Blog

Estate Planning Dispute: Pictures Can’t Always Tell the Story

Battle Over Farrah Painting The media is abuzz with the pending Farrah Fawcett painting dispute between actor, Ryan O’Neal, and the University of Texas.  At the center of the legal battle is who owns an Andy Warhol silkscreen of the late Fawcett – Ryan O’Neal, her longtime companion and father of her son, or her [..]

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The Mistake of Dying Without a Will in California

Tragic Reminders The untimely and tragic car crash death of 40 year-old actor, Paul Walker was all over the news last week.  Across the country winter weather-related accidents and unexpected deaths are also making headlines.  These misfortunes are an important reminder to understand and prepare for the unexpected – so your family does not have [..]

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You Need to have a “Digital Executor”

Virtually our entire lives and livelihoods are online, therefore, it is an absolute necessity that you have a digital executor. Most people don’t think about what their websites, domain names, facebook accounts, and email addresses are worth. It’s very important to inventory your digital media and make sure that someone has all the passwords and [..]

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What Is a Conservatorship and Who Is It For?

There are a couple types of “conservatorships.” First, in a conservatorship over the person, a court will appoint a “conservator,” to manage the personal care of a person who cannot provide for his or her personal needs for health, medical care, food, clothing, or shelter. The conservator decides where this person lives and oftentimes must decide [..]

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Estate Planning Can Ensure Your Hard-Earned Money Isn’t Wasted

As noted in a recent Reuters article, a growing number of baby boomers are drafting trusts that require their heirs to wait until they are older before they can collect their inheritances. A lot of people want to get some sort of estate plan in place to avoid the problems of their heirs squandering the money. The article states [..]

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Can I Deduct The Cost of An Estate Plan From My Taxes?

Some estate planning expenses may be tax deductible if they are related to the management of income-producing property. Please contact your CPA and ask him about Internal Revenue Code (I.R.C.) § 212(2). But these expenses are subject to the 2% floor on miscellaneous itemized deductions under I.R.C. § 67. Once the estate plan is already [..]

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Should you get an Umbrella Insurance Policy for a Rainy Day?

In addition to primary insurance policies, I recommend that some of my clients purchase umbrella or excess policies to provide additional insurance. In case you’re interested, California Insurance Code § 676.6 defines “umbrella liability insurance policy,” “excess liability insurance policy,” and “excess property insurance policy.” First, What is an Excess Insurance Policy? In plain English, [..]

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Out-of-State Property and Probate (Ancillary Probate)

What happens when a California resident owns real estate outside of California? Or what happens when a resident of another state owns real estate that is located in California? Usually, there must be two or more probates. There must be an “ancillary probate.” Sometimes, (but not all the time) a probate will also be started [..]

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Pet Trusts: Part 2

Pets are part of the family. When planning for the distribution of your estate, make sure that the pets you love receive proper care for the rest of their lives. To do this, you can prepare and execute a Pet Trust that sets money aside to provide for your pet’s needs. Like other trusts, you [..]

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Choose Your Trustees and Executors Wisely

In California, the creator of a revocable trust, called a Settlor or Trustor, usually administers the trust first. In this situation, trust administration is often so informal it’s almost nonexistent. While the Settlor is also a Trustee, no other person has a right to make any demand on the Settlor as Trustee. This includes a [..]

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