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: Section 254 of the Probate Code states that any person who feloniously and intentionally kills someone is not entitled to benefit monetarily in any way from the death they intentionally caused. The most famous example of this in California was the matter of Scott...
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...
A: Spoiler alert: No, California probates are still excruciatingly expensive and long court procedures, which is why probate avoidance through a living trust is such a valuable planning tool in California. Feel free to reach out to us ([nap_phone...
A: This question came in from an anonymous follower! Unfortunately, since his father never had a trust prepared, and because the gold is worth more than $166,250, the family gold will have to be probated. In order to pay all of the court, administrative, and...
A: A Notice of Proposed Action essentially requires a beneficiary to “speak now or forever hold their peace.” California Probate Code sections 16500-16504 permit a trustee to give notice to the beneficiaries of a trust that the trustee intends to take (or not to take)...
A: The answer depends on how much money was in the account! If the amount is under $166,250, then yes, you can most likely submit to the bank what we call a “Small Estate Affidavit” to collect the proceeds. Remember, if there is a will that states who the account...
A: We have heard a number of our clients voice this concern over the years, and the short answer is yes, you will have 100% absolute control over all of your decisions, all of your finances, and all of your assets with a revocable trust! A revocable trust means that...
It is very common and understandable for people to set up their estate plan assuming all the people you want to leave money to are still living at the time of your own death. However, far too many court battles have taken place due to a lack of contingency planning,...
It may have been easy, but it is far from the best way! With respect to capital gains tax liability, when your mom gifted you her property, she unfortunately also gifted you her tax basis. This means, for example, that if your mom paid $50,000 for the property - and...
