A U.S. citizen or Green Card holder does not have to pay U.S. taxes on an inheritance from an individual living outside the United States. However, there are IRS reporting requirements when receiving an inheritance from a nonresident alien and/or a non-U.S. domiciled person. Inheriting money or other assets can be a complex process when […]
Best Dressed Ball raises more than $1.7 million for the American Cancer Society Attorneys Stewart R. Albertson and Keith A. Davidson were among more than 2000 guests in attendance at the EXCEL Baton Rouge Best Dressed Ball, a top fundraiser for the American Cancer Society. As the name of the glamorous event suggests, the attendees […]
Individuals who act as administrators of wills and trusts in California have a fiduciary duty to the beneficiaries of those wills or trusts. If they were to breach that fiduciary duty, they could face legal sanctions such as removal from responsibility for the will or trust and be ordered to pay damages to beneficiaries they […]
Despite its name, an irrevocable trust is not set in stone. Under the right circumstances, you can terminate, dissolve, or modify an irrevocable trust in California. However, doing so is usually not as simple as terminating or modifying a revocable trust. Under some circumstances, such as fraud or undue influence in the creation or revision […]
It’s not unusual for a family that has recently come together in grief over the death of a loved one to be divided by disagreements over the distribution of assets from the deceased individual’s estate. Inheritance disputes between siblings or other family members can arise if the deceased’s will does not distribute assets equally or […]
In most cases, a trustee cannot remove a beneficiary from a trust that the trustee manages. But the law is designed to address all potential scenarios. There may be circumstances in which a trustee may be able to make it happen. A trust creates a fiduciary relationship in which one party, known as a settlor, gives another […]
Last updated on 09/04/2024 A house is most people’s most valuable investment and the primary means of passing wealth from one generation to the next. When the sole owner of a house dies, they have often been widowed for some time and may have failed their will or trust to ensure they can pass their […]
The executor must keep beneficiaries of the will apprised of important developments and decisions affecting the estate. If the executor fails to disclose beneficiaries with a proper accounting of the estate’s affairs, a beneficiary may petition the court to compel the executor to provide one. Beneficiaries may also take legal action, such as asking the […]
A trust is a legal instrument used to convey assets from the creator of the trust (the “trustor” or “settlor”) to one or more beneficiaries. There are many reasons to establish a trust. A common trust in California is a revocable trust established to convey assets to heirs upon the settlor’s death and thereby avoid […]
Often when people are drafting estate planning documents, they will be advised to include a “no contest clause” in their last will and testament. A no-contest clause – also called a “penalty clause,” or in legal circles, an “in terrorem” clause – is meant to prevent beneficiaries from challenging the will after the individual dies. What […]
