Posts

Preliminary Estate Distribution

Oct 7, 2019

The average probate estate in California takes about 18 months from initial filing to approval and distribution to heirs. That means long after real property and other assets are converted to cash, there may still be a lengthy delay to distribution. The courts are slow to act, allowing many delays to complete review and final approval. Heirs often stretch out the process arguing over some major or many minor issues. A loved one is lost,Read more

How to Avoid an Estate Foreclosure?

Aug 5, 2019

One of the most common questions we are asked, is: “CAN ADVANCE INHERITANCE, LLC HELP AN ESTATE AVOID FORECLOSURE?” The short answer is: “YES.” Estate Professionals often call us when the Estate home and all its equity are threatened by foreclosure. Estates are generally administered by a Decedent’s family member, who is inexperienced with Estate management, and often times overwhelmed by the strict timelines associated with solving a foreclosure problem on the Estate home. SometimesRead more

Who Needs an Heir Cash Advance?

May 16, 2019

We speak to thousands of people who need an heir cash advance.  Our clients have varied reasons to need these funds.  Most are looking for a cash advance in anticipation of receiving the inheritance money to be distributed to them at some indefinite time in the future.  Some of the cash advance purposes are: An estate property is facing foreclosure and the cash advance can save the property by giving the Estate time needed toRead more

What Estate Expenses Must Be Paid?

Mar 13, 2019

Let’s assume the following fact pattern: you are one of two equal heirs in an Estate.  The Estate is home worth $370,000 with a remaining mortgage of about $150,000.  If the house were sold and the mortgage paid off, that will leave about $200,000 available to the Estate.  But what other costs will have to be paid before you and the other heir receive the balance? Often times, the deceased has left substantial medical bills,Read more

The Sale Of Estate Property

Jan 21, 2019

The State of CA continues to lead the nation in rising resale property values. This has been the result of two issues.  The first is a result of the dwindling backlog of available inventory. As the supply drops, the pricing tends to rise. The second is that the cost of new construction spirals ever higher. This is due to higher construction costs due to CA regulations and building codes, and the small amount of availableRead more

The Statute of Limitations

Oct 10, 2018

A Statute of Limitations is in effect, a law that sets the maximum time after an event, such as a legal proceeding may be initiated. When this period of time passes, a claim may no longer be valid (i.e. any claim would be “time-barred”).  The intention of this code is to facilitate resolution of a matter within a “reasonable” time period. In California, most Probate Estates are Court supervised, and there is a complicated setRead more

Aretha Franklin

Sep 24, 2018

The recent death of famed entertainer Aretha Franklin came with a startling surprise. It seems that she left an estate worth about $80 million, but she died without leaving a will. Some other rich and famous individuals, like Howard Hughes, the entertainer Prince, and artist Pablo Picasso reportedly also died without a will. A recent 2017 survey, reports that a majority of Americans do not have a will or trust. Those dying without a willRead more

A Rock and a Hard Place

Jul 11, 2018

If you know of someone who recently passed away, and who was the breadwinner for their family, the family may find themselves in an awkward position of protecting the remaining Estate assets, but not knowing much about the assets and/or how to protect them. Bills may be piling up. A mortgage and property taxes must be kept current. Creditors may be adding unwarranted pressure. Although the estate has sufficient assets (i.e. equity in a home;Read more

Who Is The Manager Of An Estate?

May 9, 2018

There are two different terms for the individual that manages the process of an estate; either an Executor or Administrator. If there is a Will, the manager will be referred to as the Executor, and the estate is deemed to be Testate. If there is no Will, the manager will be referred to as the Administrator, and the Estate is deemed to be Intestate. Generally, a Will names an Executor. If an Executor is notRead more

What Is The Difference Between A Trust And A Probate Estate?

Mar 19, 2018

In the state of California, the estate of a decedent will normally be managed and distributed by either a Trust or a court supervised probate process. One exception is that if the net value of the estate is less than $150,000 (in personal property), the administrator may choose to bypass both and simply pay the debts of the estate and distribute the remaining assets to the heirs. For real property valued at less than $150,000Read more