Special needs trusts are an estate planning device that allows a person to leave part of his or her estate to a disabled beneficiary without affecting that beneficiary’s government benefits. For example, let’s say you have an adult child who is permanently disabled and receives Social Security and California Medicaid…
Estate planning is intended to prevent disputes from arising after your death. Of course, good intentions aren’t always enough. Even the most carefully planned estate may be subject to fighting among aggrieved relatives or other would-be heirs. In some cases, these fights can tie up the courts (and your estate)…
The whole point of making a will or trust is to prevent disputes over the disposition of your estate after your death. One way to protect your estate plan is to include a no-contest provision in your trust or will. Basically, a no-contest provision states that if a person tries…
The purpose of California estate planning is to prevent your children or other family members from fighting over your assets after you’re gone. But even the best intended plan can go awry. A recent California case demonstrates the problems that may arise when one child is charged with overseeing the…
Estate planning is supposed to prevent arguments among family members after you pass away. But even the best-laid plans are subject to changes in family relationships. One recent California appeals court decision highlights what can go wrong when a deteriorating marriage intersects with inheritance. Please note this case is described…
Estate planning for unmarried couples in a long-term relationship presents a unique set of legal challenges. California does not recognize “common law” marriages, but in 1976, the state’s Supreme Court held that unmarried couples could enter into binding legal contracts (either express or implied) allowing them to “pool their earnings…
Survivor’s and exemption trusts-often called “A/B trusts”–are a common estate planning device used by married couples to help reduce federal estate tax liability. The A (survivor’s) trust represents the property under the exclusive control of the surviving spouse after the first spouse dies. The surviving spouse may amend or revoke…
Estate planning for your personal assets, such as your home, can be relatively straightforward. But estate planning for your business assets-sometimes called succession planning-presents unique challenges. The first step in succession planning is understanding the legal structure of your business and how it may interact with the probate system after…
A family business can impose unique estate planning challenges. Assets like cash and stocks can be easily divided among multiple heirs. But a business is an ongoing concern, and not all family members may be part of the company. Ultimately, a business owner’s estate planning must weigh the needs of…
Living trusts are a common estate planning device that can shield a person’s assets from the probate process. For married couples in California holding substantial assets, a more complex form of trust planning is available. Known as survivor and exemption trusts, or sometimes as A/B trusts, these special trusts can…