When someone has changed a will or trust just a few years before they pass away, this can lead to an accusation that someone has used a position of confidence or authority in order to take unfair advantage. Undue influence is the legal term used to describe this situation. Undue influence often arises with a husband and wife who have been married for several decades, built a family, own a […]
Read More
In September of 2018, the California Legislature enacted the Uniform Trust Decanting Act. Decanting is defined as the ability of someone to distribute property from an irrevocable trust (“the first trust”) to one or more second trusts or to modify the terms of the first trust without the consent of the beneficiaries of the first trust or approval of the court. California’s new decanting statute is highly technical, replete with […]
Read More
Today Kevin J. Moore, invited by Clare Ceplecha and Stephen Miyabe, gave a presentation on California’s new Decanting Statute to Wells Fargo’s Wealth Management & Fiduciary Services team.
Read MoreTrusts, as we have known them for centuries, are made up of four parts: the settlor, the trust (i.e. the assets,) the trustee and the beneficiaries. But more recently a fifth element has come into play, a trust protector or trust advisor who has the power to direct a trustee to do or not do something. The Role of a California Trust Protector The role of trust protector originated with […]
Read More
When 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 MorePiggybacking on my last post about transferring real estate into a living trust, let’s also look at a special type of irrevocable trust, the Qualified Personal Residence Trust or QPRT. QPRTs not only protect your assets in real property by moving them out of your taxable estate, they can also help you reduce your tax burden. Here’s how it works: You, as the owner of a personal residence, transfer the […]
Read More