Q. I hear that the federal estate tax may be repealed during this administration. If that happens, will trusts still be a useful estate planning device? A. In a word, yes. But remember, the federal estate tax now only kicks in if your estate is valued at more than $5.49 Million at death (2017). At… Read More »
Posts Categorized: Trust Administration
What Is a Life Estate Deed?
Q. My primary asset is my home, which I purchased about 40 years ago and now own free and clear. I would like to leave it to my children, 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 »
Administering a Trust: Who Is Entitled to Trust Information?
Q. My sister just passed away and had previously appointed me as trustee of her trust. She was estranged from one of her sons and left him nothing on purpose. However, I anticipate that he will demand a copy of the trust and information about her estate. Am I my legally obliged to share any… Read More »
New Law: Medi-Cal Dramatically Scales Back Estate Recovery
Q. My husband receives a Medi-Cal subsidy to help with his nursing home expense, and I have long worried about protecting our home from a later Medi-Cal “payback” claim. I heard there might be some changes coming. Do you know anything about this? A. Yes, indeed, there are big changes coming! Gov. Jerry Brown just signed… Read More »
What Is the Difference Between a Will and a Trust?
Q. What is the difference between a will and a trust? Some of my friends seem to use the terms to mean the same thing? A. Yes, many people do use the terms interchangeably, but in reality they are quite different, although they often work together to form a complete estate plan. A will is… 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 »
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 »
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 »