The complicated world of Trust and Estate taxation can be hard to navigate at times, but taxation has gotten a bit easier now that the Federal Estate Tax applies to far fewer estates. Basically, there are two broad categories of possible taxes: Estate Tax and Income Tax. Estate taxes only apply to estate with a […]
So you want to bring a lawsuit because a Trust was not administered properly by the surviving spouse? You better be prepared for a big surprise—your lawsuit may be sunk before it even starts if you do not understand how to properly preserve your rights in Court. The biggest problem with Will and Trust lawsuits […]
Just because you are a named Trust beneficiary does not necessarily mean you are entitled to a Trust accounting. There are times when you can get an accounting and times when you can’t. In this video, partner Keith A. Davidson describes when you can obtain a Trust accounting.
If you are the beneficiary of a Trust and you have gone to the trouble of demanding a Trust accounting, how do you know whether the accounting is accurate? Even though Trustee’s are required to verify (meaning to sign for the truthfulness of the accounting under penalty of perjury) court-filed accountings, it still remains possible […]
I am on a personal mission to eradicate the use of exculpation clauses. Your Bay Area Trust may have an exculpation clause, but I bet you have no idea (1) the clause is even in your Trust, and (2) the absolute damage such clauses cause to Trust beneficiaries. Allow me to explain. Under Probate Code […]
Trustee accountability is an important ingredient to keeping an honest Orange County Trustee honest. We previously discussed giving the beneficiaries the power to remove and appoint Trustees as one form of Trustee accountability, but what if you don’t want to give beneficiaries that kind of power? Fear not, the Trust Protector can help. A Trust […]
The best part of any Trust accounting are the schedules because that’s were the information you need to know is all laid out in detail—or not. A Trust account must have a summary page at the front that lists the bulk numbers for things like assets on hand at the start of the accounting period, […]
Want to prevent disaster in your Orange County Trust plan? It starts with whom you put in charge after you’re gone. It sounds obvious that you need to choose a good Trustee for your Trust to manage your financial affairs, and yet so often that does not occur. I know, I know, you want to […]
Can a debt be collected against me or my family after death? In California, a decedent’s family is not responsible for the debts of the decedent. There are times where a surviving spouse may be liable, but even that has its limitations. For example, if the decedent had a purely separate property debt, then the […]
Have you been nominated to act as Trustee of someone’s revocable Trust in Orange County? If so, you have just been handed a big headache. As Trustee you are charged with a mountain of duties and responsibilities. Unfortunately, many people who act as Trustee fail to understand the many duties they have. Instead, they think […]
