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 »
Posts Categorized: Estate Planning
Is an Out-Of-State Will Valid in California?
Q. Before relocating to California, my wife and I lived in Ohio where we signed wills. Are they now valid in California? A. If they were properly prepared and signed under the laws of Ohio, the short answer is “yes”. But, it would still be wise to have them reviewed — and perhaps revised —… Read More »
Inheritance While on Medi-Cal?
Q. My 86-year-old mother is in a nursing home and receives a Medi-Cal subsidy. We just learned that her brother died and left her $200,000 in his trust. Will the receipt of this inheritance bounce mom off of Medi-Cal? Is there anything we can do? A. The answer to your first question is easy: yes,… Read More »
How to Increase The Chance that Your Power Of Attorney Will Be Honored
Q. I have heard friends complain that their parent’s financial power of attorney was not honored by their bank. Is there a way to avoid this? A. Unfortunately, we hear that complaint from time to time. While there may be no way to draft a power of attorney that completely eliminate the risk that it… Read More »
Should We Sell Mom’s Home To Pay For Her Care?
Q. Our mother is in assisted living and may need to go into a nursing home soon. To raise money for her ongoing care, we are thinking of selling her home which is now vacant. Any thoughts as to whether that makes sense? A. Yes. In some cases, selling the home may be appropriate. However,… Read More »
New Transfer on Death Deed: An Alternative to a Living Trust?
Q. I hear that Governor Brown just signed a new law that makes it easier for a homeowner to transfer a home, on death, to his name beneficiaries without going through probate or creating a trust. Do you know more about this? A. Yes. The new law (AB 139) creates a Revocable Transfer on Death… Read More »
What Happens If a Die Without a Will?
Q. If I die without a will, do my assets go to the state? A. Generally, no. The state would be the last potential recipient, and then only if your successors or next of kin could not be located. Here is how your assets would be handled: Joint Tenancy Assets: Assets held in joint tenancy… Read More »
Protect Deceased Loved Ones from Identity Theft
Q. My father just died and I have been named as his executor. Are there steps I should take to protect against theft of his identity? A. Yes. As disturbing as it may seem, even the identity of the deceased is subject to identity theft.By one estimate, thieves steal the identities of more than 2… Read More »
When Should I Update My Trust?
Q. My wife and I have a Living Trust and related estate planning documents which were prepared some years ago. We were told that we should keep them current. Do you have any advice in terms of when it is time to update or revise them? A. When your trust was prepared, your attorney probably… Read More »
How to Distribute an Estate’s Personal Property Fairly
Q. Our father appointed me as executor of his estate, and I want to distribute his personal possessions among the four of us children in a way that is fair. Any suggestions as how I might do this? A. Yes. I assume by your question that your father did not leave any specific direction in… Read More »