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Questions Answered by Elroy Schneider

1 Answer | Asked in Estate Planning and Real Estate Law for California on

Q: I have 3 kids, I live with my boyfriend who I have one child with. What do I need to do for the house to go to my kids.

Elroy Schneider answered on Mar 30, 2017

You should make sure your boyfriend is not claiming any interest in the house. Should you get married, consider a prenuptial. To fully protect your kids you should set-up a trust and put the house on the trust. Should you pass away, your trustee can keep or sell the house for the benefit of... Read more »

1 Answer | Asked in Business Formation and Business Law for California on

Q: Can a 3rd party avoid/get out of a pre-incorporated company contract? Please explain. Thanks in advance! (Business Law)

Elroy Schneider answered on Mar 30, 2017

The answer depends on the language of the contract and if there was any consideration and what has happened to the corporation, if anything?

2 Answers | Asked in Estate Planning for California on

Q: If I put a house valued at $7.0M with a $4.0M mortgage into a bypass trust, is my heir subject to estate

tax on the amount above $5.49M or is it tax free as the asset is only worth $3.0m ($7.0 - $4.0M)?

Elroy Schneider answered on Mar 27, 2017

If the bypass trust was properly set up, there will be no estate tax regardless of the value.

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2 Answers | Asked in Estate Planning for California on

Q: when leaving a small fortune to a son, can one eliminate the wife from inheriting this money in case of his death?

what other steps can one take to assure that wife is not a beneficiary of his inheritance during his lifetime as well as if he should die before her?

Elroy Schneider answered on Mar 24, 2017

The only way to make sure your son does not give his inheritance to his wife, is to keep your gift in trust for his life and then on his death to his children when they are certain ages. If you just leave your estate outright to your son, you can’t put restrictions on the gift. Depending on the... Read more »

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1 Answer | Asked in Estate Planning and Consumer Law for California on

Q: How long does the beneficiary of a life ins. policy need to survive the insured to receive benefits from them?

My mom passed away 2 weeks after my grandma. Did my mom inherit her portion of the policy? If so, if my mom has no will, who will receive my mom's share?

Elroy Schneider answered on Mar 24, 2017

You will need to review the policy to see if there are any survivorship requirements. Usually there isn’t. Depending on the size of your mother’s estate, including the insurance proceeds, and if she owned real property, you may need to initiate a probate. Without a will, her spouse will... Read more »

2 Answers | Asked in Estate Planning for California on

Q: Are my nieces automatically entitled to an equal share of my dads estate?

For personal reasons my dad left my deceased sister and her two surviving adult children off of his will. My surviving sister / executor and I are listed as beneficiaries. A section in the will states (Deceased child with issue then living.) The will was drafted almost a year after my sister had... Read more »

Elroy Schneider answered on Mar 23, 2017

We would have to review the Will and correspondence between you and your sister in order to provide an opinion. We would also want to know the nature of the estate’s assets. If there is any real property that was just in the name of the decedent, there will have to be a probate.

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