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The Supreme Court’s decision in Clark V. Rameker holding that inherited IRA funds are not exempt in bankruptcy could impact estate planning decisions. In June 2014, the U.S. Supreme Court issued a decision in Clark V. Rameker, a case dealing with whether funds in an...
On behalf of Connie Yi Legal duties of trustees are complex. A trust is a legal entity created to hold and preserve assets for the benefit of designated beneficiaries. The creator of a trust, called the settlor, appoints a trustee to administer and manage the trust...
What happens in California to a loved one’s debt in the wake of his or her passing?That is a question often posed to estate planning attorneys, and a query that just as often naturally leads to a spotlighting of the probate process. Narrowly termed, probate is...
Even the estate of a deceased planner who executed a will goes through the process known as probate.A key focus of probate is the one entertained by the creditors of an individual who has passed away. A recent national article on the process notes that creditors avail...
“Standard and uncontested.”That is one online article’s assessment of how probate in California and elsewhere generally works. That overview’s take on probate stresses that the process for finally settling a decedent’s estate in court is...
When you consider how many people with significant estates die each year in California without a will, you may think you are well ahead of the curve just by having a will in place. In the grand scheme of things, this is true. You certainly are better off having a will...
There is more to creating a trust than meets the eye. In addition to adding assets to the trust, there's something else you need to think about: finding the right person to serve as trustee.While this sounds as simple as naming a trustee and moving on with the rest of...
We've all heard adages like this before: You wouldn't hire a plumber to perform surgery, so why would you … ?For purposes of today's blog post, we would simply pose this query: Why would a planner name a lay person with little or no professional experience as...
It's a safe bet that the three former wives of famed -- and now deceased -- song writer/guitarist Jerry Garcia do not hang out together listening to Grateful Dead albums.Ditto that regarding former girlfriends and children from Garcia's various relationships. Here's...
If you were asked to be the executor (often called personal representative) of a loved one's estate, that obviously means that trust was imposed in you regarding a very important matter.You were likely honored by the appointment, and accepted. Many people do. And now...
International estate planning is recommended to members of families who live apart in separate countries. An international estate plan helps an estate owner from California and its beneficiaries who live and own assets in different countries. There are certain...
There are many small to moderate-sized businesses in California that must choose the type of entity they want to operate as with respect to structure. While there are many sole proprietorship and equal partnership arrangements, two of the most common are actually...
California law allows you to include digital assets in your estate plan. You can give an executor, trustee, administrator, or fiduciary authority the ability to access and modify your digital assets after your death. Files Files are often forgotten about during the...
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