A Trust and a Standalone Will – Generally speaking most people are best served by having a will, regardless of whether or not they also have a living trust. It is the will, not the trust, which speaks to assets held in a decedent’s name, excluding any so-called non probate assets such as those […]
posted on: June 20, 2016
Read MoreCalifornia’s Community Property laws apply to how assets are divided at divorce and how assets are transferrable at death. Federal law, however, preempts (supercedes) California’s Community Property laws with respect both to so-called “ERISA (“Employee Retirement Income Support Act”) Qualified Plans” and to all “Federal Retirement” benefits, including Social Security. Let us discuss. As the […]
posted on: May 23, 2016
Read MoreEstate planning is not one size fits all. That said, there are estate planning goals which occur frequently in certain family situations. Let us consider how estates are distributed in these various family situations. Consider a married couple of thirty years with three children together all of whom are doing well. The parents’ assets were […]
posted on: May 9, 2016
Read MoreUnforeseen and Unintended Estate Planning Mishaps – Many estate planning scenarios exist where unforeseen, unintended and detrimental outcomes can be the result. These scenarios can arise out of ignorance or neglect. An often overlooked but important estate planning contingency is naming alternative death beneficiaries to inherit if the primary beneficiary is deceased. With life insurance, […]
posted on: April 25, 2016
Read MorePersons marrying for a second time in California often want to protect themselves, in the event they divorce, and to protect both their surviving children and their new spouse if they become incapacitated and when they die. Balancing these competing goals requires good planning. Consider a hypothetical illustration: Jane owns a service business, which she […]
posted on: April 11, 2016
Read MoreThe California Revocable Transfer on Death Deed (“TOD Deed”), effective January 1, 2016, is intended as an inexpensive alternative to the revocable living trust for persons of modest means to transfer their noncommercial, residential real property without probate. Unfortunately, it poses numerous risks and drawbacks to the beneficiary upon the death of the grantor, as […]
posted on: April 8, 2016
Read MoreMany people in California are familiar with the Revocable Living Trust. Revocable Living Trusts keep trust assets outside of a conservatorship, should the settlor become incapacitated, and also outside of a probate when the settlor dies. Revocable trusts, however, offer no asset protection to the settlor personally, although they can be used to provide the […]
posted on: March 7, 2016
Read MoreTrust Attorney Fees – Trustees have the power to employ attorneys, accountants and other professionals for a variety of reasons related to the trustee’s duties in administering the trust. Let us examine the issue of paying attorney fees in various contexts. The general rule in California is that,” [t]he trustee has the power to pay […]
posted on: February 23, 2016
Read MoreCorrections Article Regarding First Party Special Needs Trusts – Much to my dismay, I have learned that my article, “ Upheaval In the World of First Party Special Needs Trust,” published in December, 2015, contained several items of misinformation. This article makes necessary corrections concerning SSI and estate recovery and regarding certain payments that indeed […]
posted on: February 3, 2016
Read MoreUnder US federal immigration law certain juvenile aliens (which means persons under age 21) who have been declared dependent on a juvenile court can petition to become lawful US permanent residents. Special immigrant juveniles are undocumented juveniles who do not live with their parents, cannot be reunited with their parents due to abuse, neglect or […]
posted on: January 25, 2016
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