Posted on June 20, 2025 in Estate Planning

When planning your estate, your primary hope is often that your loved ones will benefit from what you leave behind. However, every family dynamic is different. For example, one of the heirs can be struggling with gambling or living under a mountain of debt.

Mixing love with financial caution is an emotionally challenging thought. You may want to help, but worry about doing more harm than good. The dilemma of walking this emotional tightrope, trying to protect legacy and family, is unfortunately experienced by many people.

Inheritance at risk

If an heir has a gambling issue or owes large amounts of money, their inheritance can quickly vanish. Creditors can seize assets once they are distributed. Worse, if they receive a lump sum, they might spend it within months or even days.

That is where thoughtful planning comes in. You do not have to cut someone off completely. Instead, consider these options:

• Set up a spendthrift trust: This keeps money protected from creditors and gives a trustee control over how and when funds are shared.

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 Posted on June 04, 2025 in Estate Planning

As populations age across the globe, a troubling trend has emerged in the shadows of family homes and hospital rooms: inheritance theft targeting incapacitated elderly relatives. This form of exploitation is not only morally reprehensible but also legally complex and emotionally devastating.

At its core, it involves family members entrusted with caregiving. These ill-intending relatives manipulate, coerce or deceive vulnerable elders to gain access to their wealth or property. In a time when elder abuse is increasingly recognized as a public health issue, inheritance theft remains a particularly insidious form of familial betrayal.

Common tactics used by family members

Family perpetrators often use a range of tactics to commit inheritance theft, exploiting emotional bonds and trust. These include:

• Isolation: Preventing the elder from seeing other family members, friends or advisors who might intervene or notice unusual behavior.

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 Posted on May 22, 2025 in Estate Planning

Creating an estate plan is one of the most important duties that an adult needs to take care of, but it's one that can't be done once and then forgotten about. Instead, all estate plans need to be reviewed periodically, even if there's no real reason to do it.

At a minimum, you should check your estate plan to ensure it still accurately relays your wishes every five years. There are also other situations that may require you to review and update it prior to that time.

Major life events require a review

Changes in your family structure dictate a review and possibly an update. Some of those changes include getting married or divorced. Having a new baby, adopting a child or having a child become an adult can also trigger a review.

You also need to do this if you have changes in your assets. Your assets must match the estate plan, so you need to remove anything that you sell or give away. Having assets named in the estate plan that you don't own any longer can lead to the estate having to produce those assets, which can be costly.

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 Posted on May 09, 2025 in Estate Planning

When you're creating your estate plan, you may become focused on ensuring your assets receive the assets you want them to have. This is typically done through your will and trusts. Anything that's included in the will must go through probate to get to your loved ones.

Some accounts that are held in financial institutions can be passed down through a payable-on-death designation. This enables you to name the person of your choosing on a form at the financial institution. The arrangement is sometimes referred to as a Totten trust.

How does the payable-on-death arrangement work?

When you name someone as the payable-on-death designee, they don't gain access to the accounts while you're living. You still have full use of the accounts and can do as you please with the contents of them.

The person you name can receive the assets in the account once you pass away. They will have to provide the bank with their photo identification and your death certificate in order to receive the contents.

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 Posted on April 24, 2025 in Estate Planning

A power of attorney (POA) is a legal instrument that lets someone you trust make decisions on your behalf. In California, there are several types, each serving a different purpose.

Choosing the right Power of Attorney (POA) is an important part of estate planning and can help protect your interests if you become unable to act on your own behalf.

Here are the main types of powers of attorney used in California.

Durable power of attorney for finances

This type of POA allows someone to manage your financial matters. It becomes effective right away or at a later time of your choosing. The term "durable" means the authority continues if you become mentally incapacitated. The agent you name can pay bills, handle investments or manage property, depending on the powers you list.

Medical power of attorney (advance health care directive)

In California, a medical POA is known as an advance health care directive. It lets you name someone to make medical decisions for you if you cannot speak for yourself. You can also include specific instructions about the kind of care you do or do not want, such as life support.

