Q. My husband was just diagnosed with Alzheimer’s, but still seems to be generally okay. Are there legal steps we should take by way of planning for the future? Yes. Once you or loved one has been diagnosed with Alzheimer’s, it is important to take action to get your affairs in order. Here is my… Read More »
Posts Categorized: Trust Administration
Fixing a Problem Trust After the Death of a Spouse
Q. My wife and I created a Living Trust back in the year 2001. We never thought to have it reviewed or updated. She recently died and I just re-read our trust. To my surprise, it requires that her half of our assets go something called a Bypass Trust and greatly limits my access to… Read More »
Plan for Trustee Succession
Q. I have a Living Trust. I am the original trustee and my children are the successor trustees. Do you have any thoughts about easing the transition of trustee duties from me to my children when the management of my finances has become too much for me? A. Yes. It is important for that transition… Read More »
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 »
What’s Involved in Administering a Trust?
Q. My mother recently died. Her home, bank accounts and other assets were held in a Living Trust. Her financial advisor said we should now see 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 »
Review Your Older Trust Now To Avoid A Tax Surprise Later
Q. 20 years ago, my husband and I created a Living Trust with provisions to avoid estate tax upon our passing. I believe it is called an A-B Trust. When my husband died four years later, my attorney helped me divide the trust assets between the A and the B portions. The problem: my CPA… Read More »
Considering Remarriage? Better Also Update Your Wills, Trusts
Q. My fiancé and I will soon marry. We both have our Wills and Trusts already set up as we wish, as we both have children from prior relationships and we each want our own assets to go to our own kids. Is it still necessary to update our Wills and Trusts? A. Yes! Unless… Read More »
Preserving Your Parent’s Low Property Tax on Trust Distribution After Prop. 19
Q. My mom owned her home for 25 years before she recently passed. Her trust leaves it 50-50 to my brother and me. I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that. Is there a way that we can do this without triggering a… Read More »
Settling a Small Estate Without Probate
Q.. My father recently died, leaving his home in a Living Trust. He also left several bank accounts, which together total about $100,000. Our problem: the accounts were never actually transferred into his trust. Is there a way to deal with them without going through probate? A. Yes, there is. And, by the way, your… Read More »
Should I Name All of My Children As Co-Trustees of My Trust?
Q. I am setting up a “Living Trust” and considering name all three of my children, together, as successor co-trustees. Do you have any thoughts as to whether that makes sense? A. Yes, I do. Your desire to treat all of your children equally, or at least not to appear to favor one over the… Read More »