Yes. The answer is unequivocally yes. The conversation might be uncomfortable and hard but necessary. Adult children don’t need to know everything, but they should be informed of some basics of their parents’ estate plan. A surprising number of Americans do not have a full estate plan in place. Only…
Often in a marriage, one spouse is primarily responsible for handling and managing the finances and bill paying. However, that arrangement leaves the other spouse in the dark. When the hands-off spouse has to take over the financial responsibilities because of a death or disability it can be a great…
Making charitable bequests in Wills or Trusts is a common practice. However, many individuals merely name a charity and do not specify for what purpose such a gift should be earmarked. Recently, an extremely generous, if not equally frugal, librarian in New Hampshire left his entire $4 million estate to…
A new development in probate law involves the use of transfer on death deeds for real property located in California. Other states have authorized the use of such deeds but it has only been available in California since January 1, 2016. Essentially, the deed works like any other transfer on…
It is common that a married couple in their late sixties creates an estate plan which names their child or children as Trustees and/or Agents. This is a great first step in setting up a plan that can help when the parents are no longer able to care for themselves…
A surprising number of families learn the painful lesson that divorce doesn’t fully resolve beneficial ownership issues with certain retirement accounts. Any plans governed under the Employee Retirement Income Security Act of 1974 (ERISA) must follow specific rules and provisions, which will override the provisions in a marital settlement agreement.…
Bankruptcy can disrupt your estate plan. We previously discussed here the problem bankruptcy creates if you have assets in joint tenancy with a bankruptcy debtor. However, bankruptcy can also effect your estate plan for your beneficiaries if certain precautions are not followed. A recent case, Frealy v. Reynolds, highlights this…
Some celebrity estates are embroiled in the media and legal battles while others remain private and relatively peaceful. Here are some lessons learned from the estates of the rich and famous. Fund Your Revocable Trust Recently deceased Paul Walker set up a trust for the benefit of his minor daughter.…
As estate planning lawyers in Palm Springs, we frequently get asked by clients to prepare deeds transferring property to children. As we have previously discussed, using deeds as an estate plan is very risky and not recommended. A recent bankruptcy ruling in Oklahoma highlights this problem: Whether for carpentry or…
While the end of DOMA is wonderful, it doesn’t solve all problems for same-sex couples. The lifting of DOMA restrictions only applies to married same-sex couples. Unmarried same-sex, and also opposite-sex, couples have unique issues and concerns when creating an estate plan. Various techniques and tax saving vehicles are unavailable…