On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, April 22, 2019. California residents and others may not like thinking about their own mortality. However, estate planning is an important way to ensure that loved ones are taken care of after a person passes. Typically, individuals use a will or a trust to distribute assets, and both can do a good job of meeting a person's needs. Prior to deciding which one to use, it is important...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Thursday, April 18, 2019. As California fans of Prince continue to mourn his death, his heirs have petitioned a court to reduce Comerica Bank & Trust's role as estate administrator. The late singer and songwriter's siblings claim in their legal filings that Comerica has collected $10 million in fees from the estate while spending $45 million on probate expenses. Additionally, the estate...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Wednesday, April 17, 2019. Successfully carrying out the task of closing a deceased family member's estate may require an executor to probate the will, secure assets, notify beneficiaries and more. California residents who have done this job have benefited from working with attorneys, accountants and financial and insurance advisors. Unfortunately, executors often make mistakes that can...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Thursday, April 11, 2019. California residents who are developing their estate plans should make sure to address what should happen with their personal items, some of which may be valuable. When doing so, there are some issues they may want to keep in mind. Personal property items can easily become forgotten or lost. They may be set aside in storage, placed in the attic of a home that i...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Tuesday, April 9, 2019. The Tax Cuts and Jobs Act significantly raised the federal estate tax exemption. For the executor of an estate in California to know if an estate has exceeded this exemption, the person must calculate the gross estate of the decedent. Estates with values above the exemption will need to complete form 706 for the Internal Revenue Service. If any estate taxes are o...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, April 8, 2019. Those in California who follow politics or pop culture may have heard about the recent passing of Lee Radziwill. While many people mourn her death, her estate plan was designed to make it easier to respect her final wishes. She had a will that was probated in New York as well as a revocable trust. Her assets were transferred into the trust when she passed away. Typi...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Friday, April 5, 2019. Parents of special needs children in California often turn to trusts to provide funds and security for their kids. Eligibility for government benefits often factors into these decisions because many people want to ensure that their children remain eligible for government programs. Frequently, trusts solve this problem because they can set aside money to help a speci...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Thursday, April 4, 2019. California hip-hop fans may be aware of some of the trust and estate planning issues that have arisen after the death of some hip-hop artists. For example, XXXTentacion created a trust and a last will and testament in 2017. He was murdered a few months later, in June 2018. He made his brothers and mother his beneficiaries, but there was a rumor that an ex-girlfrie...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Monday, March 25, 2019. After people pass away in California, there are still a number of tax tasks and obligations related to their estate, which includes all of the assets owned by a person at the time of death. This includes real estate, bank accounts, securities, overseas properties and even gifts made during a person's lifetime. In addition, there are other types of property that a...
On behalf of The Elder and Disability Law Firm, APC on Saturday, March 23, 2019. Protecting your assets as you age and for the people you love after you die is complex. There is no single solution that works in every scenario. Depending on your age, the kinds of assets you own, and your legal and medical situation, a variety of solutions can offer you financial and legal protections.For many people in a broad range of familial circumstances, the creation of a trust can be a great w...
