Q. I would like to prepare an estate plan, but I do not have a spouse, children or relative whom I could name as executor or trustee. Any thoughts about how I can proceed under these circumstances? A. Yes, and be assured that you are not alone. Many persons find themselves in your situation, whether… Read More »
Monthly Archives: March 2016
Add Flexibility to Your Trust To Handle Change
Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time… Read More »
Avoid Surprise When Transferring Encumbered Real Property Into Trust
Q. My wife and I plan on creating a Living Trust and transferring our home and two rental properties into the trust. Each property has a mortgage. Should I anticipate any problems from the lenders? A. Short answer: As to your home, no. As to your rental properties, maybe. Virtually all lenders provide in… Read More »
A Winning Strategy To Protect Home From Taxable Gain and Medi-Cal Claim
Q. My mother has been in a nursing home on a Medi-Cal subsidy for the last 18 months, and I know Medi-Cal will have a substantial “payback” claim when she passes. She owns a home which she bought 40 years ago for $40,000, which is now worth about $700,000. I worry about the growing Medi-Cal… Read More »