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28 06, 2016

A Trustee’s Responsibilities Administering a California Living Trust

By | June 28th, 2016|Estate Planning|Comments Off on A Trustee’s Responsibilities Administering a California Living Trust

Our estate planning clients often have a lot of questions about their obligations as a trustee of their living trust. Where the acting trustee is also the creator or “grantor”[1] of the trust, the trustee typically has plenary power to act on behalf of the trust and may amend or even revoke the trust in [...]

5 01, 2016

Estate Planning: Choosing Per Stirpes or Per Capita Distributions

By | January 5th, 2016|Asset Protection, Estate Planning, living trust, Wills and Trusts|Comments Off on Estate Planning: Choosing Per Stirpes or Per Capita Distributions

Per Stirpes or Per Capita Distributions While Latin may be a dead language, it remains relevant to estate planning lawyers and their clients when choosing how to prepare for the distribution of an estate through a will or living trust. “Per Stirpes” literally means “by roots or stocks; by representation” and is used interchangeably with [...]

21 12, 2015

Benefits of a Financial Power of Attorney

By | December 21st, 2015|Asset Protection, Estate Planning, Succession Planning|Comments Off on Benefits of a Financial Power of Attorney

Introduction Many of our estate planning clients have heard about a Financial Power of Attorney but are not clear as to why they should have one or how they might benefit from having this legal document. At the outset, it is important to consider, “Who takes care of my financial interests if I become incapacitated [...]

9 11, 2015

Is a Testamentary Bypass Trust Right for Me?

By | November 9th, 2015|Asset Protection, Business Contracts, Estate Planning, Wills and Trusts|Comments Off on Is a Testamentary Bypass Trust Right for Me?

Introduction Whether you are a business owner reflecting on your succession planning needs, or an individual who has amassed significant assets from sources other than a business, if you are married, a testamentary bypass trust should be considered in your estate planning process. What is a Bypass Trust? A bypass trust is a type of irrevocable trust and is [...]

7 07, 2015

How do I Transfer Property to My Living Trust?

By | July 7th, 2015|Business Law, Estate Planning, Succession Planning|Comments Off on How do I Transfer Property to My Living Trust?

Now that you have made the initial decision to have a living trust prepared, you might be asking "How Do I Transfer Property to my Living Trust"? It is first important to understand that a trust itself is not a legal entity that can hold assets like a corporation. Instead, a trust is a contractual agreement [...]

1 04, 2015

What is a Trustee?

By | April 1st, 2015|Estate Planning, Wills and Trusts|Comments Off on What is a Trustee?

WHAT IS A TRUSTEE? A trustee is the designated manager of a trust, and in this capacity, holds title to all the assets of the trust. These assets may include real estate, a portfolio of stocks, bonds and similar instruments, a closely held business, coin and art collections or any number of assets.A trustee can [...]

27 03, 2015

What Is Estate Planning?

By | March 27th, 2015|Estate Planning|Comments Off on What Is Estate Planning?

Estate planning is vital so that all of your assets are managed and taxes and court costs reduced during your lifetime and upon or after your death. The good news is you do not need to be sick or dying to start estate planning. In fact, many people initiate the process at a relatively young [...]

27 03, 2015

Do I Need a Will or a Trust?

By | March 27th, 2015|Asset Protection, Estate Planning|Comments Off on Do I Need a Will or a Trust?

Trusts and wills accomplish the same goal in a different time frame. Wills transfer ownership of property and finances to beneficiaries when the owner dies. Trusts transfer ownership of property and finances to the trust while the trust creator is still alive. Using a will, assets belong to the owner up until the moment of [...]

9 03, 2015

What Is Probate?

By | March 9th, 2015|Estate Planning|Comments Off on What Is Probate?

Probate is the legal process used to determine the disposition of a person’s assets upon his or her death. California’s Probate Code is not overly complex, and there are streamlined processes for estates valued under $150,000. However, estates valued at more than $150,000 and not held in joint tenancy or as survivorship community property require [...]

6 02, 2015

What is a Living Trust?

By | February 6th, 2015|Estate Planning|Comments Off on What is a Living Trust?

A living trust, as defined by West's Encyclopedia of American Law, Edition 2, is “a property right, held by one party for the benefit of another, that becomes effective during the lifetime of the creator and is, therefore, in existence upon his or her death.” Living trusts contrast with testamentary trusts that take effect only [...]