California has enacted a new statutory exclusion from change in ownership for local tax assessments that protects certain cotenants (co-owners) from reassessment at the death of a cotenant. Real property that has been held for a long time is often taxed at a lower value than it would be if its value were reassessed […]
posted on: January 26, 2015
Read MoreThe Department of Health Care Service (“DHS”) has released for public comment draft regulations regarding the implementation of federal Deficit Reduction Act’s (DRA’s) reforms to Medi-Cal for long term skilled nursing care (not Community Based Medi-Cal). This brings California closer to DRA implementation which will occur once the final regulations are implemented; which some […]
posted on: January 26, 2015
Read MoreIn special circumstances a beneficiary may want to transfer inheritance rights to another. Let us examine when, why and how such transfers can take place. Consider an heir to a deceased person’s intestate estate (i.e., a person who died without a will). Sometimes, an heir may want to transfer his/her inheritance rights to the following […]
posted on: January 26, 2015
Read MoreA 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
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