In the recent Frank Aragona Trust case, 142 T.C. No. 9 (2014), the US Tax Court reached a taxpayer favorable decision, one that benefits trusts that materially participate in real estate business activities. For years, the IRS has steadfastly refused to allow trusts to deduct net operating losses related to real estate […]
posted on: January 26, 2015
Read MoreOn January 1, 2014, California amended its statutory definition of “Undue Influence” in section 15610.70 of the Welfare and Institutions Code. This new definition of “Undue Influence” applies both to “financial elder abuse” that affects the victim while alive and also to undue influence that affect the victim’s “testamentary dispositions” after death. […]
posted on: January 26, 2015
Read MoreIn the digital, virtual, online world we live in, account passwords both protect and frustrate our access to valuable intangible assets. As more of our valuables consist of intangible digital assets and accounts stored online, the troublesome issue of access these intangible assets is one of ever growing importance. Let us consider what […]
posted on: January 26, 2015
Read MoreIn California married persons owe each other, “a duty of the highest good faith and fair dealing” (section 721 of California’s Family Code). This duty of “good faith and fair dealing” is likened to a trustee’s duty to a beneficiary. How does that lofty duty apply to the conduct of married persons? […]
posted on: January 26, 2015
Read MoreWe all make New Year’s resolutions. The start of the New Year is a natural time to reflect about all that is important to us and our plans for the future. One area worth reflection is whether your affairs are in order as we come into 2014. Let us consider some […]
posted on: January 26, 2015
Read MoreShould 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
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