The need to periodically review and update one’s estate planning can go neglected for years. In the end, it may be too late because the person involved has either become incapacitated or is deceased. The last thing the decedent’s surviving loved one (beneficiary) needs is an unwelcome surprise — an unforeseen gotcha — in the […]
posted on: October 5, 2024
Read MoreA decedent’s child is his or her heir, along with any surviving spouse/registered domestic partner, and as an heir may – or may not – be entitled to a portion of their deceased parent’s estate. California law does not require a parent to include a child as a beneficiary under the parent’s estate planning. However, […]
posted on: September 19, 2024
Read MorePeople have special, even valuable, personal property that they wish held in further trust after they die for the benefit of their family. Examples include paintings, books, tools, guns, and vehicles. How are such items legally controlled and managed to achieve the owner’s intended purpose(s) after the owner’s death? Also, who gets to make discretionary […]
posted on: September 5, 2024
Read MoreWhen an owner of real property in California dies, the county assessor needs to be notified of the owner’s death. This involves filing the Assessor Form titled, “Change in Ownership – Death of Real Property Owner” within 150 days of the real property owner’s death. It is related to (assists) but separate from any transfer […]
posted on: August 22, 2024
Read MoreThe inventory and appraisal is the first milestone to be passed in settling a decedent’s estate. An inventory and appraisal is relevant whether a decedent’s assets are held in the decedent’s name and/or held in the decedent’s living trust. The inventory serves more than one purpose. Let us discuss the relevance and preparation of the […]
posted on: August 1, 2024
Read MorePeople may borrow money from family members to purchase real property. They often promise or agree to repay the loan over years and to repay the balance when the real property is sold. What happens if the debtor dies with an unpaid balance? The answer depends whether the debtor did to protect the lender’s interest […]
posted on: July 19, 2024
Read MoreSome types of assets are difficult to sell or to distribute to the beneficiaries when settling a decedent’s probate or trust estate. Recognizing such assets and considering the foreseeable difficulties may prompt action during the owner’s life and avoid leaving problems behind. Let us discuss some scenarios. Time shares are notoriously difficult to sell or […]
posted on: July 19, 2024
Read MoreThe life estate and the right of occupancy are two specific estate planning tools that can be used to provide for family members (or friends) who depend on another person’s estate planning to give them a place to live. They may be created during life or at death by means of a will or trust. […]
posted on: June 19, 2024
Read MoreGifts in a decedent’s will or trust fall into any of three categories: General, specific and residuary. A will or trust may involve some or all of these categories. Let us discuss each category. A general gift is a gift of a sum of money to an individual or a charity. For example, “I leave […]
posted on: June 6, 2024
Read MoreThe revocable living trust has become increasingly important for California residents who receive Medi-Cal benefits. Medi-Cal has a variety of different programs, including the Modified Adjusted Gross Income (“MAGI”) Medi-Cal for persons between 18 and 65 years old, various different Community Based Medi-Cal programs (for the aged, blind, disabled, medically needy, and working disabled), and […]
posted on: June 1, 2024
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