If a loved one has recently died, you may be suddenly hearing legal terms like estate plan, trust, and probate for the very first time. For those unfamiliar with these terms, understanding how the California probate system works and how it’s different from a trust can be hard to understand. Thankfully, a knowledgeable probate attorney can help you fully understand the differences between probate vs. trust administration in California. What Is Probate? Probate is a […]

A living trust is an estate planning tool that works well for complex estates, families with children, pets, or dependents with special needs. If you are creating an estate plan, you may be wondering about the pros and cons of living trusts in California. Seeking advice from an estate planning lawyer helps prevent errors in trust creation and helps you understand how to properly fund and manage the trust. The Pros of Using a Living […]

Planning for the future means navigating the complicated world of estate planning, and the question on most people’s minds is always: Is a living trust better than a will? Both tools are designed to help you manage and distribute your assets, but they work in very different ways. Choosing the right option can affect how quickly your loved ones inherit your property, how private your estate remains, and how much stress or cost is involved […]

Taking on the role of a trustee is a considerable responsibility. Not only are you in charge of the asset distribution process, but it is your job to carry out the final wishes of someone you care about. This can be an overwhelming and complicated process. If you have been appointed as a trustee, there are certain aspects of the role that you will need to understand, like knowing what a trustee cannot do in […]

Assets that cannot be placed in a trust in California include Social Security benefits, health savings accounts (HSAs), and medical savings accounts (MSAs; cash also cannot be placed directly into a trust but can be put into a bank account that is then included). Other assets that should not be placed in a trust due to financial disadvantages or tax penalties include individual retirement accounts (IRAs), 401(k)s, life insurance policies, joint bank accounts where the […]

Assets that should generally not be included in a trust are individual retirement accounts (IRAs) and 401(k)s due to potential withdrawal penalties and tax consequences, and health savings accounts (HSAs) and medical savings accounts (MSAs) as they are for individual use. Life insurance policies may also create tax implications, while certain joint bank accounts and motor vehicles are often more efficiently handled outside a trust. Additionally, Social Security benefits cannot be transferred through a trust […]

Trust administration is the process of settling an individual’s estate when they have a trust in place, often occurring after their death. This process involves numerous responsibilities, such as managing assets, paying debts and taxes, and ultimately distributing the remaining assets to beneficiaries. While trusts are designed to simplify estate settlement and avoid probate, the administration itself can be complex, often requiring the assistance of a CPA and an attorney. The loss of a loved […]