Estate Planning

When someone passes away, the property making up their estate will be distributed to their heirs and beneficiaries. Typically, the estate is required to go through probate in order to be distributed. This will involve many steps such as proving a will, if there is one, locating the property and creating an inventory, appraising property as necessary, paying the debts and taxes of the estate, and finally distributing the property that remains. These are primarily the executor duties. Here is what … [Read more...] about Understanding Your Executor Duties

If you are considering drafting your own will there are a few things you should consider. Certainly, do-it-yourself estate planning products, like an online will or power of attorney, are easy to come by. But, a cheaper, computer generated online will cannot compare to a professional drafted legal document. Even if the online will you purchase seems professional, there are always certain risks in using DIY products. The primary risk is that the online will may not work the way you expect it to, … [Read more...] about The Risks of Using an Online Will

A lawsuit alleging negligence and wrongful death against a Studio City Fitness gym, on Ventura Boulevard has been settled. In a tragic turn of events, the father of the plaintiffs was working out at the gym with his personal trainer when he had a heart attack. The problem is, as the case alleged, the trainer failed to take proper action to save him. Furthermore, the gym may not have had an AED (automatic external defibrillator) as required by law. These types of unexpected deaths shine light on … [Read more...] about Wrongful Death Lawsuit Settled Against Studio City Fitness Gym in Los Angeles

A trust is essentially an agreement based on trust and confidence.  The agreement is made between the person who creates the trust (the grantor) and the trustee who will manage the trust.  The agreement itself will give the trustee the authority to manage the property in the trust and then distribute that property to the beneficiaries when the time comes.  All transactions are to be conducted pursuant to the terms of the trust document.  A spendthrift trust is just a specific type of trust.  … [Read more...] about Understanding the Purpose of a Spendthrift Trust

It may be surprising how often people confuse a living will with a last will and testament or a living trust.  Living wills are often used as a type of healthcare directive. More specifically, a living will is used to provide specific instructions regarding the type of medical treatment you agree to receive or want to refuse if you should ever become critically ill.  Living wills include Do Not Resuscitate orders or DNRs.  Here is what you should know about using a living will as a healthcare … [Read more...] about Using a Living Will as a Healthcare Directive

An irrevocable trust is an important estate planning tool which is typically used to provide long-term asset management.  The assets that are included in the trust are permanently transferred into the trust and this transfer of ownership cannot be revoked.  There are different types of irrevocable trusts, but all of them require the person who creates the trust to relinquish their control and ownership of the trust property.  Some states, including California, allow for certain limited … [Read more...] about 7 Common Questions about an Irrevocable Trust

There are a few things that the executor of a will should know. There are several different types of wills. Nevertheless, all wills are required to meet certain standards in order to be considered valid in a court of law. The person making the will, or the testator, must be at least 18 years of age and of "sound mind." That basically means they must have legal capacity to create a will. The testator needs to select an executor to manage the will, explain how the property should be distributed … [Read more...] about What the Executor of a Will Should Know about Wills

With a trust agreement, your property is transferred to the name of the trust to ultimately be transferred to the named beneficiary upon your death. The trustee is the person who manages the property until that time. One benefit of a trust is that the assets included in the trust will be able to avoid the probate process. There are different types of trusts. A testamentary trust, unlike a living trust, does not go into effect until the grantor (the person who made the trust) dies. Here is what … [Read more...] about All You Need to Know about a Testamentary Trust

A family limited partnership can be used to give parents the power to retain management and control over the assets of a family business, while allowing them to gift the value of these assets to their children. This particular type of business structure can be particularly beneficial to small businesses and families who own substantial real estate they want to keep in the family for future generations. Starting a business is can be an enormous achievement for families, however maintaining … [Read more...] about The Benefits of a Family Limited Partnership

There are many legal issues that seniors face in higher proportion than other citizens.  These issues have also become more complicated in many ways.  Changes in Medi-Cal laws and an increase in nursing home care needs among seniors, among other issues, made elder law attorneys more popular.  You may be wondering why you would need a Los Angeles elder law attorney.  If you are looking for legal help for seniors, here are a few things to consider. What does an elder law attorney do? An elder … [Read more...] about Elder Law Attorneys Provide Legal Help for Seniors