Q. My brother created a trust a few years back, naming our sister as one of his beneficiaries and me as the Trustee. He recently died and we now have a problem: our sister receives public benefits (Medi-Cal and SSI) and the receipt of an inheritance would cause her to lose those benefits. Is there… Read More »
Posts Categorized: Estate Planning
An Important Resolution For The New Year: Update Your Estate Plan
Q. My wife and I created our estate planning documents about 10 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? A. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us… Read More »
Is There A Downside to Gifting My Home To My Son Now?
Q. I am thinking about just gifting my home to my son now, in order to minimize estate administration after I’m gone. Of course, I would continue to live here as long as possible. Do you see any downside to this plan? A. Yes, there may be a big one, depending upon how you do… Read More »
The New “Tax Cuts & Jobs Act of 2017” Makes It Important to Review Older Trusts
Q. My wife and I set up a Living Trust back in 2001, but we have never updated it. In view of the recent change in the tax law, is that something that we should consider? A. Yes, by all means! At the time you created your trust, the estate tax exemption was only $675,000… Read More »
What Is a ‘Springing’ Power Of Attorney
Q. I recently heard the term “Springing” Power of Attorney, but I am not sure what that is. Can you shed any light on this? A.. Sure. Broadly speaking, there are two general categories of financial Powers of Attorney: (1) those that are immediately effective upon signing by the principal, and (2) those that are… Read More »
Does a Will Override a Joint Tenancy Deed?
Q. A few years ago, our mother signed a Joint Tenancy Deed adding our brother to the title on her home. More recently, she signed a Last Will leaving the home equally to all three of her children. She passed away last month and we are now conflicted about who owns her home. Does the… Read More »
What Are CUTMA Accounts?
Q. As a grandparent, I keep hearing about CUTMA accounts, usually in discussions about gifts to grandchildren. What are they, actually? A. CUTMA is an abbreviation for “California Uniform Transfers to Minors Act” and, as you surmise, it refers to gifts made to minors. Minors cannot own property in their own name, as the law… Read More »
Why Amending A Trust Isn’t Always A Simple Task
Q. My late wife and I set up a trust about 10 years ago, and now I want to change the Successor Trustee and remove a beneficiary. Is that a simple thing to do? A. Like so many things in life, it depends. Here are some of the considerations: Is It Amendable? Not all trusts… Read More »
What’s in the New Tax Law?
Q. I hear a lot about the new tax law that Congress passed and President Trump just signed, but I am unclear as to how it might affect me and my family. Can you give us a summary? A. Sure. While much of the new “Tax Cuts and Jobs Act” was designed to reduce the… Read More »
8 Questions to Ask Before Agreeing to Be Trustee
Q. A close friend asked me to be the Trustee of his trust in the event of his incapacity or death. While it is an honor to be asked, I wonder what questions I should ask before accepting? A. It is indeed an honor, as it means that your friend trusts your judgment and is… Read More »