By now, many of us have already heard about the Beneficial Ownership Information (“BOI”) reporting requirements that are going live on January 1, 2024, and will become a concern for a vast majority of business owners, business entities, and people having substantial...
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Year: 2023
New Case Law Regarding Joint Accounts with Agents Under Power of Attorney
Powers of attorney are an important document in everyone’s estate plan. I tell my clients that everyone over the age of 18 should have both a power of attorney and advance health care directive. With statutory forms available online for a basic power of attorney, it...
As a Trustee, Who Do I Owe an Accounting of the Trust To?
Over the recent years, the answer to this question has changed due to new case law that specifically addresses the duty to account when a trust is revocable. An amendment to Probate Code Section 15800 that went into effect on January 1, 2023, that makes it clear who...
What Does it Take to Amend My Revocable Trust?
The quick answer to that question is to get an attorney involved. It is important to do the amendment correctly so that your wishes are honored when the trust is administered. Here are things to consider: The amendment must strictly comply with the process required...
Who Inherits My Separate Property? The Answer May Surprise You.
This is a question that comes up often with both my estate planning clients and my probate estate clients. In both cases, the first question is “What is Separate Property?” The question of distribution of separate property only comes up if the person is married or in...
Divorce & Estate Planning
Divorce is a difficult and emotional experience that affects multiple aspects of your life including your finances, property, and legal agreements. One of the most important considerations during a divorce is estate planning. As soon as you are contemplating filing...
Tips for Choosing the Right Trustee
Tips for Choosing the Right Trustee Choosing a Trustee is never an easy task. Who can step into your shoes and pay your bills and take care of you if you are unable to manage your finances? Who will take on the burden to wind down your trust after you have passed...
Who is Entitled to See My Trust?
I have the discussion of who is entitled to a copy of a trust typically while I am meeting with the client to sign their documents. The answer depends on if your trust is revocable or irrevocable. While the trust is revocable – typically during the lifetime of the...
CUTMA, UTMA, What-MA?
We estate planners love to use acronyms and one that comes up in planning is CUTMA which stands for California Uniform Transfers to Minors Act – California’s version of the Uniform Gifts to Minors Act. A quick explanation of what a CUTMA does is that it allows money...
Estate Planning and Divorce – What Can Be Done?
I occasionally have the situation where my married estate planning clients are dissolving their marriage or I have a new client who is in the middle of a divorce proceeding and they want to do some planning. There are several considerations that must be considered...