You want to leave your adult children an inheritance or perhaps give them a large chunk of money while you're still alive. However, you don't want to risk having half or more of that money go to their spouses should they end up divorcing.
You're the trustee of a trust for a beneficiary who owes money to creditors. Can you be required to use assets in that trust to pay that beneficiary's debt? Under California law, you may be able to avoid having to do that. However, it depends in part on how the trust was established.
Developing an estate plan is essential to making sure that your wishes are carried out after your death regarding inheritances and donations to charity. It's also important for detailing your wishes should you become too incapacitated to speak for yourself.
Being named as the executor of someone's estate, or the trustee of a trust, can seem like an overwhelming responsibility. In order to avoid being overwhelmed, it is important to understand your duties as executor or trustee. While below are some of the basics concerning your new duties, the advice of legal counsel while managing an estate or a trust can be very beneficial.
Most of us have heard stories of young people who were left a considerable amount of money by their parents, and therefore never felt the drive to succeed on their own merits. Too often, it doesn't end well for them.
When many Californians create their estate plan, their attorney will recommend setting up a revocable living trust. There are a number of advantages to having this document, both for you, while you're still alive and well, and for your heirs and beneficiaries after you're gone.
Trusts are a key element of many people's estate plans. Often they are used to put money or other assets aside for a child or grandchild until they reach a certain age or other milestone.
After fans in California mourn the deaths of their favorite or most idolized celebrities, they often begin discussing the fate of those celebrities' estates. Unfortunately, most discussions concerning celebrity estate plans circle around the estates' deficiencies and, in some cases, squabbling families left in the throngs of probate. At first glance, it does not appear that David Bowie's recent death will incite any such distress among surviving family members. Most people believe that the singer and actor utilized at least one trust -- although likely more -- to ensure the smooth transition of his estate after his death.
There are many things to think about when designing an estate plan. Much of the focus in estate planning will be on making sure intended beneficiaries are taken care of in California. This may involve creating a trust for one's heirs. However, many times people will forget about their pets and do not realize that pet owners can create a trust for their pets that they may unexpectedly leave behind.
When couples marry, they are usually not concerned with financial matters at first. On the other hand, with their change from single to married status comes some potential tax advantages in California. However, tax advantages do not only apply while the married couple is alive, it also helps as far as administering an estate to beneficiaries in the future. Couples can do this through a smart trust administration strategy.