New California Law: Transfer on Death (TOD) Deed ALERT: New California Law Avoiding Living Trust Arrangements Could Cause More Attorney Fees and Costs of Court Than Intended: Wow! I just saw a webinar on the new TOD Deed California Law – a potential calamity. What Is Its Purpose: To pass homes and other specified real property…
Have you ever heard of a situation in which a son or daughter lost their inheritance in a divorce, lawsuit or creditor claim against their spouse? It happens frequently in community property states like California. Typically, on the death of the surviving parent, a son or daughter will receive his/her inheritance and place it in…
Estate Planning with Minor Children: Mick and Mona have 3 minor children ages 12, 10 and 8. Mick and Mona have been procrastinating about a Family Living Trust and Estate Plan. Mick has a 401k plan valued at $300,000 and a life insurance policy with a $500,000 death benefit designating Mona as his primary beneficiary…
Talk about a costly minefield for young adults failing to utilize a Living Trust in California. It happens quite frequently because young adults with minor children, whether couples or singles, do not think about death or incapacity. Right? Right! Their minds are on their jobs, acquaintances, social lives, and of course, their minor children. So…
I. Authority for Pet Trusts in California – Probate Code Section 15212 The Code Provision authorizes the following: Funds to benefit the animals; Distribution of funds upon Trust termination; Enforcement of the Trust; Designation of the Trustee; Accounting requirements; Inspection of premises, books, and records; Definition of Animal. II. Essential Trust Provisions Designating responsible Trustee…
1. Golden Rules of Dementia The NAELA Bulletin reported the five golden rules which lowers the risk of developing dementia and Alzheimer’s disease. The report was based on a study by Analysis by Age UK which revealed that lifestyle was responsible for 76% of changes in the brain and significant avoidance of the disease could…
Attention all of you Trustees of Living Trusts and children beneficiaries of the Trust- This case is a wake-up call. You know how you might want to punish a step-mother or step-father for becoming a life partner or spouse to your widowed mom or dad. Once the natural parent is out of the picture many…
In light of the recent U.S. Supreme Court case of Clark v. Rameker, creditors will begin to zero in on Inherited IRAs. What is an Inherited IRA? These are IRAs inherited by non-spouse beneficiaries. Typically, spouses rollover IRAs and become the IRA owner if they are designated as the beneficiary. But non-spouse beneficiaries do not…
If you like gambling with cards, don’t carry that over to your designated IRA or Retirement fund beneficiaries. We all know a full house trumps a straight in poker. But did you know this, a Retirement form trumps a Will or Trust? That’s right. If you are considering the designation of your Retirement fund in…
Believe it or not, most people are more reluctant to plan for incapacity than death. More individuals can accept death but not incapacity. They can accept the graveyard but not the nursing home. When I asked one elder male client why he knew he would never go to a nursing home he responded , “because…
Many clients are confused regarding the use of Durable Powers of Attorney in their Estate Plan. In California we have two separate documents, the Healthcare Power of Attorney, known as the Advanced Healthcare Directive (AHCD). The Financial Power of Attorney is called the Uniform Durable Power of Attorney (UDPA). The AHCD is essential for healthcare…
Okay, you’ve got a child who doesn’t understand marriage and is twice-divorced; a child who attracts lawsuits like teenage groupies to a rock star; or, a child who flirts with bankruptcy like a “hot” swimsuit model. Do you just ignore the characteristics of these children for inheritance purposes? THINK ABOUT IT. Shouldn’t you give some…