Should a beneficiary with an addiction to drugs, alcohol and/or gambling receive an outright inheritance? In most cases the answer is clearly, “no”. Doing so would likely enable the self destructive addiction. Instead, holding the inheritance in further trust, managed by a responsible trustee, may prove more beneficial. For discussion purposes, let’s […]
posted on: January 26, 2015
Read MoreIs a sole beneficiary named on a term insurance policy that was purchased by the insured while married entitled to receive all the insurance proceeds? Not necessarily. If the deceased insured was either divorced or married then the surviving ex-spouse and/or the surviving spouse may be entitled to a […]
posted on: January 26, 2015
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 […]
posted on: January 26, 2015
Read MoreWhile timeshares may help the time share owner to enjoy a certain amount of leisure each year, they are a headache for estate planning purposes. Even though a deeded timeshare is an interest in real property, it is really more of a recurring luxury expense than it is an asset. Let us […]
posted on: January 26, 2015
Read MoreSometimes people ask a family member who has good credit to participate on a loan to purchase a home. The family member’s name is added to title (ownership) even though they may pay little or nothing towards either the home’s original purchase price or its on-going mortgage, tax and maintenance payments of […]
posted on: January 26, 2015
Read MoreIn terms of a decedent’s own creditors, does it matter whether assets are distributed to decedent’s beneficiaries through a probate estate or by non-probate transfers? Yes, it does, especially regarding persons other than the decedent’s surviving spouse who are not personally liable for the decedent’s debts. Assets that […]
posted on: January 26, 2015
Read MoreA competent settlor(s)’s power to revoke a living trust and return the assets into his or her name(s) is equal to ownership of the trust assets. So long as the settlor is competent, the trustee owes his primary duty to the settlor and can follow the written instructions of the settlor. What […]
posted on: January 26, 2015
Read MorePeople with large gun collections or a family tradition of guns may wish to consider a so-called “gun trust”. Let us examine the various reasons for the gun trust. First, the most often stated reason for a gun trust is to comply with federal National Fire Arm (“NFA”) and […]
posted on: January 26, 2015
Read MoreThe objectives of agents acting under a power of attorney can be frustrated when banks, brokerages, or title companies refuse to accept the authority granted to the agent under a duly executed power of attorney. This can happen even though the power of attorney appears to be valid. Let us first discuss […]
posted on: January 26, 2015
Read MorePeople who relocate into or out-of California may confront the issue of whether the living trust that they established in the state of their former residence should be revoked and a new trust established under the laws of their new state of residence. Let us discuss the issues. Trusts […]
posted on: January 26, 2015
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