When you use a trust, you bypass probate, a lengthy legal process that validates your will, and you leave precise, legally binding instructions for how to distribute and potentially maintain your assets. Have a beneficiary with special needs who’s ill equipped to manage the inheritance? Bequeathing complex assets that require ongoing attention after you’re gone?…
Guns can be transferred to intended beneficiaries through a special purpose trust. The special purpose Gun Trust will contain the applicable state and federal statutes governing firearm possession and ownership to protect not only the Successor Trustee but also the beneficiaries from liability for possessing a firearm which state or federal law would not otherwise…
Establishing your estate plan including a Living Trust is merely the first step in avoiding probate and allocating your assets to your loved ones on your death. Trust maintenance must follow to fund the Trust with change in assets, life changing events (death, divorce, inheritance, etc.), and occasional changes in law. The most recent change…
California law (Probate Code Section 15212) provides for the ability to leave your assets for the benefit of your animal(s). The following are the key issues that must be addressed when drafting a valid Pet Trust: Definition of the animal(s) covered under the Trust; Caretaker for the animal(s) who is left with detailed instructions and…
What is a Heggstad Petition? Drafting a trust and funding it (changing title to your assets to the name of your trust) is a multi-step process. If a person fails to fund or title his/her property in the name of the trust during his/her lifetime the “Heggstad Petition” (named after a decedent in the case)…
Your trust likely has an investment standard — a prudent person or a prudent investor standard. But what are the differences between the two? See below. Prudent Person Standard A prudent person standard means your successor trustee needs to invest your assets prudently. In other words, your successor trustee cannot invest in assets that are…
More and more clients are coming to us owning cryptocurrency. Cryptocurrency is a unique asset and how to handle this asset is unique as well. Cryptocurrency isn’t a common asset left in an estate like a bank account, and many people are unfamiliar with digital currency. By leaving a detailed guide on how to access…
In California, a limited partnership is formed by filing a Certificate of Limited Partnership (the “Certificate”) with the Secretary of State. The Certificate must include certain information, including a name, the street address of the initial office, the name of the initial agent for service of process, the name and address of each general partner,…
Have you wondered what the federal landscape of estate tax has looked like over the last twenty years? It is helpful to have an understanding of current law and future changes in the law when planning your estate. Please get in touch with us if you have any questions about estate tax and how your…
The United States Supreme Court legalized same-sex marriage in 2015. Prior to the landmark decision in Obergefell v. Hodges, some states were allowed to deny marriage licenses and spousal benefits to same-sex couples. Now, all states are required to issue licenses and recognize legal marriages of all couples. Benefits include federal income tax benefits, retirement…
