If you have been disinherited from a Trust, meaning you were named to receive a gift and then a new document removed you from the Trust, you are a “Have Not.” Have Not’s are typically children who were part of a long-standing Trust until either an amendment or a new Trust came along excluding them […]
The Have’s are the people named in a Trust document to receive a gift of some type, but they are not receiving it because they are facing a bad Trustee who is not treating the beneficiaries equally, not making required distributions, not giving you information, and using the trust money to hire lawyers to defend […]
Let’s start with the uses of Trusts before we tear them apart discussing the abuses in this series. A trust is a legal fiction. Much like corporations, a Trust is viewed through the eyes of the law as a separate, independent legal creation. But unlike corporations, Trusts can only act through the Trustee. Process of […]
Overall, Trusts are wonderful estate planning devices. They can do a lot of good in planning the successful transition of your estate to the next generation. But Trusts can also be abused in a number of ways. There are two broad categories of people who will be harmed by Trusts: The Have’s and the Have […]
Trusts Wouldn’t it be nice to combine the best features of joint tenancy with a Will? That’s where Trusts come into play. Trusts are now one of the most widely used devices to transfer assets from parent to child. Over the course of this series you are going to learn how Trusts are used, and […]
Some assets pass through beneficiary designation and that is the only way they can pass. For example, retirement plans like 401(k)’s or IRA’s pass by naming a beneficiary on those accounts. You could name a Trust to be a beneficiary, or you could name individuals, but either way the money will pass based on the […]
Shouldn’t it be easy if I want to transfer my property to my kids after I am gone? Whatever it may be: a house, savings, stocks and bonds. What does it matter if I use a Trust, will, or anything else? It should just pass to the kids. But passing assets to your children is […]
Did you know that Trusts didn’t used to be so widely used? In fact, the widespread use of Trusts for planning the transfer of assets from parents to children is a fairly new development. It wasn’t that long ago that everyone passed their asset on to the next generation using the centuries-old method of Last […]
There are times when people want their home kept in the family forever. Can Trust beneficiaries keep the home for mutual use instead of selling it? The Trustee and Beneficiaries must first check the terms of the Trust document. If there are no restrictions stated in the Trust pertaining to selling the home, the Trustee […]
Parents do not have to treat children equally in estate planning documents (Wills and Trusts). Under California Trust and Estate law, creators of a Will or Trust may leave their assets to whoever they wish, including non-family members. There is no requirement that parents provide equal treatment to their children under a Trust or Will. […]
