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…
James Gandolfini, the film and television actor best known for his starring role in the HBO series The Sopranos, died on June 19 while vacationing in Italy. The New York Post reported on July 3 that Gandolfini, a New York City resident, left an estate valued at nearly $70 million.…
A key element of a well-drafted last will and testament is the appointment of an executor to manage the affairs of your estate. If you fail to name an executor, or the person or persons you name are unable to serve, a probate court must intervene and appoint a person…
Susan Cox Powell disappeared in December 2009. The former West Valley City, Utah, mother of two was last seen attending church with her family. Police and West Valley City residents long suspected Powell’s husband was responsible for her disappearance (and presumed death). Tragically, the husband killed himself and his children…
The purpose of estate planning is to prepare for a time when you can no longer make decisions for yourself, either because of death or incapacity. And while ascertaining a person’s death is usually a straightforward task, determining incapacity-more precisely, the lack of capacity to make certain types of decisions-is…
Estate planning requires you to appoint one or more people to act as your agent or fiduciary under a number of conditions. A power of attorney designates an agent to act in your name while you’re still alive. If you create a revocable trust, a trustee manages those properties you…
ESPN recently conducted an investigation of over 100 charities founded by professional athletes and found that nearly three-quarters of them failed to meet nonprofit industry standards. In some cases these “charities” failed to distribute any funds for their stated charitable purpose. Indeed, many athlete charities were barely funded and ran…
In May the Inspector General of the Social Security Administration reported that the government continued to pay benefits to over 182,000 people previously reported as deceased. It’s only a small percentage of the estimated 2.5 million deaths reported to the SSA each year, but it shows how even death can…
In 1974, R&B legend Barry White released one of his greatest hits, “You’re the First, the Last, My Everything.” The song itself travelled a lengthy path. Originally written as a country song two decades earlier by Peter Radcliffe, White and his songwriting partner, Anthony Sepe, rewrote the lyrics to make…
A general durable power of attorney is an important estate planning document that grants your agent-the attorney-in-fact-the authority to act on your behalf in any contractual matter. Unless limited by your power of attorney or California law, your attorney-in-fact is you for all legal intents and purposes. Sometimes, however, even…
