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Bay Area Estates and Tax Law Blog

Same-sex couples and estate planning: some things to think about

To say that a common core of estate planning considerations and strategies is equally applicable for both heterosexual and same-sex couples, respectively, is an obvious oversimplification.

And, indeed, it is an inapt observation even where heterosexual planning partners alone are considered.

The childless client: some estate planning considerations

Sometimes a would-be estate planner in California or elsewhere knows exactly who they want to leave their estate to, but is fuzzy on the details regarding asset distribution, timing considerations, trust specifics and additional concerns.

Conversely, there are also many instances where, as one financial adviser notes, "there is no family, and [a] person doesn't know who to leave their estate to."

Tips to avoid litigation as a trustee

The title of trustee comes with some very serious responsibilities. For example, you must maintain control over the property owned by the trust and, furthermore, you must take steps to preserve it. This means that you will have to make decisions to protect the trust's assets, including prudent investing, communicating with the beneficiaries and following the terms of the trust.

Since the primary responsibility of a trustee is to manage the trust for the benefit of the beneficiaries, you may find yourself encountering problems with the beneficiaries. If this happens, you might be forced to argue your position on decisions you have made in a courtroom. Fortunately, an experienced estate litigation attorney in the Pleasanton area can help you. Read further to find out more about avoiding litigation with beneficiaries.

Entertainer Alan Thicke's estate plan now embroiled in litigation

Actor, songwriter and talk show host Alan Thicke died in December of last year, likely thinking prior to his passing that he had duly engaged in estate planning in a reflective and sound manner.

Seemingly, and based on estate administration details that have recently emerged in court documents, he did just that, providing for surviving family members in a specific and reflective way.

Newly proposed fiduciary rules: Will they impact estate attorneys?

The financial publication Wealth Management notes at the outset of a recent article on select professionals and the duties they owe to clients that estate planning attorneys haven't historically been deemed to be providing investment advice in narrow terms when they work on behalf of clients.

 

Yes, you're concerned with rising health costs: and you should be

The following is not meant to be a tale imparted for shock value or to entice any person to run immediately to a proven estate planning attorney in an attempt to fool-proof future plans or guarantee upside results regarding every tangent of life going forward.

Rather, it is merely the instructive conveyance of a news story that is surely important to a rather large and consistently growing American demographic, namely, individuals and families that think about incessantly rising health care costs and how to purposefully deal with them in the future.

Do you have the right to challenge a will?

Challenging a will can be a very difficult and complicated process. In addition, it is not something everyone can do. Imagine that you are engaged in a disagreement over how to handle a relative's estate. Can you legitimately challenge the will? Can the other person? Before challenging a will, it is important to understand basic probate laws that dictate who can and cannot lodge a legal challenge.

Due to the complexities of the probate court, it is important to seek legal advice before challenging a decedent's estate. An experienced attorney in the Pleasanton area can help you take the necessary steps to challenge a will in court. Read further for more information on the people that can challenge a will.

Satisfaction -- and challenges -- linked with being a trustee

At the well-established Bay Area estate planning and administration Law Offices of Connie Yi, PC, we certainly understand the warm glow that some individuals can feel when being named as trustee of a trust.

And for obvious reasons, with the designation flatly denoting that some third party -- a family loved one, for example, or a good friend -- has entrusted you to oversee and administer matters of great personal importance.

Repeal FATCA: new life for critics of offshore tax legislation

There are unquestionably legions of hard-core proponents who readily extol the virtues of FATCA and want to see its legislative fiat persevere in the future.

Notably, though, most of those supporters are individuals, families and business owners with no assets held in overseas banks or other financial institutions.

Federal judge orders a halt to release of Prince's 'Deliverance'

Have you ever wondered what an estate representative's job would be if there were a potential for the estate to make additional income after the decedent's death? While an estate representative or executor isn't expected to be a financial wizard, he or she does need to take reasonable steps to maintain and, ideally, increase the value of the estate.

That issue just arose in regards to the estate of Prince Rogers Nelson, the internationally revered artist "Prince," who died one year ago today. His music is still earning money, but it was a particular song's value the estate is worried about at the moment.

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