Since 2012, California courts have recognized a cause of action for non-family members who lose an inheritance due to wrongful interference by someone else. When someone interferes with another person’s estate plan — whether by fraud, duress, or some other means — and intentionally prevents another person from receiving an inheritance, it...
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The short answer is, “Yes.” The better question is: “Should they be acting in both capacities?”
Beneficiaries can, and often are, asked to be the Trustee, or successor Trustee, of a Trust. In cases of multiple beneficiaries, sometimes more than one beneficiary is asked to serve as Co- Trustees....
You have assumed the duties and responsibilities of a Trustee and are now hard at work, putting forth your best efforts to honor the wishes of the Decedent(s) and divine the needs of the beneficiaries.
Poorly Written Trusts
Trusts have become commonplace in the past generation....
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Every business owner exposes themselves to risk. One lawsuit or catastrophic event could wipe out a business, and if the business entity is not structured properly, wipe out a business owners person wealth as well. Fortunately, businesses have access to a wide range of insurance types to
protect them and their owners. Here...
One of the goals of estate planning is to avoid the costly and time-consuming Probate Court process. That is, the legal process undertaken by your heirs and beneficiaries to change the title of property held solely in your name into the name of another. Frequently you will hear laypeople (and some lawyers)...
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Being a Trustee, especially a successor Trustee to a family member, can be a thankless job. Sometimes people are not aware they have been chosen for this responsibility until after the death of a loved one who has named them as Trustee in a revocable trust. Perhaps the Trust was created years...
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If an estate contains assets solely titled in the Decedent’s name, those assets must first pass through the Probate Court process before they can be retitled in a beneficiary’s name. If a Will exists, the Probate Court tests the validity of that Will as an initial step in this process. This initial...
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Small businesses make up about half of the private sector employment in the United States. While the exact number fluctuates, there are roughly 40 million small business in the U.S. Sixty percent of the people who start small businesses are between the ages of 40-60. Our economy depends on small business owners,...
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What is Step-Up Basis?
When you sell an asset that has appreciated in value since you purchased it, there are tax consequences. More specifically, capital gains taxes are due. Capital gains are calculated on a cost basis. If the asset is a home, the cost basis is the price...
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Not everything goes as planned. We recommend clients revisit their estate plan every 3-5 years just to make sure their original plan still meets their goals. If you are undergoing a significant life change, like a separation or divorce, it is time to move up that timeline if you are not close...
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