Under California Law, your Living Trust is a private document. Unlike a Will, the Living Trust is not filed and made a public record on your death. No one has a right to see your personal private provisions except for very limited purposes. For example, the Assessor’s Office may require a copy to ensure that…
Effective January 1, 2017 Medi-Cal Recovery (SB 833) For Medi-Cal recipients who die on or after January 1, 2017, there are significant changes in the law. The most significant impacts the limitations on recovery of funds by the state of California after the death of the Medi-Cal recipient. For Estate Planning purposes, the best news…
In a new law to go into effect January 1, 2017, a Living Trust may be utilized to protect assets from Medi-Cal claims for individuals dying after that date. This is a revolutionary law that elevates the advantages of a Living Trust in California to a new high. Previously, a Living Trust provided no protection…
If you saw 60 Minutes on CBS Sunday night you had to be astounded by the absolute greed and thievery of life insurance companies. Many of them, mostly all of the large companies, are being sued in a class action for failing to pay death proceeds to deserving beneficiaries. Roughly $7.5 billion have been withheld…
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…
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…
In a recent California case, the California No Contest provisions in a Living Trust were tested. In Balian v. Balian decided in December 2014, the mother, Mary, created the Balian Family Trust designating her children and a Special Needs Trust for her daughters Patricia and Diane as beneficiaries. There was significant animosity between Patricia and…
The following was written by Attorney Jack E. Stephens, for the professional manual, Rules of Trust Administration in California, regarding the admistration of a Living Trust on the death of a Trustor. This is Part 1 of an ongoing series. Family Contact On the death of a client we are normally contacted within a relatively short…
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…