A: Your mom and dad should not only create a trust, but should also sign a Community Property Agreement. In California, which is a community property state, confirming their assets as community property could save the surviving spouse as much as six figures in taxes...
A: Fortunately, this CAN be done, and it can even be done privately and without having to go to court. The important thing is that the surviving spouse and ALL of the beneficiaries of the B Trust must sign and notarize an “Agreement of the Beneficiaries” in order to...
Creating a will that details your final wishes requires that you consider all of your heirs and loved ones. And while this process can be an emotional one, it can become even more difficult for those with large, blended families. To help you better prepare to get your...
A: You should strongly consider hiring an experienced trusts and estates attorney. Whether you are the acting successor trustee during the lifetime of the person who created the trust or after he or she has passed, you have a number of fiduciary duties to fulfill and...
A: Not at all! California law unequivocally states that if a couple or single person transfers their residence (or any real property for that matter) into a revocable trust that they created, the property taxes will not be reassessed. In fact, the only document that...
A: Not at all! Since the Settlors (the name given to the clients that create the trust) are able to exercise absolute control, dominion and discretion as to all the assets of the trust, no separate EIN will be required, and you will not have to file any separate tax...
A: There may be times in life when it is appropriate to go with the cheapest option, and estate planning should not be one of them. Most of our clients tell us that one of the things they value the most is the peace of mind in knowing that their documents have all...
A: Under the California Probate Code, if a minor inherits more than $5,000, then a formal court custodianship must be opened and administered by the Court until the child turns 18, at which time any remaining funds would be delivered outright (with no restrictions) to...
A: A basket is actually a great way to conceptualize the way a living trust works! Think of a living trust as a basket with a set of instructions on the inside. This set of instructions declares what is to happen with all of the assets inside the basket upon the death...
A: You should also specify in the trust document who the contingent beneficiaries of your assets will be! If you don’t specify the contingent beneficiary, the Probate Code will decide who receives the deceased beneficiary’s inheritance - the default rule is known as...
