In California, if a decedent dies with a “small estate”, the “Affidavit Procedure” may be used by the decedent’s successor in interest, “… to collect money, receive tangible personal property, to obtain evidence of a debt, obligation, interest, right, security or chose in action ”. Let us discuss. Presently, a small estate in […]
posted on: August 7, 2020
Read MoreMineral rights are the ownership rights to underground resources, such as oil or natural gas. Mineral rights can be severed (separated) from the ownership of the surface land and so be owned by a different person. Such rights can be acquired by purchase, lease, gift or inheritance, either outright or in trust. Depending […]
posted on: July 22, 2020
Read MoreCalifornia’s Medi-Cal program requires beneficiaries to pay a monthly Share of Cost towards meeting their healthcare expenses. Share of Cost is computed based on the beneficiary’s monthly income less deductions, such as for the personal allowance and for any monthly maintenance needs allowance (to keep the beneficiary’s well spouse from impoverishment). Share of Cost, […]
posted on: June 12, 2020
Read MoreMany of my clients want to remain in their homes for as long as they are mentally and physically able to do so. Nowadays, with the Pandemic, people who avoid going into a residential care facility, such as an assisted living or a skilled nursing home, are much less likely to get Covid-19 and […]
posted on: May 28, 2020
Read MoreEstate planning is best done at times of ease when there is no compelling reason to do so. Now during the Covid 19 pandemic, here in California (and elsewhere), some people want to create, or update, their estate planning documents during the crisis. Normally, estate planning entails in person meetings with your attorney to […]
posted on: April 2, 2020
Read MoreMost parents want to divide their estate equally amongst their children. What is equal treatment at time of death can be disputed amongst the children when some children have received substantially more in lifetime gifts than the others. Accordingly, Parents often decide to count substantial lifetime distributions made to their children as advanced […]
posted on: March 12, 2020
Read MoreMoney on deposit in bank or brokerage accounts that are titled as “Joint Tenancy With Right of Survivorship” (“Joint Tenancy Account”) passes automatically at the death of a deceased joint tenant to the surviving joint tenant(s), if any, by operation of law; or does it? Many times the money is deposited by one account […]
posted on: February 28, 2020
Read MoreA Trust is the original trust document together with all amendments. Amendments, amongst other things, add and subtract beneficiaries and change inheritances to existing beneficiaries. In California, when a revocable living trust becomes irrevocable — such as upon the death or incapacity of the settlor — the successor trustee is required to give […]
posted on: February 5, 2020
Read MoreThe Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act of 2019”) is, from a taxpayer’s perspective, both “good news” and “bad news”. The “good news” includes helping small employers establish 401(k) retirement plans and allowing more employees to save for retirement. The ‘bad news” is that the new tax law […]
posted on: January 17, 2020
Read MoreWhen a revocable living trust is established certain important powers – i.e., to amend or to revoke the trust — are usually reserved to the settlor (i.e., the person who established the trust). Unless the trust expressly allows someone other than the settlor to exercise these powers then only the settlor – while alive […]
posted on: December 20, 2019
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