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Children turn 18, and all of a sudden, with a snap of a finger, they are Adults, for all legal intents and purposes. Some of those young adults stand to inherit millions in the way of real estate, financial assets, and life insurance death benefits. But are they able to manage a substantial inher...

When it comes to living trusts, it is not easy for a layperson to distinguish a robust, well-written trust document from a mediocre one. There is the misconception that “I don't have much, therefore I only need a “simple” trust.” The opposite is true: a trust should contain essential provisions t...

Admittedly, this time of year (i.e., March-April), no one wants to think about anything other than Tax Season. The 1099s are in, the expenses are accounted for, and the checks to IRS/FTB hare sent out. So now what? What lessons can we learn and how can we be better protected for next year? One su...

The “Recession” buzz is all around us. One of the worst things that can happen during a recession is to lose a loved one and to actually inherit from their estate through probate. The lessons of 2008-2010 remind us that, during a recession time, not only property values decline, but when you add ...

Unmarried couples who live together as a family unit are often referred to as a “non-traditional” couple. The reality is that more and more people choose to cohabit together as a family, even have children, without formally tying the knot. Because the State of California does not have “common law...

Peace of Mind – is the feeling you get once the final signatures and notary stamps are placed on your living Trust, your Will, and your Powers of Attorney. Planning for incapacity and death is a hard reality, but what is the alternative – regret, and Court process – with its high fees, delays, in...

It is common knowledge that if one dies without any estate planning (will or trust), their heirs would be able to inherit outright if they are over the age of majority – age 18. But, most agree that 18-year-olds may not be fully capable of managing financial assets and/or real estate. Placing a T...

When planning for the future, many people forget an essential step in the process. When one dies, many factors come into play immediately. Take care to make good decisions in estate planning so heirs are not left stressed and in trouble. These decisions can have long-lasting effects and should in...

Effective on January 1, 2018, the federal Tax Cuts and Jobs Act substantially changed estate tax laws. Among other things, the Act increased the estate tax exemptions to $11.2 million per individual ($22.4 million for a family), which may significantly impact existing estate plans. This means tha...

Estate Tax Exemptions and Estate Tax. Despite much discussion, the Estate Tax is not repealed. However, the Act increased the Exclusion amount for Estate Tax, Gift Tax and Generation-Skipping Tax from $5,490,000 per person in 2017, to $11,200,000 per individual (or, $22,400,000 for a marr...

There is no DO-OVER after Incapacity or Death What happens after the creators of a Trust (a.k.a. the Settlors) approach a point in time when their doctor detects signs of dementia? How long is it before they could be facing testamentary incapacity? Where is the point in time beyond which they can...

“That's Not What He Really Wanted” – a Beneficiary's Famous First Words Estate administration can be so traumatic. Here is a typical scenario: Parent sets up a trust, then lets it sit in a drawer for twenty years, and completely forgets “who gets what” per the terms of that trust. Meanwhile, on e...

One can argue about the practical application in the life of learning about meiosis and mitosis, compared to “Wealth Management and Estate Planning 101.” While the former is needed as a means of “mental gymnastics” required for developing the adolescent brain, there is also a strong argument that...

Estate Planning is one of these tasks that often fall under “discretionary spending,” and because it has the stigma of having to contemplate your own death, it often drops to the bottom of the to-do list. Many families learn the hard way that failure to plan timely, or failure to keep the plan cu...

Managing your digital afterlife has become a very relevant trend; even the CA legislator is taking great interest in it. CA Assembly Bill AB-691 entitled, “Revised Uniform Fiduciary Access to Digital Assets Act” is expected to soon be enacted into law, and it provides guidance on settling one's d...

It is already a settled practice in the Financial Industry that human advisors let automate small accounts and routine back-office tasks so that client engagement can be the main focus. But when it comes to planning your estate, Robo-Planning is a bad idea even for the simplest of estates. There ...

It is difficult to estimate with certainty how much it will cost to settle one's estates or how quickly expenses and taxes must be paid. Insufficiency of cash can be created by a number of expenses, such as: federal and state taxes, probate or trust administration costs and attorneys' fees, credi...

While owning property in joint tenancy does avoid probate, this estate planning method comes with certain negative tax consequences. Transfers in joint tenancy expose those assets to the joint tenant's debts and creditors, creates a gift tax liability when granted to a non-spouse, disinherit chil...

Estate Planning During a Pending Divorce To protect the rights of each spouse during a dissolution or legal separation, and to preserve the financial status quo, Family Code § 2040 imposes Automatic Temporary Restraining Orders (known as ATROs) on both parties which come into effect the moment a ...