Despite the best intentions, many families have a difficult time being civil with one another after the death of a family member. For this reason, will contests and trust disputes are more common than you might think. When relatives disagree with how estate property is being distributed probate litigation is the likely result. Probate litigation is simply the proceeding that results when someone who has an interest in the estate property takes their dispute to the probate court to resolve. … [Read more...]
What Type of Trust Protects Assets?
Asset protection is one of many important goals for estate planning regardless of the amount of your assets. Being able to protect your assets from creditors and other liability sources can be very beneficial. Asset protection strategies are necessary if you want to preserve as much of your estate as you can for your heirs. That can only be accomplished if you properly protect your assets. Asset protection trusts are one method to consider.When Should Asset Protection Trusts be … [Read more...]
All You Need to Know About California’s Probate Mediation Process
You may not be aware, but many trust and estate disputes in California are resolved through mediation as opposed to being resolved in Superior Court. Probate mediation has many benefits including the opportunity for customized resolution, lower cost, and the chance to avoid the trial which is often unpredictable. If the parties can agree on mediation, the chances of success are usually pretty good. Here is what you need to know about the probation mediation process in California.What are the … [Read more...]
Los Angeles Medi-Cal Planning and the Child Caretaker Exception
Medi-Cal is a “payer of last resort” which means that all other sources of payment for an applicant’s medical care, must be exhausted before Medi-Cal will begin to pay for long-term care expenses. If you give away any of your property or assets shortly before applying, you may be ineligible for long-term care benefits for a five-year period after your application is accepted. In determining whether this penalty period applies to you, the Medicaid agency will scrutinize any transfers you made … [Read more...]
How to Preserve Your Legacy With Estate Planning
Despite the obvious benefits, many of the wealthiest families have not taken adequate steps to protect their estates and ensure that their wealth is passed down from one generation to the next. Even families of modest wealth can reap amazing benefits from appropriate estate planning. If you are concerned with how to preserve your legacy for generations to come, let our estate planning attorneys help you to prepare now.Understanding How to Preserve Your LegacyProper planning can certainly … [Read more...]
How Pet Trusts Can Protect Your Family Friend
Long Beach residents may be saddened to hear about the abuse and neglect of animals, but according to a recent article, a terrier-poodle mix named Chloe was found beaten and tied up in a trash bag, discarded in a dumpster in Long Beach. When she was rescued, she underwent a successful surgery to realign her fractured femur and implant a titanium plate to support her leg during recovery. Long Beach Animal Emergency officials stated that she will probably need two additional months of physical … [Read more...]
Can Any Trust Beneficiary Challenge a Trust in Los Angeles Probate Court?
Trust disputes, like will contests, are very common in probate court. Family members often disagree with how a loved one’s estate is distributed which leads to litigation in Los Angeles probate court. Two of the most common issues that drive families to Los Angeles Probate Court to settle their disputes are suspicion of fraudulent inducement or lack of mental capacity in executing an estate planning document. A recent case decided in California addresses whether a trust beneficiary had standing … [Read more...]
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more.Proposed Regulations Address … [Read more...]
Being Thankful and Sharing Your Blessings
Thanksgiving is a time for sharing. This article examines ways for giving effectively, both to loved ones or to charity. It examines the use of 529 plans and ABLE accounts for loved ones. It examines gifting of appreciated assets to charity and bunching charitable deductions for the most bang for the buck. Read on to learn more.Being Thankful and Sharing Your Blessings … [Read more...]
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]
