A significant portion of wealth transfers are lifetime transfers from parents to their children (or grandchildren) while the parents are still alive. Let us examine why and how such transfers take place and what it means for those involved. Often due to their immediate life circumstances adult children ask for a portion of their […]
posted on: January 26, 2015
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: January 26, 2015
Read MoreWhat is the difference between a Will and a Living Trust (“Trust”)? This is a basic question people need answered by a Lake County wills attorney. 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 […]
posted on: January 26, 2015
Read MoreNot everyone who serves as a Trustee expects or wants to be paid. But those who do want to get paid need to know up front whether or not they will be compensated for their work. They should also know how their compensation is determined. Trusts may provide for no compensation, reasonable compensation, […]
posted on: January 26, 2015
Read MoreMost people are aware of general conservatorships. These take away the conservatee’s (conserved person’s) power to make decisions affecting their assets, finances and/or healthcare and living arrangements. A general conservatorship protects those unable to make such decisions, or to protect someone who is generally unable to resist fraud or undue influence. […]
posted on: January 26, 2015
Read MoreMost people are aware of general conservatorships. These take away the conservatee’s (conserved person’s) power to make decisions affecting their assets, finances and/or healthcare and living arrangements. A general conservatorship protects those unable to make such decisions, or to protect someone who is generally unable to resist fraud or undue influence. […]
posted on: January 26, 2015
Read MoreAs a rule, a trustee who follows the written instructions of a settlor of a revocable trust is not liable to the future death beneficiaries after the settlor’s death. Now, California’s Supreme Court has decided that the death beneficiaries may hold the trustee responsible for any breach of trust while the settlor was alive (Estate […]
posted on: January 26, 2015
Read MoreIf a blended family is not cohesive to begin with then it is prone to unravel when either stepparent dies. When it does unravel any festering unhappiness or distrust between the surviving step parent and stepchildren can erupt into hostility. Hostility turns to quarreling over the deceased person’s assets. How can good estate planning improve […]
posted on: January 26, 2015
Read MoreLet us review the following estate planning tools: The Trust, the Will, the Power of Attorney, the Advance Health Care Directive, Joint Tenancy, and Death Beneficiary forms. 1. The Trust. The revocable living trust allows individuals and couples to control their trust assets for their benefit and the benefit of their loved […]
posted on: January 26, 2015
Read MoreOn January 1, 2013, important amendments to California’s law governing “Multiple Party Accounts,” including Joint Tenancy Accounts, took effect. Let us examine how the amendments protect joint tenants from excessive withdrawals by their other joint tenants. Generally, while all original parties to a multiple account are alive, each party’s ownership is based […]
posted on: January 26, 2015
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