting Solutions in California
If you are making generous gifts to your beneficiaries or you want to plan for your future in other ways, the estate planning attorneys at Petrov Law Firm are happy to help. Contact us today at 619-344-0360 to get started on your estate plan.Read More
California is an at-fault state. That means the insurance of the driver who is at fault in the accident is on the hook for things like repairs and medical bills. But what if it really wasn’t either driver’s fault. For example, what if road debris was the primary cause of the accident? Here are some things you should know.
Examples of Road Debris
What are some hazards that you may encounter along the roadway? Here are a few examples:
- Traffic signs or cones that were left behind when road work was completed
- Potholes that have not been fixed
- Items that may have been dropped from the back of a work vehicle or moving truck and left behind
Who Is at Fault?
A few factors come into play. First of all, who was responsible for the road where the debris was located? Was it an Interstate or another roadway under federal jurisdiction? Was it a state road? Or was a road that is cared for by the local government such as a city?
Second, you need to determine if there was negligence. Was it a failure on the part of the government to clear the debris, or did it just occur right in front of you? You also need to be able to show that the debris is what caused the accident and any damages that resulted.
Personal Injury Lawyers in San Diego, CA
If you have been injured in an accident in southern California, the personal injury attorneys at Petrov Law Firm can help. Contact us today at 619-344-0360 to get started on your case.Read More
If you regularly ride a bike on the roads of Southern California, there is something you should know. While it is not a law, the recommendation is to have lights on your bicycle at all times, both day and night. Why is this the recommended practice, and how may it save your life?
Visibility Is a Must for Cyclists
Drivers are evermore distracted, and while that isn’t your fault, making yourself as visible as possible to drivers may just save your life. Cyclists are required by law to have a front lamp lit while driving at night. A rear red reflector is also required by law. However, anything you can do to make yourself even more visible is a good idea because motor vehicle accidents involving cyclists never turn out well for the cyclist. It’s a matter of “better safe than sorry.”
What if the Accident Is the Driver’s Fault?
If you have been injured in a cycling accident, especially if the vehicle driver was at fault, contact the personal injury attorneys at Petrov Law Firm. The lawyers at our San Diego and Chula Vista offices are experienced in auto accident cases.
If the vehicle driver was at fault, your settlement should include everything from medical costs and lost wages to pain and suffering costs. Before you sign anything from the insurance company, call 619-344-0360 to ensure you are being treated fairly and receiving what you deserve out of the settlement. We’re here to help!Read More
If you have been injured in a motor vehicle accident, you may be eligible to receive damages, especially if the other driver was negligent. What types of damages can be received? Here is a list of the losses you may be compensated for:
- Property damage – If your vehicle has been damaged, this can help to offset repairs. If it is damaged beyond repair, you should be compensated well enough to acquire a comparable vehicle.
- Medical bills – You should be compensated for existing medical bills as well as those you expect to accrue following the settlement.
- Lost wages – You may have already missed some work due to injuries. You may not even be able to work anymore. This will also factor into the settlement amount.
- Pain and suffering – Not all of your losses are material. What if you suffered emotional distress due to the accident? If you are now disabled or suffering from disfigurement, it may be difficult to place a monetary value on these damages. However, they should definitely be factored into the total.
Help in Receiving the Damages You Are Owed
If you have been in a car accident in the state of California, Petrov Law Firm can help you to receive the appropriate compensation. Never agree to a settlement before getting the assistance of a personal injury attorney so that the insurance company cannot shortchange you. Call our San Diego office at 619-344-0360 before you sign anything or accept any money. We are here to help!Read More
The NHTSA has released the numbers for 2016 traffic accidents and fatalities. What is the verdict for the state of California? It is officially the most dangerous state to drive in. How bad is it? What are the leading causes of traffic fatalities in California? What is your recourse if you have lost a loved on to such a terrible tragedy?
There are 50 states in the US, which makes California 2% of the nation. However, more than 10% of the fatal accidents in the country take place here. Now it is true that California makes up about 12% of the US population, so that skews the numbers a little. But driving is still one of the most dangerous things you can do in California. Why?
The two biggest dangers for drivers are speeding and distractions. One or both of these elements play into almost every fatal traffic accident in the state. Despite laws banning texting and driving, many still insist they know better. Others have been involved in fatal accidents while using social media and taking photos or videos while behind the wheel.
Compassionate Assistance for Those Who Have Lost a Loved One
If you have lost a family member in such a tragic way, our hearts go out to you. Please call 619-344-0360 to let the compassionate attorneys at Petrov Law Firm help you with your wrongful death suit. Our experienced team can help you to maximize a settlement. We know it won’t bring your loved one back, but we still want to help you to get what you need during your time of loss.Read More
You have the freedom to make advance decisions as to whether you want to have your life prolonged should there be a reasonable degree of medical certain that you will not regain consciousness, your condition is irreversible and fatal, or the risks of treatment would outweigh the benefits. With that in mind, how you word your advance directive plays a key role in whether your wishes will be observed.
An advance health care directive needs to be a part of your estate planning. This document allows you to appoint someone to make medical decisions for you should you become incapacitated. It also allows you to state your medical wishes in advance on sensitive topics such as end of life decisions.
