Real estate is often the most valuable asset in an estate and the most emotional. A family home can carry decades of memories alongside significant financial worth. That combination of sentiment and money is exactly why inherited real estate so often becomes the flashpoint for probate litigation. As a probate litigation attorney, I see the same patterns repeated across very different families. Understanding why these disputes happen, and how to […]
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Most people who agree to serve as a trustee or executor say yes for personal reasons. A parent asked, or a sibling did, or the will simply named them and nobody gave it much thought at the time. What tends to catch people off guard is how much of the job turns out to be tax work, and how little room there is for error once you’re in the middle […]
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As passionate business owners who pour love and energy into their business, have you ever paused in the midst of your busy day – managing employees, delegating work, marketing, and handling countless other responsibilities – to wonder what would happen if you needed to slow down, or if you were no longer around? More importantly, you probably want to preserve all the hard work, time, and money you invested, and […]
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Trust administration is its own discipline — one with legal obligations, procedural requirements, and standards of care that catch even seasoned professionals off guard. Managing money, running a business, and navigating complexity does not always prepare you for the challenges of administering a trust. A trustee who has managed significant assets throughout their career naturally expects that trust administration will feel familiar. The instinct to rely on existing knowledge and […]
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When it comes to their parents’ estate planning, siblings can be supportive. Even so, undue influence claims are always a concern when an older adult is creating a will or otherwise deciding how their assets will be distributed after their death. If one sibling manipulates their parents into changing their estate plan, they may have exerted undue influence. Proving undue influence can be challenging, which is why courts in California […]
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As wealth grows, estate planning often shifts from relatively straightforward asset protection and distribution planning to more complex questions about estate taxes, business ownership, legacy goals, and the preservation of wealth across generations. The right approach depends not only on the size of an estate but also on family dynamics, financial priorities, and the long-term vision behind the plan especially when comparing high-net-worth and ultra-high-net-worth estates. How Do High-Net-Worth and […]
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Even if you know that you’re one of the beneficiaries of a loved one’s estate, it can take several months (and sometimes even a year or more) to receive the assets that were left to you. But if the person managing the estate mishandles the assets within it, you could be waiting much longer. If you think the executor or administrator of a decedent’s estate is mismanaging the assets within […]
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A Gentle Guide to Trust Administration in California A trust is designed to avoid probate, but it still requires thoughtful and active administration after its creator passes away. Creating a trust is similar to preparing an architectural blueprint: the framework is carefully planned, the specifications clearly defined, and the intended result mapped out in advance. Once the designer is no longer present, however, someone must interpret those plans, apply them […]
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Probate. You’ve heard this term tossed around by attorneys and finance professionals. Everyone says it’s annoying, time-consuming, and that you need to avoid it. But what is it? Probate is the court-supervised legal process of validating the will (if one exists) of someone who passed away, paying their debts and taxes, and distributing their remaining assets to heirs or beneficiaries according to the will or state law. Probate court is […]
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KJMLAW Partners is pleased to participate in the STEP Orange County 14th Annual Institute on Tax, Estate Planning, and the World Economy. The Institute convenes leading practitioners to explore current developments in tax and estate planning and the broader global economic landscape. We are proud to have Kevin J. Moore representing the firm as a speaker during a Master Class session, sharing practical insights with peers and industry leaders. STEP […]
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Trusts are powerful tools used in estate planning to protect and distribute assets according to a person’s wishes. But what happens when something goes wrong? What if someone’s left out, the rules aren’t followed, or the money disappears? Litigation might become the answer. Unlike probate, trust litigation involves disputes over trusts that often avoid probate and can arise at various stages, focusing on issues related to trustee conduct and trust […]
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California’s probate landscape has undergone significant changes, creating new opportunities for streamlined estate transfers. The passage of Assembly Bill No. 2016 (AB 2016) on September 21st, 2024, signed by Governor Newsom, modernizes procedures for property transitions, including certain provisions that benefit estates of varying sizes. While the bill’s main change raises the small estate threshold for primary residences to $750,000, its broader reforms to affidavits, petitions, and notice requirements offer […]
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Choosing the right trustee is one of the most critical decisions when establishing a trust. The trustee ensures the grantor’s wishes are fulfilled and safeguards the beneficiary’s interests. For those creating a trust as part of their estate plan, understanding the trustee’s role and responsibilities empowers informed decision-making, helping to ensure that your wishes and intent are carried out. What Does It Mean to Be a Trustee? A trustee is […]
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There are many nuances to consider when it comes to the statutes of limitations and deadlines involved in an inheritance claim. In the case of California state law, deadlines can range from 120 days from the moment you are notified of a testator passing away, to essentially none, depending on the circumstances, with the whole process typically taking around 9 months. That’s why knowing what is involved is critical to […]
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Being a trustee and beneficiary of a trust is a complex role that needs to be balanced to keep it fair and legal. A trustee manages and administers the trust assets and must be impartial and in the best interest of all beneficiaries and not self-serving. A beneficiary gets benefits from the trust like distributions or use of assets and has the right to make sure the trust is managed […]
Read MoreOn the latest episode of The Probate Realtor Show Matias Baker Masucci had Kevin Bayley, an attorney at KJMLAW Partners on the show to talk about complex trust administration. What is Trust Administration? Trust administration is the process of managing and distributing a deceased person’s assets according to their trust. While the goal of setting up a trust is to avoid the long and expensive probate process, trust administration still […]
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A trustee, whether an individual or a corporate entity, is appointed to manage and oversee the assets held within a trust for the benefit of the beneficiaries. The trustee role carries significant responsibility and potential legal liabilities. Understanding trustee liability is essential for anyone serving as a trustee or considering taking on this role. This knowledge helps navigate the complexities of trust administration and ensures fiduciary duties are met. Missteps […]
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How Can a Trust be Challenged? As California lawyers, the attorneys at KJMLAW Partners are often asked about how to challenge a trust or how to create a trust that will withstand a challenge. Trusts are powerful legal instruments designed to protect assets, provide for beneficiaries, and facilitate estate planning. However, like any legal arrangement, trusts can be subject to challenges under certain circumstances. Whether due to suspicions of undue […]
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On April 16, 2024 the Canadian Federal Government issued its 2024 Budget that announced key changes in taxation coming into effect on June 25, 2024. These changes particularly impact the taxation of estates and will likely have a profound impact on estate/succession planning for both Canadian residents and non-residents with investments/assets located in Canada going forward. Capital Gains Taxes Imposed By The Canadian Federal Government Following Death Unlike the United […]
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Kevin Moore was recently featured as a guest on the Legacy Leaders Podcast, hosted by Tim Garrity. During this conversation, Kevin provides a glimpse into the essence of what has made KJMLAW Partners stand out in the field of estate planning and business taxation since 1992, and speaks candidly about the intricacies of estate planning, the pivotal role of estate tax returns in preserving financial legacies, and the importance of […]
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