A: Absolutely. First, in a general sense, we would recommend that ANY trust of that age be reviewed given the changes in laws and potentially changed circumstances since the original trust was signed. Second, the specific trust that you have, namely an A/B trust, is...
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 sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
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.
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.
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...
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...
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.
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...
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...
A: Although you certainly can, you will want to be thoughtful before doing this. You could inadvertently disinherit one of your children if you decide to sell one of those properties during your life and then fail (or forget) to go back and update your estate planning...
