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...
A: Not if you have the home in a living trust! While your home can be subject to a Medi-Cal recovery claim after your death, as of 2017, Medi-Cal can only go after assets in your name upon your death; the trick here is that if you create a living trust and transfer...
Savvy estate planning in California involves reviewing your plan and possibly updating it when there are big changes in your life. Retirement may be one of those big changes, and there are several things you may want to consider. If you do not already have an estate...
While there isn’t necessarily a need to draft estate planning documents differently from heterosexual spouses, LGBTQ+ couples should make a pointed effort to review their existing estate planning documents, especially those drafted before 2015. You want to be sure...
A: It’s definitely a topic worth discussing with an estate planning attorney! Did you know that the estate tax exclusion is currently at a record-high of $11.7 million per person? However, it is widely expected that this number will not be this high for much longer....
A: Yes, you can! However, will your DIY plan work when you are gone? The American Bar Association has a very informative and eloquent response to this question in their article about DIY estate planning. According to the article, "A Will must meet requirements for...
Most people want their families to receive as much of their wealth as possible after they die. Some people might think that since their estates are below the federal exemption amount of $11.58 million for estate taxes that they do not need to worry about creating a...
A: Yes! If you don't have an estate plan, now is the time to create one. If you do have an estate plan, you should carefully consider whether it needs to be updated in light of your new marriage. Complicated community property laws and inheritance laws can frustrate...
A: There are many ways to handle this. If you are confident that your children will not have negative feelings regarding the contents of your estate plan, it can be helpful to share your current documents with them so that they know what to do after you have passed....