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 Posted on April 08, 2025 in Trusts

You will likely hear a lot about trusts when creating an estate plan. Trusts are an excellent addition to any estate plan as they give you flexibility and allow some or all of your estate to bypass probate.

The two main types of trusts are revocable and irrevocable, and it's important to understand the difference and when each may be the better option.

How much control do you want?

Revocable trusts are popular because they allow you to create guidelines for how your assets will be handled and distributed. Even though the assets pass out of your control and into the trustee's, you can make changes to the trust in regard to beneficiaries or how assets will be distributed. You can also dissolve the trust if you wish.

With an irrevocable trust, once the assets are part of the trust, you no longer have any control over them. You are not able to change the terms of the trust or the beneficiaries or pull any of the assets out.

So, why would someone want to create an irrevocable trust and give up all control over their assets? Because they offer a high level of asset protection. You can protect your wealth from creditors and lawsuits because it is legally no longer yours. An example would be a business owner who may be at risk for lawsuits. By placing their assets within the trust, even if the business fails, the trust assets remain protected.

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 Posted on March 28, 2025 in Estate And Probate Administration

When someone passes away and leaves a will, they usually name an executor to handle their estate. In California, being an executor comes with important legal responsibilities.

Executors are fiduciaries, which means they must act in the best interests of beneficiaries. Here are some of the key legal duties of an executor.

Manage the estate's assets

The first key duty of an executor is to locate and take control of the deceased person's assets. This includes bank accounts, real estate, personal belongings and other property. The executor must also make sure these assets are protected. For example, they may need to secure vacant property or continue insurance coverage. An inventory of the estate's assets should also be filed with the probate court.

Pay debts and taxes

Executors must identify any outstanding debts and notify creditors of the death. The executor is also responsible for filing the deceased person's final income tax return and paying any income taxes owed. They're also responsible for any paying estate taxes. If taxes or debts owed are not paid, the executor may be held personally liable.

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 Posted on March 19, 2025 in Estate And Trust Litigation

Estate planning involves appointing trusted individuals, such as trustees or executors, to manage assets and fulfill a person's final wishes. These individuals owe fiduciary duties to beneficiaries, meaning they must act in good faith and in the best interests of those they serve. When they fail to do so, they may breach their fiduciary duties.

Below are some key points to consider.

What are fiduciary duties?

A fiduciary is someone legally obliged to act in another person's best interests. In estate planning, this role often falls to an executor, trustee or power of attorney. Their responsibilities include:

• Managing estate assets responsibly
• Following the terms of a will or trust
• Avoiding conflicts of interest
• Communicating with beneficiaries

Common breaches of fiduciary duties

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 Posted on March 04, 2025 in Estate Planning

Once you make an estate plan, it can be easy to forget about it. That could cause problems if you don't address important changes in your life, family or assets before you pass away or even become incapacitated.

One of the times you must dust off your estate plan and make some alterations is if when you welcome a new child. Here are some of the things you will need to account for.

Is someone assigned to care for them if you die?

All parents should have a legally designated guardian in place in case they pass away before their children become adults. The guardian will take on the legal responsibility for raising the kids should that happen. You should also think about ways to help fund the guardian's raising of your children. There are various options available, with varying levels of security and control over how the funds can be accessed and used.

Passing on assets to your children

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 Posted on February 18, 2025 in Estate Planning

An estate plan typically needs to be updated after it's been created. Neglecting the estate plan could mean that it's outdated when you pass away, so it doesn't accurately reflect your wishes or give your family the assets you intended for them to have.

When should you make these updates? There are two basic schools of thought, and either one – or a combination of the two – can work.

Making updates at key moments

You could identify some key moments in your life when updates may be necessary. When these things happen, you simply adjust your estate plan accordingly. Examples include:

• The birth of a child or grandchild
• Getting married or divorced
• Selling or acquiring major assets, such as a business or a home
• Substantial changes to your financial assets
• Being diagnosed with a serious medical condition
• Having a falling out with a beneficiary

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