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answered on Jan 4, 2024
A revocation living trust is likely what you need. Additionally, it is recommended that you do a complete estate plan, including pour over wills, power of attorneys, healthcare directives, etc. You should have an attorney prepare all this for you. Most simple plans are very affordable and will... View More 
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answered on Jan 3, 2024
Choosing the right trust for your situation depends on various factors including your goals for estate planning, the nature of your assets, and family dynamics. For a married couple in their 50s with children, owning real estate and retirement accounts, a revocable living trust is often... View More
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answered on Jan 3, 2024
In California, when one spouse passes away and they co-own a revocable living trust, the home held in the trust may indeed receive a step-up in basis. This step-up refers to the readjustment of the value of an appreciated asset for tax purposes upon inheritance.
With a revocable trust, the... View More
The above question relates to my passing away.
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answered on Jan 2, 2024
In considering whether to make your revocable living trust the beneficiary of your 401k, or rolling it over into your wife's IRA, it's important to weigh the implications of each option. Designating a trust as a beneficiary can provide control over the distribution of assets and may be... View More
Age 50, not yet retired. Retirement account is a solo401k that holds real estate and/or other investments. Thanks
answered on Jan 2, 2024
A lawyer would need more facts to be able to answer that question. For example, are any of the children from previous relationships (not with your current spouse)? If so, it may not make sense to have a Disclaimer Trust where one spouse leaves all of their assets to the other spouse because the... View More
Age 50, not yet retired. Retirement account is a solo401k that holds real estate and/or other investments. Thanks
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answered on Jan 2, 2024
In California, for someone in your situation – married, owning real estate and other assets, with children and a retirement account like a solo 401k – a revocable living trust is often recommended. This type of trust allows you to maintain control over your assets while you're alive and... View More
I am Successor Trustee and sole beneficiary of the trust. I am trying to eliminate redundant paperwork and cost if possible.
answered on Dec 31, 2023
Most estate planning attorneys would say to set up the trust before you make the distributions so you can transfer the assets directly to the trust, rather than transfer them to your personal accounts and then move your personal accounts into the name of the trust. But there could be tax... View More
I am Successor Trustee and sole beneficiary of the trust. I am trying to eliminate redundant paperwork and cost if possible.
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answered on Dec 31, 2023
In California, when dealing with property in a family trust, it's important to consider both tax implications and estate planning goals. If you're the successor trustee and sole beneficiary, establishing your own trust before the transfer can offer several benefits. This approach allows... View More
My husband and I legally separated in California. The process had a stipulation in the property settlement that provided each with funds individually. He died in another state. Do my funds have to be part of probate or can I claim them through motion to claim surplus funds (funds were... View More
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answered on Dec 31, 2023
Under California law, if the stipulation in your property settlement explicitly granted you funds, these funds typically are considered separate from your late husband's estate. Therefore, they may not need to go through the probate process. It's important to review the specific terms of... View More
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answered on Dec 28, 2023
In California, you generally cannot directly go to the clerk's office and add your name to a deed for property you inherited via a trust or will without the involvement of the trustee or executor of the trust or the estate. When property is transferred through a trust or will, the legal... View More
answered on Dec 28, 2023
No. The deed must be signed by the person who currently has the right to the control the property. If the property is in the name of a trust, the currently serving Trustee is the only one who has the power to transfer the ownership. If the person who passed away did not have the property titled in... View More
Including is not chiffon his fiduciaries duties to myself and other beneficiaries in my mom's trust. He is now trying to evict us from our house, to which mom gave us all equal shares. (And no, there isn't any outstanding debts that need to be paid)
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answered on Dec 28, 2023
In an unlawful detainer case in California, whether to file an answer or a demurrer depends on the specific circumstances of your case. If you want to contest the eviction and assert defenses related to your mom's trust and fiduciary duties, it's generally advisable to file an answer... View More
Including is not chiffon his fiduciaries duties to myself and other beneficiaries in my mom's trust. He is now trying to evict us from our house, to which mom gave us all equal shares. (And no, there isn't any outstanding debts that need to be paid)
answered on Dec 28, 2023
It's difficult to answer your question without more information. Is the person trying to evict you the trustee? If not, that person would not have legal standing, which is the right to bring a lawsuit over a particular topic. If that's the case, it's likely a demurrer would be more... View More
Executor of my mom's trust, which I am beneficiary to, has been using his credit cards for expenses. And detailing and charging the trust all the interest charges being accrued. Can I somehow dispute these charges and get back into the trust??
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answered on Dec 28, 2023
Under California law, the executor of a trust is expected to manage the trust's assets responsibly and in the best interest of the beneficiaries. Ideally, the executor should use the trust's funds for expenses, rather than personal credit cards. If the executor is using personal credit... View More
The wife made no payments or contributions during the 6 year marriage. The house was 100% inherited during the marriage but there was a refinance due to owing half the value to a sibling after parents died. House was in a living trust and the money for buyout was deposited into the trust, so the... View More
answered on Dec 27, 2023
The community's interest in this property results from mortgage payments made DURING the marriage. The community acquires an interest in the property when the community makes the mortgage payments. If mortgage payments you made after you inherited the property, came from your earnings during... View More
The wife made no payments or contributions during the 6 year marriage. The house was 100% inherited during the marriage but there was a refinance due to owing half the value to a sibling after parents died. House was in a living trust and the money for buyout was deposited into the trust, so the... View More
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answered on Dec 26, 2023
In California, inheritance is typically considered separate property, even if acquired during the marriage. However, when the inherited property is refinanced and a spouse's name is added to the title, this can create a presumption of a gift to the marital community, potentially changing its... View More
My father owns a home that I have lived in for the past 30 years, he passed away in 2015 and I took care of my mother in the home until her passing in 2022. My father did not have a will, since my mom's passing last year my niece has tried to take the house from me. She filed an eviction on me... View More
answered on Dec 26, 2023
There are only two ways to transfer a house after someone passes away without a trust: (1) A Petition must be filed with the Probate Court and a judge issues a Judgment that says who will inherit the home; or (2) the deed to the home is a TOD -- transfer on death deed -- that says the name of the... View More
My father owns a home that I have lived in for the past 30 years, he passed away in 2015 and I took care of my mother in the home until her passing in 2022. My father did not have a will, since my mom's passing last year my niece has tried to take the house from me. She filed an eviction on me... View More
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answered on Dec 26, 2023
In California, when someone passes away without a will (intestate), the estate, including real property like a house, is distributed according to the state's intestacy laws. As your father's daughter and assuming there are no other surviving children or a spouse, you would typically be a... View More
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answered on Dec 25, 2023
In California, if you were evicted from a property where you are the sole beneficiary of a living trust, it's important to review the terms of the trust carefully. The trust document should outline your rights and any conditions related to the property. If your sister evicted you contrary to... View More
If I don't have money for a trust then is putting a deed beneficiary a good or bad idea? Good or bad ? Any advantages or disadvantages? If you cannot afford an attorney for a trust what to do ?
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answered on Dec 24, 2023
In California, if you have limited assets and a trust is not financially feasible, naming a beneficiary on a deed can be a viable option. This approach, often done through a transfer-on-death (TOD) deed, allows your property to pass directly to the designated beneficiary upon your death, bypassing... View More
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