On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Friday, May 3, 2019. The estate of a famous singer and songwriter demonstrates why those who have accumulated wealth should engage in an estate plan. Those in California and elsewhere can pay heed to the plight of a multi-million-dollar estate.The singer passed away three years ago but did not leave a will or other estate succession document. With an estate estimated at $200 million and...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, April 29, 2019. For California residents who have substantial assets, it can be particularly important to plan for the future to help ensure that their heirs and loved ones are able to benefit from them. Making an estate plan is a key step, but it can be only the beginning. It is important to periodically review documents like wills and trusts every three to five years to make cer...
On behalf of The Elder and Disability Law Firm, APC on Wednesday, April 24, 2019. Families can be torn asunder following the diagnosis of dementia in an elderly parent or grandparent. This often happens when one or more of the children or grandchildren objects to the proposed care plan for the elderly relative.Sometimes, fissures from old family wounds reopen during these stressful times. One sibling may resent another for taking charge and making decisions for an elderly parent. T...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Monday, April 22, 2019. It is generally more convenient for California residents to receive bank statements and other documents electronically. Unfortunately, electronic records could also make estate planning more complex for both the plan creator and estate executor. This is because most bank and other accounts require a password to access them. Passwords may also be needed to get int...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, April 22, 2019. California residents and others may not like thinking about their own mortality. However, estate planning is an important way to ensure that loved ones are taken care of after a person passes. Typically, individuals use a will or a trust to distribute assets, and both can do a good job of meeting a person's needs. Prior to deciding which one to use, it is important...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Thursday, April 18, 2019. As California fans of Prince continue to mourn his death, his heirs have petitioned a court to reduce Comerica Bank & Trust's role as estate administrator. The late singer and songwriter's siblings claim in their legal filings that Comerica has collected $10 million in fees from the estate while spending $45 million on probate expenses. Additionally, the estate...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Wednesday, April 17, 2019. Successfully carrying out the task of closing a deceased family member's estate may require an executor to probate the will, secure assets, notify beneficiaries and more. California residents who have done this job have benefited from working with attorneys, accountants and financial and insurance advisors. Unfortunately, executors often make mistakes that can...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Thursday, April 11, 2019. California residents who are developing their estate plans should make sure to address what should happen with their personal items, some of which may be valuable. When doing so, there are some issues they may want to keep in mind. Personal property items can easily become forgotten or lost. They may be set aside in storage, placed in the attic of a home that i...
On behalf of The Elder and Disability Law Firm, APC posted in estate administration & probate on Tuesday, April 9, 2019. The Tax Cuts and Jobs Act significantly raised the federal estate tax exemption. For the executor of an estate in California to know if an estate has exceeded this exemption, the person must calculate the gross estate of the decedent. Estates with values above the exemption will need to complete form 706 for the Internal Revenue Service. If any estate taxes are o...
On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, April 8, 2019. Those in California who follow politics or pop culture may have heard about the recent passing of Lee Radziwill. While many people mourn her death, her estate plan was designed to make it easier to respect her final wishes. She had a will that was probated in New York as well as a revocable trust. Her assets were transferred into the trust when she passed away. Typi...
