What is a community property state? States are classified as either community property states or equitable distribution states. California is a community property state. Community property state: With some limited exceptions, all marital property that either spouse acquires during a marriage in a community property state, such as California, belongs equally to both spouses. Equitable […]
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A conservator of an estate is responsible for prudently managing the personal and financial affairs of an adult (protected person, conservatee) who lacks the mental competence to handle their own affairs. Once appointed as a conservator, your fiduciary duty is to manage the estate’s assets for the conservatee’s benefit. Types of Conservatorships Depending on the […]
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A trust is a legal instrument that enables a grantor, the person who creates a trust, to transfer assets to trust beneficiaries without going through the probate process. The grantor typically names themselves as the trustee, along with a successor trustee, to manage the trust in the event that they become incapacitated and after their […]
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Grantor retained annuity trusts (GRATs) are irrevocable trusts that grantors can use to place assets that are expected to increase significantly in value and distribute them to beneficiaries while limiting their estate and gift taxes. What is a Grantor Retained Annuity Trust (GRAT)? A GRAT is one of many options available in estate planning to […]
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If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]
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What is a Charitable Remainder Unitrust? A charitable unitrust is an estate planning tool that allows the grantor to split the assets in the trust between named beneficiaries and a charitable cause while minimizing capital gains taxes. Also called a charitable remainder unitrust (CRUT), a charitable unitrust can provide for a non-charitable beneficiary throughout their […]
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If you are concerned that any of your beneficiaries may be disgruntled enough with their inheritance that they bring a legal challenge against your will, you can mitigate that possibility by adding a no-contest clause in your will. If you have a no-contest clause in your last will and testament, anyone who disputes the validity […]
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A quitclaim deed is a legal document used to transfer interest in a property from the grantor to the grantee. It does not guarantee that the grantor has a legal interest or right to the property. A quitclaim deed is a way to transfer property ownership quickly and easily, but it has limitations. Ian and […]
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Michael and Jill own a home appraised at $3 million. The home has been in their family for generations. The couple plans to leave the home to their four children when they die. All four children will be tenants in common, and they each will inherit 25% of the interest in the family home. They […]
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Inheritance can be complicated, especially if multiple people inherit the same asset and a legal will does not contain explicit instructions for how the property should be managed or divided. Mike has three daughters; one is married and has two children. His other two daughters still live in the family home. Imagine the disagreements that […]
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