This document makes the process simpler for the person you designate as your health care surrogate. Your decision is already made. All he or she has to do is make sure your medical wishes are carried out by giving you a voice when you can’t speak for yourself.
Help in Preparing Your Advance Health Care Directive
Your decisions should be yours to make. However, if they are not executed properly, someone may be able to object when you can’t defend your wishes. Petrov Law Firm can help you to word your advance directive clearly and in harmony with California state law. Every state requires different wording for health care directives, so even if you have moved into California with an existing document, it needs to be updated right away. Call 619-344-0360 to get the help you need.Read More
Making your own decisions is an important part of the estate planning process. After all, it is your future, and the whole point of estate planning is to ensure that your wishes are carried out regardless of whether you become incapacitated or pass away. But a do-it-yourself will based on an online template poses several risks.
- Leaving out important details – An estate planning attorney will know what questions to ask. Do you need to change your beneficiaries? Have you opened new accounts since you last looked at your will? You don’t want a 20-year-old will to outline wishes that you don’t even agree with anymore.
- Loopholes – When you leave money or other assets to family and friends, you don’t want to leave loopholes mistakenly. This could result in a greedy or vindictive family member dragging out a long probate battle, exhausting much of the funds and tying up what isn’t wasted.
- Taxes pitfalls – You don’t want your beneficiaries getting stuck paying most of your estate out in taxes. An estate planning attorney can help you to pass along the funds the right way and even help you to leave advice for beneficiaries.
Handling Your Affairs the Right Way in Southern California
The San Diego based attorneys at Petrov Law Firm can help you to handle your affairs the right way so that no details are left out, all the loopholes are closed, and tax concerns are handled properly. For peace of mind in the estate planning process, call 619-344-0360 today.Read More
The state of California is pure comparative negligence state. What does that mean, and how may it affect your personal injury settlement?
What Is Pure Comparative Negligence?
Pure comparative negligence refers to the assigning of a percentage of fault to each party in a case of injury such as a car accident. This means that the at-fault party will not be responsible for 100% of your expenses and losses (unless they are deemed to be 100% responsible for the accident, which is possible).
Let’s consider an example. Imagine you are struck in an intersection by a driver who runs a red light. It seems pretty cut and dry who is at fault. But what if you were speeding? The courts may determine that the other driver is only 75% responsible because if you were driving slower, you might not have been in the intersection when the infraction occurred. This could result in a lower settlement because the other driver is only on the hook for 75% of your medical bills, lost wages, pain and suffering, vehicle damages, and the like.
Helping You Navigate Your Personal Injury Case in Southern California
The personal injury attorneys at Petrov Law Firm can help you to maximize your settlement, especially if you have a basis for claiming the accident or injury was 100% the fault of the other party. Let us help you negotiate the best possible settlement by calling 619-344-0360 today.Read More
If you have been injured in the state of California, you may be due certain forms of compensation. For example, you may be able to recover medical bills that incurred due to the injury. You may even be able to get compensation for lost wages, pain and suffering, and to cover other damages.
But you have to act promptly. Why? California has statute of limitations laws that protect the offending party if you allow too much time to pass between the injury and the claim. Here are a few things you need to know.
Statute of Limitations by Claim Type
The type of claim dictates how quickly you have to build your case. Here are three examples:
- When a government agency is involved – If you have a claim against a government agency (you have a slip and fall accident in a government building, for example), you only have 6 months to make your claim.
- Personal injury – If you were in a car accident or suffered a personal injury in another way, you get two full years to make a claim. However, you still need to start building your case right from day one by seeking medical attention and then finding a lawyer to represent you.
- Property damage – Property damage claims have a three-year statute of limitations.
Filing Your Personal Injury Claim in Southern California
If you have suffered a personal injury in the state of California, now is the time to act. Petrov Law Firm has personal injury attorneys that service Southern California from our San Diego and Chula Vista locations. To learn more, call us today at 619-344-0360.Read More
Writing up a will is not the first thing on the mind of most people in their 20s. After all, you are probably in good health, and it is unlikely that you have amassed a major fortune that early in life unless it was left to you by the previous generation. So what is the point of estate planning in your 20s? Here are three reasons you want your affairs in place:
- Accidents happen – A car accident or some other fatal accident can affect anyone at any time. Having an estate plan in place is a kindness for surviving family members who will be bereft enough by the tragic and premature loss of such a young loved one.
- Medical decisions – A living will allows you to make medical decisions in advance. If you become incapacitated due to an accident, injury, or illness, you can make medical decisions in advance including appointing someone who can make choices for you.
- Keep the peace – This is a unique opportunity to have your funeral arrangements set out the way you would want them to be handled. Whether you want a burial or cremation, the family doesn’t have to wonder or fight over what you may have said to various family members or friends at one time or another.
Estate Planning Is for Everyone
At Petrov Law Firm, we believe that estate planning is important for everyone. So if you are a resident of Southern California, speak to one of our estate planning attorneys by calling 619-344-0360 today. We can help you to prepare for your future.Read More