The recent appellate court decision by the First Appellate Department of the California Court of Appeals in Spears v. Spears, 97 Cal. App. 5th 1294, 2023 Cal. App., is an important change to how creditors of a decedent’s estate could satisfy their creditor’s claim against the decedent’s trust estate, under certain conditions, in the California […]
posted on: February 1, 2024
Read MoreEstate planning is a crucial aspect of securing your legacy and ensuring that your assets are distributed according to your wishes. A fundamental part of this process is creating a trust and a will, but equally important is regularly updating them to reflect the changes in your life. Let’s explore the question: How often should […]
posted on: January 23, 2024
Read MorePeople who live alone, especially seniors and dependent adults, may benefit from routine welfare checks to see if any assistance is needed. What options do seniors and dependent adults, and their families, have to be proactive about such matters. Is the senior or dependent adult’s home safe for them to live in? Perhaps the home […]
posted on: January 17, 2024
Read MoreCorporate Transparency Act On January 1, 2024, the Corporate Transparency Act (“CTA”) became effective U.S. law. The CTA requires small domestic businesses and foreign businesses conducting business in the U.S. to report Beneficial Owner Information (“BOI”) to the Financial Crimes Enforcement Network (“FinCen”) regarding the business and its beneficial owners, i.e., the individuals who ultimately […]
posted on: December 22, 2023
Read MoreEstate planning is a crucial aspect of personal, property and financial management that often takes a back seat in our busy lives. Many individuals create an estate plan and consider it a one-time task. However, the truth is that it is important to regularly update your estate plan so that it continues to agree with […]
posted on: December 21, 2023
Read MoreParents typically do not want their surviving children to fight over their inheritances after the parents die. Careful planning may reduce the risk of foreseeable in-family conflicts. Let us discuss. When real estate is involved, it is quite possible that one or more children may hope to inherit a particular piece of property. Sometimes a […]
posted on: December 7, 2023
Read MoreUnder present California trust law, trustees are the only fiduciaries (i.e., legally appointed representatives) with the duty, authority and power to administer a trust’s assets, liabilities and financial and legal affairs. The trustee’s primary duty is to carry out the terms of the trust for the benefit of the beneficiaries. Effective January 1, 2024, however, […]
posted on: November 22, 2023
Read MoreSome step children and foster children may qualify as heirs to a deceased step or foster parent’s estate and so qualify to inherit when their deceased step parent or foster parent died without a will. Until now, it was widely accepted that a step child or foster child could only inherit if the following two […]
posted on: November 2, 2023
Read MoreSome probates are foreseeable well before they occur. Consider an elderly individual who owns assets in her own name with a total gross value that exceeds the threshold for probate (presently $184,500). Unless such assets are held in a living trust and/or death beneficiary accounts then a probate will be required when she dies. Probate […]
posted on: October 12, 2023
Read MoreA successor trustee has a duty to marshal, i.e., to take possession and control of assets belonging to the trust, and to safeguard trust assets. First, assets that are already titled in the trust must be retitled into the name of the successor trustee, secured, and inventoried and appraised by a qualified appraiser. Second, other […]
posted on: September 28, 2023
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