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Estate Planning Blog
Posted on Jan 31, 2023
A Trust is a legal document that allows you to transfer ownership of your assets to a Trustee, who then holds and manages those assets for the benefit of the Trust’s beneficiaries. One of the ...
Continue reading "How do Trust assets avoid probate court?" »
Posted on Jan 10, 2022
Decanting an irrevocable trust ? California’s trust decanting statute allows for the transfer of trust assets from one trust to another. This process, known as “decanting” (think of ...
Continue reading "What is decanting? Can I decant my irrevocable California Trust?" »
Posted on Jul 27, 2020
Short answer : No. Long answer : You may create an unfunded Trust for your kids at any time, with or without your spouse's knowledge. Note the word " unfunded ". When a CA resident files ...
Continue reading "I am getting divorced. Can I set up a Trust for my kids without my spouse's knowledge?" »
Posted on Feb 5, 2019
This common #EstatePlanningMistake is another example of why we encourage our clients to make their passwords accessible (digitally, or on real paper) to the Executor of their Will, or the Trustee of ...
Continue reading "Does This $190 Million Cryptocurrency Mistake Make You Cringe?" »
Posted on Aug 23, 2018
Yes. According to court records filed this week by her family, the Queen of Soul joins the long list of celebrities (think of Prince, Sonny Bono, Jimi Hendrix) with no written Will or estate plan. ...
Continue reading "Did Aretha Franklin Die Without a Will?" »
Posted on Oct 27, 2017
California courts have long grappled with this issue -- when a California senior dies with joint bank account, who does the money belong to? Is it the decedent's estate, or the surviving joint ...
Continue reading "When a CA senior with a joint bank account dies, do the funds belong to the decedent's estate or the co-signer?" »
Posted on May 25, 2016
In California, probably not. It's fairly common for a person to want to leave an inheritance to someone, "but not if he or she is still married to that monster." A gift conditioned on ...
Continue reading "Can my Will leave a gift to someone on the condition that he or she get divorced?" »
Posted on May 9, 2014
Yes. According to her attorney, Mickey Rooney's widow just filed a contest of her late husband's Will, in the probate department of the Los Angeles Superior Court. The complete story can be ...
Continue reading "Did Mickey Rooney's widow really contest her late husband's Will?" »
Posted on Feb 7, 2014
Applying for a federal Employer Identification Number (EIN) or Tax Identification Number (TIN) is a free service offered by the Internal Revenue Service. Beware of websites that charge for this free ...
Continue reading "How can I obtain a Federal Tax ID Number (TIN or EIN) for a Trust?" »
Posted on Jan 31, 2014
In its most recent ruling about wills and trusts, the California Supreme Court in Donkin v. Donkin (December 26, 2013) ruled that a challenge to a Trust does not trigger the Trust's ...
Continue reading "California Supreme Court determines No-Contest Clause Unenforceable" »
Posted on Jan 24, 2014
The short answer? Yes (for some estates without a filing requirement). The slightly longer answer? The IRS recently issued Revenue Procedure 2014-18 which: "...provides a simplified method for ...
Continue reading "Will the IRS give me an extension of time to file my portability election?" »
Posted on Jan 17, 2014
No. Only a decedent's Will may be lodged with the Superior Court ( California Probate Code §8200 ). If you're still alive, the court will reject the document for filing. You're better ...
Continue reading "May I lodge my original Will with the Court for safekeeping?" »
Posted on Jan 10, 2014
According to California Probate Code §8200, the custodian of the original Will must, within 30 days after having knowledge of the death of the testator (that's the person who wrote the Will), ...
Continue reading "What should I do with the decedent's original Will?" »
Posted on Jan 3, 2014
The untimely deaths of some celebrities ( Paul Walker, James Gandolfini and Cory Monteith, to name a few) in 2013 underscore the need to create your estate plan now. So is one of your 2014 resolutions ...
Continue reading "Do your New Year's resolutions include estate planning?" »
Posted on Dec 17, 2013
Dear Clients and Friends, Effective today, Tuesday, December 17, 2013, we've officially moved offices to our new location at The Ridge in Agoura Hills: Stephens Law Group 30200 Agoura Road, Suite ...
Continue reading "We're Moving" »
Posted on Dec 9, 2013
If the Trustee of a California Trust fails to send the required Notification by Trustee (also called a California Probate Code §16061.7 Notice ), or fails to properly serve the Notice on its ...
Continue reading "I'm a Trustee? What happens if I don't send a §16061.7 notice?" »
Posted on Dec 6, 2013
In most cases, California Probate Code §16061.7 requires that the Trustee send the Notification by Trustee within 60 days of the triggering event (usually the death of the Trust's Settlor). ...
Continue reading "I'm a Trustee. How may days before I have to send the §16061.7 notice?" »
Posted on Dec 4, 2013
When the Trustee of a Trust is required to send a §16061.7 Notice (also called " Notification by Trustee "), according to California Probate Code §16061.7(g), it must include 5 ...
Continue reading "What information must a §16061.7 notice contain?" »
Posted on Nov 27, 2013
Under Section 16061.7 of the California Probate Code, certain Trustees are required to send a legal notice to the Trust's beneficiaries and other interested parties. In estate planning law, this ...
Continue reading "What is a §16061.7 notice?" »
Posted on Nov 19, 2013
A good question. And the answer is quite simple. As used in estate planning law, the terms " Settlor ", " Trustor " and " Trustmaker " are all interchangeable. They all ...
Continue reading "What's the difference between a Settlor, Trustor, and Trustmaker?" »
Posted on Nov 14, 2013
Another good question from many of our California clients; and here's the answer: http://www.calbar.ca.gov/Public/Pamphlets/Seniors.aspx Seniors & the Law — A Guide for Maturing ...
Continue reading "Where can I get a free copy of "Seniors and the Law"?" »
Posted on Nov 11, 2013
A " Pour-over Will " is one that leaves your otherwise probatable assets to your Trust. But rarely will you see the words "Pour" or "Over" in the title of your Pour-Over ...
Continue reading "Is my Will a "Pour-Over" Will?" »
Posted on Nov 7, 2013
The IRS recently published Rev. Proc. 2013-35, which sets the inflation-adjusted exclusion amounts for 2014, for estate taxes and gift taxes. Estate Tax Exclusion Amount : For an estate of any ...
Continue reading "What are the inflation-adjusted 2014 estate and gift tax exclusion amounts?" »
Posted on Nov 4, 2013
The IRS recently released its new Form 706, U.S. Estate Tax Return, here: http://www.irs.gov/pub/irs-pdf/f706.pdf Thanks to the American Taxpayer Relief Act of 2012 (ATRA), and its new $5.25 million ...
Continue reading ""Portability" - what's that got to do with the new 2013 IRS Estate Tax Return?" »
Posted on Nov 1, 2013
We get this question a lot. And the California State Bar Foundation (one of our favorite providers of free, easy-to-read consumer guides on many legal subjects) does a good job providing the answer: ...
Continue reading "Do I need a Living Trust?" »
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