A: The stated purpose of the TOD Deed, according to the author of the bill, is to allow seniors, low-income/fixed-income individuals, and individuals whose estates consist primarily of their home to avoid costly and/or complicated probates or trust administrations....
A: The Revocable “TOD” (“Transfer on Death”) Deed, introduced into law in 2016, was created as new probate-avoidance strategy available to Californians. Specifically, the Revocable TOD Deed allows individuals to transfer, effective only upon death and outside of...
A: Potentially. The bottom-line is this: creditors have first priority BEFORE any heirs/beneficiaries receive estate assets. Therefore, since your mom’s estate is solvent, the credit card company is entitled to be paid back in full. However, since your mom’s estate...
A: Yes you do! And more importantly, without a trust, the probate laws of California would not only consider you the owner of the property at your death, but would also charge your heirs probate fees based on the fair market value of the home and NOT on the amount of...
A: It depends. Under California law, the inheritance is initially considered separate property and would not be subject to an equal split in the event of a divorce. However, if you commingle the money by using it to create a joint bank account, a joint property or any...
A: Absolutely. First, in a general sense, we would recommend that ANY trust of that age be reviewed given the changes in laws and potentially changed circumstances since the original trust was signed. Second, the specific trust that you have, namely an A/B trust, is...
A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
A: Yes, you are! However, it is also important to note that, according to the IRS, individuals who have entered into a registered domestic partnership under state law are NOT considered married for federal tax purposes.
A: No, California does NOT recognize common law marriage. Therefore, it is even MORE imperative to have a well-designed estate plan in place to make sure you are each provided for in the event of an untimely death.
A: The new Medi-Cal law essentially states that for anyone who dies after January 1, 2017, Medi-Cal is only allowed to recover reimbursement against assets that are subject to the decedet's probate estate. Or, said differently: Medi-Cal is prohibited from going after...
