What Assets go Into a Trust and what Assets Stay Out?

As you are considering financial planning, it is important to think about the assets you have and how they will be managed. One way to easily do this is by creating a trust that can hold your assets. While there are a number of sources of wealth, a trust should only be used for certain […]

posted on: May 6, 2020

Read More

Urgent Estate Planning Considerations During Covid-19.

            Certain urgent estate planning issues have arisen during the present Covid 19 health crisis.  These issues concern getting diagnosed by a physician, intubation and the use of Internet based communication (e.g., Skype and Zoom) instead of in person meetings.  Let’s discuss how they affect your power of attorney, advance health care directive, and living […]

posted on: May 5, 2020

Read More

Estate Planning During the Covid 19 Pandemic

       Estate 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 More

Lifetime Advances of Inheritances

          Most 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 More

What to Consider when Selecting a Trustee

Are you thinking of financial planning and what it entails? One of the main steps to take in this process is to choose a trustee for your estate. Essentially, this is a person who will manage all aspects of the estate and make major decisions related to it. Given the important nature of the position, […]

posted on: February 28, 2020

Read More

Joint Tenancy with Right of Survivorship

Money 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 More

Contesting Trust Amendments

          A 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 More

Secure Act of 2019 and the Stretch IRA

          The 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 More

Rights Reserved to Settlors.

          When 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

Read More

Beneficiary Dies Prior to Receiving Inheritance.

          What happens when a beneficiary of a deceased person’s probate estate or living trust dies during an ongoing administration and before receiving the full distribution of their inheritance?  The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration.  The beneficiary’s death affects both the administration of […]

posted on: December 5, 2019

Read More