You may want to consider creating a trust if you have a high-asset estate. There are many benefits a trust can offer that a will cannot. For example, the right kind of trust can protect your assets from estate taxes, debt collection and disputes. You can also use a...
A will is often the first document people think about when deciding how their estate should be handled after their death. It provides a way to state how certain property should be distributed after your death and allows you to nominate someone to administer your...
Owning property in more than one California county can raise questions after someone dies. Does the family need to open a probate case in every county? Usually, no. The answer depends on how the person owned each asset and whether the asset must go through probate....
Estate planning in California is more than writing a will. California is a community property state. This means the law gives each spouse equal ownership of most assets from the marriage. This creates unique risks that can catch families off guard. Recognizing these...
You may spend months building a California business succession plan, only to have a named successor later decline the role. Start by reviewing the company's governing documents and determine whether the succession plan covers management, ownership or both. Review your...
It has only been a couple of years since California joined the majority of states that have adopted the Uniform Directed Trust Act – a model that states can incorporate into their laws. The California Uniform Directed Trust Act (CUDTA) allows those who set up trusts...
Welcoming a newborn grandchild is a life-changing event that brings new joy and a renewed sense of responsibility in your life. It can also change how you think about your legacy, especially if you have significant assets in California but have not accounted for this...
Large and complex trusts – and even smaller ones – can have multiple beneficiaries who may be scattered across the country or even the world. Some may be minors or not even born yet. Even family trusts can have dozens of trustees of all ages and with varying degrees...
Running a business often means making decisions that affect more than the present. For California business owners, choosing who will take over can shape the company’s future, employees’ jobs and the value passed to family members. A successor may be a child, business...
Creating your estate plan means being able to outline what assets will be given to which beneficiaries. While you might be focused on caring for your family members and loved ones, you may also decide that you want to take care of favorite charities. This is possible...