Q. My mom owned her home for 35 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 »
Posts Categorized: Trust Administration
Is Your Trust HIPAA Compliant?
Q: I heard on a radio program that Living Trusts should be HIPAA compliant, but I didn’t quite catch the full comment. Can you shed any light on this? A. Sure. Most trusts and powers of attorney contain provisions which call for a change in trustee or agent when the maker of these instruments becomes… Read More »
Handling Legal Affairs When Your Spouse Can’t Sign
Q. My husband suffers from dementia and we have significant expenses for care in the home. In order to help with these expenses, I’ve been thinking about selling our vacation property which we no longer use or cashing in one of his annuities. I would also like to set up a Living Trust and make… Read More »
Don’t Unwind Your Trust by Mistake
Q. My father had a Living Trust which originally held title to his house. He recently died and when we went to handle his affairs, we discovered that the home was no longer in his trust. It seems that he took it out of his trust when he refinanced his home some years back. I… Read More »
Plan Now 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 »
Does My Trust Contain A ‘Poison Pill’ ?
Q. In previous articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification down the… Read More »
If I Have a Trust, Do I Also Need a Will?
Q: I have a Living Trust, prepared some time ago. I recently heard that it was a good idea to also have a Will. However, I thought the trust took the place of a will. Can you clarify this? A. Sure. Attorneys who prepare trusts generally also prepare a backup will to coordinate with the… 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 »
Has the Bypass Trust Gone The Way of the Dinosaur?
Q. My wife and I had our Living Trust prepared about 8 years ago. I hear there’s a new tax law which just went into effect. Is it time to have our trust reviewed? A. You refer to the recently enacted “American Taxpayer Relief Act,” which has permanently enlarged the estate tax exemption to $5,250,000… Read More »
Preserving Your Low Property Tax For Your Children
Q. My wife and I have owned our home, and a rental duplex, for approximately 20 years and have a low assessed value on each. We would like to preserve the low property tax rate for our son. If we pass it to him by gift or by inheritance, would either transfer trigger reassessment and… Read More »