I have previously blogged and responded to Frequently Asked Questions about the need to periodically review your estate (FAQ: I Already Have an Estate Plan, so I am Good, Right?) and business plans (Blog: December 25, 2019, End of Year Checklist For Your Business.). So, what would be more appropriate...
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It’s been my experience that estate Beneficiaries can be a little too passive. When a loved one passes, likely a family member or close friend has been named the Personal Representative of the Estate, and/or Trustee of the Family Trust. That person is likely grieving as well. Maybe they have no idea...
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The Heggstad Petition. Otherwise know as the “I forgot to fund my Trust Petition.” If you have an estate plan that includes a Trust, hopefully you know what I am talking about. If not. This article is for you. If you don’t yet have an estate plan, this might be a good...
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Like many of you, our family will be celebrating Thanksgiving by Zoom this year. My older brother and younger sister both live in the D.C. area, and my parents have recently all but moved there to help out the raising the next generation of Cashmans. While we typically all meet at my...
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There are winners and loser in every piece of legislation. On this past election day, a slim majority of California voters passed Proposition 19. The winners: firefighters who will receive funds from the projected new tax revenue; and wildfire victims, severely disabled, and homeowners over 55 who wish to move within California....
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Sometimes the administration of an estate can be done without the assistance of legal counsel. What? Did a lawyer just tell me not to hire him? Easy now, we like happy clients. If the assets in the estate are not complex and you have the time and energy to focus on your...
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One of the most common estate planning questions is whether the creation, or more specifically, the funding, of a Trust creates an additional tax filing requirement. In other words, once I fund the Trust with assets, and those assets create income during the tax year, do I need to file an income...
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In a previous blog, we discussed a situation where a Will and a Trust have inconsistent terms regarding who would receive property, and which of these documents would control, and why. In another blog article, we addressed what would happen if a Beneficiary passed away before the person who wrote...
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It’s not unusual for a person to pass and leave behind some unpaid debt or on-going financial obligations. If a loved one passes and his/her estate plan does not include a Trust, their financial affairs will be sorted out through the Probate Court process. The Probate Court will oversee the administration of...
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Trustees have a duty to defend the Trust in actions and lawsuits filed against it (Cal. Prob. Code § 16011; Hawaii Revised Statutes 554A-3). State Trust law also recognizes no contest clauses in Trusts that disinherit beneficiaries who unsuccessfully challenge the Trust. (Hawaii Revised Statutes 560:3-905; Cal. Prob....
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