Q. I would like to name my young grandchildren (ages 3–10 years) as beneficiaries of my estate and my life insurance. Is there anything I should know about this plan? A. Yes. Your wish to do so is commendable, but it is important to make a plan that does not involve leaving assets directly to… Read More »
Posts Categorized: Trusts
Can I Leave a Bequest In Perpetuity?
Q. My wife and I own a vacation cottage, and we were wondering whether there would be any problem if we left it to our descendants in perpetuity, in our trust? A. Yes, there would be a problem, at least if your cottage is located in California or in most (but not all) of the… Read More »
The 5 Parts Of A Good Estate Plan
Q. My wife and I would like to set up a basic estate plan. What are the essentials? A. Many people believe that if they have a will, their estate planning is complete. But, actually, there is much more to a good estate plan. A good plan should be designed to avoid probate, minimize estate… Read More »
When a ‘Last Will’ Is Not Enough
Q. My wife and I were wondering whether we would need more than a Last Will for each of us to cover what happens upon death. Is a Will usually enough? A. Good question. The simple answer is “No”. Usually more planning documents are necessary, or at least strongly advisable. While a Will is an… Read More »
Medi-Cal Myths Uncovered
Q. In talking with friends, I discovered a lot of misunderstanding about how the Medi-Cal program works if one needs help with the high cost of nursing home care. I wonder if you would clarify matters. A. Sure. I have also discovered much misunderstanding, even among care professionals. Here are the most common “myths” regarding the… Read More »
The Current Pandemic and Your Estate Planning Documents
Q. My wife and I signed our estate planning documents quite some time ago. In view of the current COVID-19 Pandemic, we wonder whether there are any revisions we should consider? A. Excellent question. The short answer is, “Yes”. Here are some specific suggestions relating to some important estate planning documents which you probably signed:… Read More »
Does Your Trust Contain A ‘Poison Pill’?
Q. In past 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? A. Great… 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 »
A Tax Savvy Alternative To Joint Tenancy: Community Property With Right of Survivorship
Q. My husband and I hold title to our home in joint tenancy. When we bought it years ago we were told that was the simplest way to avoid probate. However, I now hear that there may be tax advantages to holding title as community property. If so, is there a way to get the… 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 »