Proposition 19 Brings Big Change to California Estate Plans The November election ballot included a couple of proposed California measures affecting how property was assessed and taxed in California. The one that passed was Proposition 19, and its impact will affect most California estates and trusts more than voters were likely aware. Under current law, […]
Consider a “Restatement”
Consider a Restatement – Updating Your Trust When a client executes an estate plan, the idea is that the plan is perfectly tailored to suit the client’s needs at that moment and for the foreseeable future. However, for better or worse, the only real constant in life (I suppose in addition to death and taxes) […]
Estate Planning and the SECURE ACT
How does the new SECURE Act impact my Estate Plan? On January 1, 2020, the SECURE Act (“the Act”) became law and some of the provisions of this Act could have a very real effect on your estate plan. Specifically, it brings significant changes to the transfer and taxation of your retirement plans after death. […]
My Trust, My House, and My Mortgage
When I transfer my residence into the name of my trust, how will it affect my mortgage? If you take a look at your mortgage paperwork, you may notice a clause stating that if your property is sold or otherwise transferred during the term of the mortgage the entire principal balance will become immediately due. […]
The Ultimate Estate Checklist
Recently I created a new worksheet. No two estates are alike. It’s pretty much impossible to identify every talking point or action item for every conceivable situation. But I feel that it’s a pretty comprehensive list of considerations to properly plan the majority of estates.In this blog post, I want to highlight the section of the […]
Winter Break Special
Winter Break is here, and the college kids are coming home for Christmas. If last month’s blog post resonated with you, and you and your kids have concerns that you will lack the ability to make decisions for them if they are injured or fall ill and become unable to make decisions for themselves or […]
Minors, Adults and Capacity
On November 6 my oldest nephew turned 18 years old. By law he is officially an adult, able to vote and to open an IRA. From the standpoint of basic rights, there is very little difference between him and me (except for a curfew). This includes the right to sign contracts, to manage our own […]
Protecting Your Minor Children With a Revocable Trust
Estate planning has many key objectives, but in my opinion, the most important of them all is the protection of vulnerable beneficiaries – especially minor children. I have met with and personally know many of young parents who are homeowners who have some savings, retirement and a term life insurance policy, and yet have not […]
The Revocable Transfer on Death Deed- Analysis of California AB 139
Effective as of January 1, 2016, the State of California now allows the use of a revocable transfer on death deed (“TOD deed”) to convey an individual’s interest in certain real property to specifically named beneficiaries upon the individual’s death without the need for formal probate proceedings. The legislative purpose behind this bill is essentially […]
Gov. Brown Approves California Assembly Bill ABX2-15, “End of Life Option Act”
On October 5, 2015, Gov. Jerry Brown approved California Assembly Bill ABX2-15, making California the latest state to enact some form of legislation allowing an individual the ability to self-administer prescribed drugs aimed to bring about the individual’s death, and setting forth guidelines under which a medical professional or other person assisting the individual in […]