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. […]
If you want to understand Trusts, you need to have a solid grasp on the terminology. One of the first things a person needs to understand about Trusts is the difference between a Trustee and a Trust beneficiary. When a Trust is created, it becomes its own legal entity. A Trust can only operate through […]
When parties attend mediation and enter into a settlement agreement, sometimes they develop an uncomfortable feeling when they wake up the next morning that they were coerced into settling by the opposing party, the mediator, or their own attorney. Is it possible to overturn a settlement agreement you entered into at mediation? Can litigants overturn […]
Mediation seems to confuse a lot of people. But really a mediation is just a settlement conference. During mediation, parties in a lawsuit and their attorneys sit down with a neutral third-party mediator. Mediators are usually retired judges. The mediator goes back and forth between the parties and tries to help the parties broker a […]
