With so many people creating Revocable Living Trusts today, it is not unusual for someone to find that they have been appointed as a Trustee upon the death of a family member. Some Trustees are called upon to pay the Trustor's bills and distribute the Trust assets as instructed by the Trust. At other times, the Trust was intended to last for a long time and the Trustee has an ongoing duty to manage the Trust such as in the case for Trusts set up for the benefit of young children. If you have … [Read more...] about Trustee Duties: Some Tips
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How Difficult Is It to Contest a Will?
If you are an heir or beneficiary of a Will, you should be notified when the Will is submitted for probate. What happens if you have doubts about the validity of the Will? Is it difficult to contest a Will in California? Because every potential Will contest involves a unique set of facts and circumstances, you should consult with an experienced California trust and estate litigiation attorney before deciding how to handle your concerns. Lets take a look at what's involved in contesting a Will in … [Read more...] about How Difficult Is It to Contest a Will?
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it still accomplishes your goals or to make any necessary changes. My friend and colleague Tereina Stidd, an estate planning expert, has shared her thoughts on the topic. Read on to learn more … [Read more...] about Start 2022 the Right Way
Estate Planning for the Single Parent
Every adult should have at least a basic estate plan in place; however, if you are a single parent the need to have a plan in place is significantly increased. To help you better understand why that is, let's explore the common estate planning concerns for the single parent. What Can an Estate Plan Do for Me as a Single Parent? If you are a single parent, you already know what a difficult job it is. Raising a child by yourself presents challenges that only someone who has done it can … [Read more...] about Estate Planning for the Single Parent
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction.My friend and colleague Steve Hartett, an estate planning expert, explains how this can work. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
Practical Lessons in Drafting
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the most. Estate Planning completed under duress can lead to unfavorable results. My friend and colleague Steve Hartett, an estate planning expert, shares her views. Read on to learn more. … [Read more...] about Practical Lessons in Drafting
Double Your Gifting with Spousal Gift-Splitting
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. My friend and colleague Tereina Stidd, an estate planning expert, shows how. Read on to learn more. … [Read more...] about Double Your Gifting with Spousal Gift-Splitting
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
Flexible Estate Plans
Most of us can not plan when we will pass away. It could happen tomorrow or in 20 years. The inability to plan for when you will pass away can create problems for your estate. Because the estate tax changes almost every year, you need to have a flexible estate plan that can absorb those changes. If you die in early 2022, the estate tax only affects estates that are over $12.06 million. If Congress passes certain pending legislation, that might change. You really should not have to worry … [Read more...] about Flexible Estate Plans
What to Consider When Choosing an Executor or Successor Trustee
The executor of your Will is the person you appoint to administer and oversee your Will. A successor trustee plays the same role for persons who have a trust-based plan. Your executor or successor trustee is legally and financially responsible for making sure your heirs, beneficiaries receive their property, and creditors receive payment for their debts. Your executor or successor trustee is also responsible for paying any estate taxes on the total value of your estate. Because your … [Read more...] about What to Consider When Choosing an Executor or Successor Trustee
