Unlike some other states, particularly Delaware, California does not allow so-called “Silent Trusts” — Trusts that limit the disclosure to trust beneficiaries of the existence, terms, assets, liabilities, and administration of an existing trust. Nevertheless, some trustees subject to California law still fail to notify death beneficiaries and heirs on the death of a settlor, […]
posted on: April 9, 2018
Read MoreWhat is vesting and why is vesting important? Vesting occurs when an interest becomes an enforceable legal right. Until vesting occurs, an interest is a mere expectancy. Let us examine vesting in the context of estate planning. First, let us consider vesting in the context of a will. Anyone named as a beneficiary in another’s […]
posted on: March 21, 2018
Read MoreHaving one’s affairs in order is like having good health. All related parts have to work together as a whole. That is, each separate estate planning instrument – be it the Living Trust, the Power of Attorney, or the designation of death beneficiary form – needs to function, where relevant, harmoniously with one another. Let […]
posted on: March 8, 2018
Read MoreWhat is the difference between a Will and a Living Trust (“Trust”)? This is a basic question people want answered. Let us examine the primary differences between Wills and Trusts. These differences relate to the following issues: (1) whether a Probate is involved; (2) what assets and legal affairs are implicated; and (3) when does […]
posted on: February 22, 2018
Read MoreCalifornia law protects a spouse’s undivided one-half interest in Community Property assets from wrongful actions taken by their other spouse. The same rules apply to Registered Domestic Partners. What is Community Property? Property acquired while married and living together – excluding gifts and inheritances — is presumed to be Community Property and not either spouse’s […]
posted on: February 8, 2018
Read MoreNaming individual beneficiaries as primary and alternative death beneficiaries to a retirement account — e.g., an Individual Retirement Account (“IRA”) or 401(k) retirement — is usually sufficient estate planning for these assets. That is not, however, the only available estate planning approach. Nor is it always the best approach. Let us discuss. The advantages to […]
posted on: January 10, 2018
Read MoreIs a trustee liable to a beneficiary for a lost opportunity when the trustee does not distribute money to the beneficiary that the beneficiary could have invested? That essentially was the primary legal issue confronting the California Court of Appeals, Second Appellate District in Williamson v. Brooks (7 Cal. App. 5th 1294). In Williamson a […]
posted on: December 14, 2017
Read MoreHome and Community Based Services (HCBS) – also known as Medi-Cal Waiver programs — provide services and supports to allow Medi-Cal beneficiaries who would otherwise require nursing home care to stay at home. A person must, therefore, first qualify for community based Medi-Cal before Medi-Cal will pay for HCBS programs. Community Based Medi-Cal is a […]
posted on: November 29, 2017
Read MoreAs elderly parents find it increasingly burdensome to manage their assets and finances independently they often turn to a trusted child to assume some or all management responsibilities for their assets and finances. Let us discuss. An important threshold issue is whether the parent will keep either some or total control of his or her […]
posted on: November 15, 2017
Read MorePeople expect scary stories at Halloween. Below are some stories involving estate planning blunders that might give you a shiver. Let us see what lessons can be drawn before it’s too late. What happens when a person’s out dated estate planning documents are preserved but the current estate planning documents are missing? Consider a decedent […]
posted on: November 1, 2017
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