On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Friday, June 7, 2019. Since his death in October 2017, Tom Petty's family has feuded over the late singer's estate. California residents who are creating their estate plans could learn something from the details of this celebrity case. The dispute revolves around a trust established by Petty, the Thomas Early Petty Living Trust, and some potentially contradictory provisions in it. Tom P...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Thursday, May 30, 2019. Single parents in California may have particular concerns when it comes to planning for the future. In general, when people think about making wills or trusts and planning their estate, they think about how they can help to ensure their children have a brighter future. The same is true whether the kids in question are already adults or if they are still minors. How...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Wednesday, May 29, 2019. According to probate papers filed in California on May 20, Carrie Fisher's estate is worth about $6.8 million. The documents, which were filed in the Los Angeles Superior Court, state that the administrator of the estate has performed all of the duties required of him and all costs associated with administering the estate have been paid. Under the terms of Fishe...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Sunday, May 26, 2019. Many people in California hesitate to engage in the estate planning process because they are concerned about family problems. They may fear that writing wills or trusts can bring tensions and family debates to the surface, leading to damaged relationships or hurt feelings. This is especially true for people with significant wealth, because the consequences of estate ...
On behalf of The Elder and Disability Law Firm, APC posted in special needs trusts on Friday, May 24, 2019. Setting up a trust can allow individuals with special needs in California to retain government benefits while also receiving assets from family members. Those who have assets of more than $2,000 may not be allowed to participate in programs such as Medicaid. However, money or other items inside of a trust are owned by the trust as opposed to the beneficiary.Trusts may be fund...
On behalf of The Elder and Disability Law Firm, APC on Wednesday, May 22, 2019. No one wants to see their elderly parents' assets and resources be consumed by the state in order for them to qualify for Medi-Cal benefits. But health care costs continue to climb, meaning that senior citizens' savings can be depleted long before their lives end.If you are the adult child of a senior citizen, you may be able to help your parent(s) protect their assets with a trust. Why trusts are usefu...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Thursday, May 16, 2019. The legal issues involved in administering an estate generally include making a list of the deceased individual's assets, paying their outstanding debts and then distributing any remaining assets to heirs or beneficiaries. During the probate process, the court appoints an individual to take care of these tasks. If the deceased individual had a last will and testa...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Tuesday, May 14, 2019. Special needs trusts may be an effective tool for parents or grandparents who are looking to care for a loved one. The trusts may be structured in a variety of different ways to help meet the needs of the beneficiary. Furthermore, the trust will be overseen by a trustee who will make decisions based on guidance provided by the document itself. This person may be a C...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Friday, May 10, 2019. California readers may have heard that director John Singleton died of a stroke in Los Angeles on April 28. Apparently, he had an outdated will, which means there could be conflict over his estimated $35 million estate. Singleton, who earned an Academy Award nomination for directing "Boyz n the Hood" in 1991, had seven children. However, when he drafted his will in...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Thursday, May 9, 2019. California parents of special needs children understandably want to do everything possible to make sure loved ones unable to care for themselves independently will have access to important financial resources. However, setting funds aside presents possible issues with eligibility for government assistance. One way to resolve this problem for parents looking to plan ...
