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.
Q&A
Q: My boyfriend and I have lived together for 26 years but have never gotten officially married. Does California recognize common law marriage?
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.
Q: My father received a lot of assistance from Medi-Cal before he died in 2021, and now I’m worried they will make us repay all the benefits he received. What’s the current Medi-Cal recovery law?
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...
Q: Am I allowed to name all of my children as co-trustees of my trust when I pass, or do I have to pick one person to be in charge of carrying out my wishes?
A: You can choose either option! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
Q: I’m the successor trustee of my parents’ trust. Am I required to provide a full accounting to the other trust beneficiaries?
A: It depends! Although the law does give all the trust beneficiaries the right to receive a full accounting, if all of the beneficiaries agree in writing to waive their right, then you will not need to prepare one.
Q: My mom recently died with more debts than assets. Am I personally liable to pay all of my mom’s debts now?
A: No you are not! In California, the creditor’s of a decedent are paid first out of the decedent's remaining assets before any distributions are made to heirs. In other words, although you won't be receiving any inheritance from your mom's estate, you will not have...
Q: My mother recently passed away and now I am the Successor Trustee of her trust. In a nutshell, what are my primary duties as the Successor Trustee?
A: The three primary duties you will have are the following: (1) the collection, safeguarding and evaluation of the Trust Estate assets; (2) the payment of debts and liabilities of the Trust; and (3) the timely distribution of the remaining Trust assets to the...
Q: Do I need to obtain a tax ID number (EIN) for my revocable trust?
A: After your death, however, your trust will become irrevocable and your successor trustee will need to obtain an EIN in order to file the trust's income tax returns. If you have any questions about this, don't hesitate to reach out or schedule a free consultation...
Q: My husband recently passed away. How long do I have to make the portability election with the IRS?
A: On July 8, 2022, the IRS issued a new procedure that can be used to extend estate tax portability for up to five years after the death of a spouse. Having said that, in order to ensure timeliness and compliance with various tax requirements, we always recommend...
Q: What’s the difference between a power of attorney and a conservatorship?
A: Although they both allow someone else to legally act on your behalf, the most important difference is that you get to pick your power of attorney whereas oftentimes the court will choose your conservator (and sometimes without your ability to participate i.e. if...
