A: No, not at all! Since the settlors (the name given to the person that creates 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...
A: Yes! Without a solid estate plan, your intentions won’t matter — only the law will. Working with our attorneys to create an estate plan will help you: Keep inherited assets protected Provide for spouses and children from all family dynamics Prevent future conflict...
A: Yes, but not without an estate plan. Under California’s intestate succession laws (Probate Code §§6400–6414), if you die without estate planning, the State decides who gets your assets. Your long-term partner isn’t on the list—they’re treated as a legal stranger....
A: When you create a trust, you’ll name a successor trustee. This is someone who steps in to administer the trust either because you have become incapacitated or you have passed. This person will manage and distribute your assets according to your wishes, so it’s...
A: Yes, potentially! Starting January 1, 2026, California is reinstating the Medi-Cal asset test for many programs. That means your mom’s eligibility could depend not just on her income, but on what she owns. The rule will limit countable assets to $130,000 for an...
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 brother could own a 75% interest as a tenant-in-common while you own a 25% interest as a...
A: Yes—and ideally, every 7–10 years at the most. Even if your wishes stay the same, older documents can be seen as “stale.” Banks, hospitals, and other institutions may worry that a newer version exists—one they haven’t seen—and could hesitate or refuse to honor the...
A: California offers a unique tax planning opportunity for married couples: the double step-up in capital gains basis. When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value...
A: Any time you open a new bank account that you want to include in your trust, be sure to title the bank account in your name as trustee of your trust. This will ensure that the account is administered as part of your trust estate and that it is not subject to...
A: In community property states like California, when one spouse passes away, the entire value of community property assets—like a home or investments—receives a step-up in basis to the fair market value at that time. This means: - No capital gains tax if the...
