A living trust is meant to provide a comprehensive solution to the needs of the settlor(s) and subsequent beneficiaries. During the settlor(s)’ lifetime(s), assets are held in the “Settlors Trust” for the benefit of the settlor(s) and their dependents. When the settlor(s) die, different beneficiaries, purposes and priorities come into play. Not surprisingly, additional […]
posted on: January 26, 2015
Read MoreA trust beneficiary with a future right to part or all of the remaining balance of a trust estate provided they survive the current beneficiary is called a contingent remainder beneficiary. Before the remainder beneficiary’s future rights in the trust can vest, however, he or she must first survive the current […]
posted on: January 26, 2015
Read MoreCalifornia statutory law requires a trustee to account annually to current trust beneficiaries, i.e., those who are currently entitled to receive distributions of income and principal during the accounting period. Any trustee, other than the settlor(s) who established the trust, has a duty to account. Let us discuss some basic concepts regarding the trustee’s […]
posted on: January 26, 2015
Read MoreOn January 1, 2013, amendments to California’s statutory law regarding revocation of trusts take effect. The purpose is to allow a surviving spouse to revoke – i.e., takes back – some or all the assets held in a joint trust established while the couple were both alive that remained revocable after […]
posted on: January 26, 2015
Read MoreSpouses and their children who receive SSI and/or MediCal needs based benefits, and are part of a divorce, may encounter complications involving the receipt and/or payment of either spousal or child support and their continued eligibility to receive needs based government benefits. The receipt or payment of such support payments create special issues where Special […]
posted on: January 26, 2015
Read MoreSome married people seem to believe that their estate planning is sufficient if all assets go to the surviving spouse at death and let the surviving spouse take care of subsequent estate planning if they so choose. People taking this approach often title (own) their real property and bank accounts in […]
posted on: January 26, 2015
Read MoreIf you are getting ready to go on vacation but feel uncomfortable because you have planned your vacation better than you have planned your legal affairs then you are not alone. It’s only natural to have some concern in case something unexpected might happen while away. Underlying this nagging concern are two levels of reality. […]
posted on: January 26, 2015
Read MoreIncapacity planning is not only for middle-aged and senior citizens. It is also relevant to young adults. Once a child turns age eighteen (18) he or she becomes an adult under California law. Important legal consequences follow which are often overlooked at the time. Only later on, should the person suffer an incapacity, are the […]
posted on: January 26, 2015
Read MoreEstate planning is not just about avoiding probate, although that is often important. It is about protecting you, your family’s future and your legacy. What would happen to you and your family if you were incapacitated? How will your family prosper without you? How will your family remember you? With […]
posted on: January 26, 2015
Read MoreGood Recordkeeping Practices for Trustees A trustee is required to keep complete and adequate records for both tax and non tax reasons under California and federal laws. First, a trustee has a duty to account to beneficiaries, and to report information about trust assets, liabilities and finances when requested by a beneficiary with a […]
posted on: January 26, 2015
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