The recent horrific firestorms suffered by our neighbors in nearby Paradise and the fires in the Wine Country not long ago have touched us all. To help them with their recovery, there are several organizations providing much needed assistance. They can all use our helping hand. See our Charity list in this newsletter for more information. Natural disasters are part of life, from hurricanes and floods to earthquakes and tornadoes. For us Northern Californians, the forecast is for more … [Read more...] about KEEPING YOUR IMPORTANT DOCUMENTS SAFE FROM A DISASTER
Trusts
Can a Living Trust Help with Disability Planning?
One of the main benefits of living trust planning is disability planning. You maintain control over your finances only if you have disability planning; otherwise, the court may step in, through the conservatorship process, and takes over (even if you’re married.) Your disability trustees who you have hand picked have control over any assets that are funded into your trust. This means that those you select to step into your shoes, should you become disabled, can only manage, invest, and pay … [Read more...] about Can a Living Trust Help with Disability Planning?
Concerns about Beneficiaries Can be Addressed in Estate Plans
As life unfolds, our loved ones change and have evolving needs; and, new loved ones are born or join our family through marriage and adoption. When creating your estate plan, consider your beneficiaries’ potential needs. Special Needs and Governmental Assistance At some point, one or more of your beneficiaries may be receiving governmental assistance because of a special need. It may be Grandma Allison in a nursing home or Grandson Jeremy with autism. You don’t need to disinherit family … [Read more...] about Concerns about Beneficiaries Can be Addressed in Estate Plans
Why You Should Consider a Testamentary Trust
One of the primary benefits of a trust is that the assets you include in the trust will likely avoid the probate process. There are different types of trusts, so you should discuss your options with your estate planning attorney first. A testamentary trust is a type of trust that is included in a will and does not go into effect until the person who created it dies. Trust administration is an important process and understanding how a testamentary trust works will help you make a … [Read more...] about Why You Should Consider a Testamentary Trust
Special Needs Trusts and the Sole Benefit Rule
When it comes to trust administration that involves special needs trusts, the applicable rules can be complicated and confusing. An important component of administering a first-party special needs trust, for example, is who has been designated the beneficiary of the trust. Depending on who will benefit from items or services purchased by the trust, government benefits can be at risk. When special needs trusts are involved, the sole benefit rule is important and must be considered seriously. The … [Read more...] about Special Needs Trusts and the Sole Benefit Rule
Selling Real Estate During Trust Administration
As a trustee, you may be required to distribute real property from a trust to a named beneficiary as part of the trust administration process. These types of distributions often come with unique issues requiring certain considerations be made before that real estate is actually distributed. The Northern California Center for Estate Planning and Elder Law can advise trustees about how to handle real estate the appropriate way. What does trust administration involve? Trusts are basically … [Read more...] about Selling Real Estate During Trust Administration
Trust Administration: Quick Tips for Trustees
Being a trustee for a loved one’s estate is a very important job with serious responsibility. The role of trustee is an essential element of successful trust administration. The trustee is responsible for guaranteeing that the provisions of the trust document are followed. A trustee is ultimately responsible for managing the trust property and keeping accurate records of all transactions. Because this is such an awesome responsibility, we want to share these tips for trustees. Be sure to honor … [Read more...] about Trust Administration: Quick Tips for Trustees
Trust Attorney Explains How to Manage Real Property
As a trustee, you may be required to distribute real property from a trust to a named beneficiary. These types of distributions often come with unique issues requiring certain considerations be made before that real property is actually distributed. We are here to discuss how a trustee should handle real property properly. What do the beneficiaries want to do with the property? Before a trustee can determine how to handle the real estate, they must first figure out what the beneficiaries want … [Read more...] about Trust Attorney Explains How to Manage Real Property
Sacramento Trust Attorneys Discuss Trusts for Children
Trusts are great estate planning tools meant to protect your legacy for your family. However, not all trusts operate the same way, just as there are different types of trusts for different types of beneficiaries. Let our Sacramento trust attorneys explain some of the important considerations regarding trusts for children. Trusts for Children: The Basics When it comes to estate planning for the benefit of children, parents can use trusts to easily and precisely plan for when and how their … [Read more...] about Sacramento Trust Attorneys Discuss Trusts for Children
Can a Trust Agreement be Set Aside?
No matter what your goals are for your trust, it needs to be administered by someone. Trust administration involves investment management, implementing charitable giving strategies, risk management, insurance and business succession planning, when applicable. The trustee you choose to manage your trust and its administration will be responsible for fulfilling the terms of the trust. There are situations where the trust agreement may be challenged. In those cases, having the assistance of … [Read more...] about Can a Trust Agreement be Set Aside?
