We regularly litigate cases involving allegations that family members or other caregivers convinced an elder with dementia to change their will or trust in order to cut someone out or get a bigger share for themselves. A will or trust that has been changed can, however, often be reversed and assets can be recovered if you can show that the person should not have been allowed to make those changes. […]
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Posts Tagged ‘probate’
One of the most responsible and loving gifts a parent or spouse can provide is an estate plan that clearly articulates the distribution of assets after their death. A solid estate plan can eliminate the probate process, protect wealth, minimize or eliminate taxes, and deliver financial security for generations to come. The wishes of the deceased are assessed, addressed through estate planning, often utilizing trusts. Without a plan, all assets and debts must […]
Read MoreIf you own any form of assets, you’ve probably heard that you should avoid probate by putting your property in a trust. In cases where the value of an estate exceeds $150,000 — for smaller estates probate isn’t mandated — that is indeed sound advice, especially in California, where probate can be a lengthy and expensive process. But when it comes to trusts, I have often noticed that people expect […]
Read MoreWhen creating an estate plan, tension often arises between carrying out the wishes of the person setting up the trust (aka the settlor) and the requirements of the law. The law often requires the settlor to make certain commitments in order to get tax and related benefits. That is why irrevocable trusts often make people nervous. The word “irrevocable” has finality to it, and raises the question, “Am I really […]
Read MoreA friend or a relative just passed away, and you find out that she named you as the executor for her estate. My guess is that you react with a mixed set of emotions. You’re grieving over the loss, feeling honored by the trust placed in you and nervous about taking on the assignment. Questions come up: What exactly does an executor do? How much time will you need to […]
Read MoreIt’s been six years since Michael Jackson died, but his estate planning strategy still offers valuable lessons. I already talked about one lesson, the need to designate the right executor for your estate, in a previous post (“The Attics of Life”). Today, I want to look at a tool called pour-over will: How are these wills defined? Why are they useful? So back to Michael Jackson. When the King of […]
Read MoreThe question seems trivial but it’s still an important one to ask: Once you’ve created an estate plan with a living trust, advance medical directives and power-of-attorney for health care and finances, where should you store the documents? In your home? At the bank? Well, your estate planning documents have no street value. This means that you don’t need to worry about theft and that a safe deposit box at […]
Read MoreWhen Eric dies, his children learn that the most valuable parts of his estate, meaning a house, a brand new car and his bank account, will have to go through the lengthy and costly process of probate even though Eric had a living trust. Why the hold-up? Negligence. Eric created a trust but failed to fund it correctly. He simply hadn’t realized that he would have to retitle his property […]
Read MoreIf you’ve been following my blog, you recently saw my post about using a transfer on death (TOD) car registration to bypass probate. A similar estate planning tool, the pay on death (POD) designation, exists for bank accounts. POD accounts — checking and savings accounts, money markets, and U.S. savings bonds can be set up this way — come with advantages. But they can also backfire, especially when they involve […]
Read MoreWhat will happen with your car when you die? Will it sit in some driveway for months, collecting dust and losing value while your estate goes through California probate? Not if you’re proactive, at least in California. As one of about a dozen legislatures countrywide, the Golden State allows residents to add a transfer on death (TOD) beneficiary to a vehicle’s title. After your death, this person will automatically own […]
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