When you create a trust, you are giving someone significant responsibility for your assets and the welfare of your beneficiaries. Unfortunately, there are situations where the trustee may not act in the best interest of everyone involved. This could be due to poor communication, financial mistakes, or personal conflicts, and it...
Category: Trusts
Including Your Pet in Your California Estate Plan
Have you ever wondered what will happen to your beloved pet if something happens to you? Many pet owners overlook this critical aspect of estate planning, but ensuring your furry friends are cared for is essential. In California, various options exist to provide for your pet's future, from pet trusts...
What Is a Generation-Skipping Trust?
Planning for the future involves making strategic decisions to protect your family's wealth. One effective tool to consider is a generation-skipping trust. This type of trust allows you to transfer assets directly to your grandchildren, bypassing your children to minimize estate taxes and preserve more of your wealth for future generations.
The Importance of Transparency During the Trust Administration Process
Trust administration can become problematic in the face of transparency problems. Trustees are in a unique position and may be depended upon financially by multiple parties. Without proper transparency during the administration of a trust, beneficiaries are at risk of financial exploitation and emotional distress.
Transparency...
Should I Name Co-Trustees in My Trust? What Happens When They Disagree?
Selecting suitable trustees for your trust is a crucial decision that affects the management and execution of your estate plans. Many opt for co-trustees, sharing the responsibilities between two or more individuals. This choice can bring varied skills and perspectives to trust management but also introduces the potential for disagreement. The...
Ask the Attorney: What Exactly Is a “Trust Protector”?
The term "trust protector" might sound like complex legal jargon, but it actually signifies an important role in the realm of estate planning. A trust protector is someone appointed to oversee and ensure a trust operates as intended, offering an additional layer of security and flexibility. This role is becoming increasingly...
Does Charitable Giving in Your Estate Plan Have Tax Benefits?
When you start the process of estate planning, your main goals may include avoiding probate, protecting generational wealth, and ensuring that your spouse, children, or other family members are cared for in your absence. You might also consider legal options like wills and trusts, along with directives for healthcare, guardianship,...
3 Safe Ways to Store Your Estate Planning Documents
Estate planning is an essential part of preparing for the future. No one truly knows how much time they have, but everyone wants to ease the suffering of their loved ones when they’re gone.
The last thing you want is for a spouse, parents, or children to...
4 Key Estate Planning Documents for Young Adults
As a legal adult aged 18 or over, you are responsible for managing your assets and debts, which constitute your estate. Although most young adults have a long life ahead of them, unexpected events can occur, leaving you incapacitated or even resulting in loss of life.
Accidents and illnesses...
Ask an Attorney: How Can I Protect My Home From Medicaid?
Over 72 million Americans currently participate in Medicaid, a federal program designed to provide medical coverage for qualifying seniors, children, pregnant women, low-income individuals, SSI recipients, and patients with disabilities. Some states also fund expanded Medicaid programs for residents.
Many patients need the long-term coverage...
