A: A pour-over will is an important piece of your estate plan that acts as a fail-safe. It helps ensure that any assets that are unaccounted for are transferred to your trust after your death without the time and expense of a formal probate.
Estate Planning
Q: What is a fiduciary?
A: A fiduciary is a person or entity who is trusted to act on behalf of others, and who has a legal responsibility to act in the best interest of the beneficiaries. This includes managing finances, making decisions, and carefully overseeing responsibilities with...
Q: Will I need to file a separate tax return if I create a living trust?
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...
Q: Do I still need to create an estate plan if I’ve already told my family what they’ll inherit?
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...
Q: I don’t even know my nephew, my only living relative; can my partner still inherit all of my estate?
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....
Q: What is the role of a successor trustee? How do I choose one?
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...
Q: My mom is 78 and gets Medi-Cal for her prescriptions and doctor visits, but not long-term care. with the new Medi-Cal asset limits, could she lose coverage if she has too much in the bank in 2026?
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...
Q: I’m considering buying an investment property with my brother, but he’s able to invest more than I can. Can we own different percentages of the property?
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...
Q: Will I Ever Need to Update My Financial Power of Attorney or Advance Health Care Directive?
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...
Q: What is a Double-Step in Basis and Why Does it Matter so Much?
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...
