Q. My mom owned her home for 25 years before she recently passed, and she held that in her trust. 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… Read More »
Posts Categorized: Trusts
May Someone with Dementia Sign a Will?
Q. My husband and I would like to make wills, but I am concerned because he has been diagnosed with early-stage dementia. Legally, can he still make a will? A. It depends, but very often the answer would be yes. Under the law, he must have what is called “testamentary capacity”. This means that at… Read More »
Planning Your Estate When Your Spouse Has Dementia
Q. My husband and I have put off doing our estate planning, and now he has dementia and his doctor is concerned about him signing legal documents. He is 5 years older than me and also has some other health issues. We have a home and some financial accounts, and all our assets are held… Read More »
Include Flexibility In 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 when needed. Any thoughts on how we can handle these concerns? A. Yes. With the ever-changing tax landscape, and… Read More »
Do I Need a Will If I Have a Trust?
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 »
Understanding 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 »
Does Your Older Trust Need An Update?
Q. My wife and I had our Living Trust prepared back in the year 2001. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. Yes, Indeed!. When you created your own trust, the estate tax exemption was much smaller than… 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 »
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 »