Amending Your Trust After Marriage—the Omitted Spouse Doctrine
By William C. Mason, III, Of Counsel
Marriage changes a lot of things—but should it change your existing trust? To answer that question, let’s look at a hypothetical: John has two children: Dick and Jane. John purchases a home on Evergreen Lane and transfers that home into the John Doe Revocable Trust. Wanting to leave his children[...]
Is Inheritance Tax-Free in 2023? By Tony J. Tyre, Esq.
Unknown to many of us, the government does not take money from a person’s estate most of the time. In fact, estates will usually pay little-to-no money to the government through taxes, unless there are debts owed to governmental agencies such as Medi-Cal. The two main types of tax to[...]
Identifying and Understanding Different Will Types
By William C. Mason, III, Of Counsel
California wills come in several different forms—attested, statutory, holographic, and pour-over. These different types of wills are all similar in that each is a testamentary document (1) created and executed by an adult of sound find; (2) which makes a disposition of property to individuals or entities. However, the format[...]
The Perils of Transfer-on-Death Deeds
By Allyson S. Heller
On January 1, 2016, the California legislature enacted Assembly Bill 139, which permits individuals to transfer real property upon death using a revocable transfer-on-death (TOD) deed. Since then, the TOD deed has emerged as an attractive option for homeowners looking for a quick and simple way to transfer property upon[...]
Asset Management for Trusts
By William C. Mason III, Of Counsel
A person’s decision to create a trust typically rests upon two factors: (1) the ability of a trust to manage distributions much more effectively than a will; and (2) that person’s desire to spare his or her beneficiaries the time and expense of probate. However, mere execution of a trust[...]
The Costs of Dying Without A Plan
By: Allyson S. Heller
As Benjamin Franklin famously remarked, the only certainties in this world are “death and taxes.” While we all know that death is an inevitable part of the cycle of life, most of us would prefer to avoid the subject altogether. However, failing to engage in any sort of pre-planning for[...]