A loved one has recently passed, and you have been informed that you are named as the successor Trustee of their Trust, or the Personal Representative of their estate. Or perhaps you had a joint Trust with your significant other and you are now serving as the sole Trustee. You know you...
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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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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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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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There are a lot of misconceptions about how estate planning works. Here are a few fun facts to share at your next dinner party.
California is a community property state. California Family Code § 760 (2018) provides: “[e]xcept as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” This means all assets acquired or money earned by either...
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