Q. I hear that there is a new California law which exempts some homes from the burden of probate. Do you know anything about this? A. Yes, and you heard correctly. Effective April 1 of this year, the new law, known as AB 2016, permits the passing of a decedent’s home valued up to $750K… Read More »
Posts Categorized: Probate
How To Settle Some Estates Without Probate
Q. My father recently died, leaving his home in a Living Trust. He also left several bank and brokerage accounts. Our problem: these financial accounts were never formally transferred into his trust. Is there a way to deal with them now without going through a full probate? A. Yes, there may very well be a… Read More »
What’s Involved in Administering a Trust?
Q. My father recently died. His home, bank accounts and other assets were held in a Living Trust. His financial advisor said we should now engage a lawyer to help with trust administration. What? I thought if you had a Living Trust that there was little or nothing to do following the death of the… Read More »
The Reading of the Will
Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin… Read More »
What Is a Life Estate Deed & When Might I Use One?
Q. My primary asset is my home, which I purchased about 35 years ago and now own free and clear. I would like to leave it to my son, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes,… Read More »
The Benefits of Probate: Homestead and Family Allowance
Q: My husband just passed away. He did not have a Will or Trust, and our home was his separate property from his prior marriage. His son is now anxious to sell the home in order to receive his inheritance share, but that would force me out of the home with nowhere to go. Do… Read More »
Can Beneficiaries Be Changed After Death?
Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very… Read More »
New Medi-Cal Rules Make It Easier To Qualify for Financial Assistance
Q. My mother will need care in a Nursing Home, but the cost is beyond our reach. I understand that Medi-Cal can help subsidize that cost if she were eligible for that financial assistance. I also heard that there are new rules now in place that may make it easier for her to qualify. Can… Read More »
Joint Tenancy vs Tenancy in Common: What’s The Difference?
Q. My brothers and I plan to buy a home together, and wonder whether we should take title to the home as joint tenants or as tenants-in-common. Can you explain the difference? A. Sure. There are distinct differences between these forms of ownership. The principal differences pertain to the equality of ownership and the right… Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to our home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leave everything to the other and then on to our children. Our son suggested that our wills may… Read More »