A New York City jury may soon determine the fate of an estate valued at over $300 million. The deceased, Huguette Clark, left a last will and testament, but her relatives have contested the document as fraudulent. At least 19 distant relatives-most of whom never even met Clark-could share in…
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…
Does a contract survive the death of one of the parties? A California appeals court recently looked into this issue and found that it did. The case, involving an attorney who performed contingency fee work in relation to another estate, serves as an important reminder that estate planning extends past…
Under the probate laws of California and every other state, if a person fails to make an estate plan or leave a last will and testament, his or her estate will automatically pass to the next-of-kin, as defined in law. That may lead you to think of estate planning as…
Jose Marbaix died in March 2011. Marbaix, who was in her 80s, apparently had no living heirs, and her estate plan apparently consisted of a handwritten-or holographic-will found after her death by the Los Angeles County Public Administrator’s office. Every California county has a public administrator to oversee estates where…
Conservatorships are often thought of in the context of a person caring for an elderly parent who is no longer capable of making his or her own decisions. But conservatorships can also involve a parent caring for a physically or developmentally disabled adult child. These situations raise complex legal questions…
When an elderly parent becomes unable to make his or her own decisions regarding finances and medical care, an adult child or other person must assume the role of conservator. Through proper estate planning, a person can nominate, in advance, a conservator to act should the need arise. In the…
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…
Financial abuse of the elderly occurs when a person, often a relative, exercises undue influence over the affairs of another person who is unable to manage his or her own resources. Under California law, a person who commits elder financial abuse cannot benefit from the victim’s estate. In such cases,…
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…