6 August By Webmaster | mendasweed

Are You a Designated Trustee? Do You Need to Hire a Lawyer?

  If you have been designated as the successor trustee of a trust, it is recommended that you meet with an attorney to find out what your duties are.  As a trustee, you have fiduciary duties, duties to account, you may need to file one or more tax returns, and some of these duties and obligations have deadlines. You will also need to send a copy of the trust to beneficiaries.  But which ones?  All…
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30 July By Webmaster | mendasweed

When Is Your Trust Taxable in California?

california trust tax
  Generally, a trust is taxable in California if a fiduciary or beneficiary (other than a contingent beneficiary) is a resident of California under California Revenue and Taxation Code 17742.  This is true even if the original settlor was not a resident of California. This means even if a non-California resident settlor creates a trust outside of California, with all non-California resident beneficiaries, the trust could still eventually be subject to taxation in California. How…
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15 July By Webmaster | mendasweed

What is Probate and What Does It Entail?

signing paperwork with a fountain paperwork
  Probate is the process of transferring assets from a decedent to an heir.  For those who die in California with assets over $150,000 and without a trust, or perhaps with an improperly funded trust, the only way to transfer title from a decedent to a beneficiary is through the probate process. The first step is to file a petition for probate in California Superior Court and have a personal representative appointed.  If the decedent…
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9 July By Webmaster | mendasweed

California Irrevocable Trusts

old bank sign
  Irrevocable trusts can help to provide long-term asset management.  Although irrevocable trusts are not suitable for everyone, they can be an important estate planning tool for some. While irrevocable trusts are by title inflexible, some states, including California, allow for modifications to an irrevocable trust in some situations. Irrevocable trusts can be helpful for individuals with taxable estates, those who do not want additional personal income for tax reasons, and they also help to…
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25 June By Webmaster | mendasweed

Top 3 Reasons You Need a Revocable Living Trust

revocable living trust
  With the new tax law, and some of the new estate tax provisions, many individuals may find themselves asking if they still need a revocable living trust. Avoid Probate One of the main reasons to have a trust as a part of your estate plan is to avoid probate.  In California, if your estate is worth more than $150,000, your estate is subject to probate.  If your estate is worth less than $150,000, there…
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12 June By Webmaster | mendasweed

Why Won’t the Trustee Make a Distribution and Pay Me What I Am Entitled to?

trustee reading document
  Pursuant to Probate Code Section 16061.7, the trustee of a trust must distribute copies of the trust to all trust beneficiaries within 60 days.  The Notice must identify: the settlor or settlors and the date of the trust instrument; the name, mailing address, and phone number of each trustee; the address and physical location of the place of trust administration; and any other information that is specified in the trust. Why won’t the trustee…
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9 April By Christina Weed | mendasweed

Estate Planning After the Tax Cuts and Jobs Act

family in estate planning session
  The new tax laws increased the estate, gift, and generation-skipping transfer (GST) exemptions to $11.2 million in 2018.  The annual gift exclusion has been increased to $15,000 in 2018. It is still very important to plan even with the new tax laws.  The tax laws related to estate planning automatically expire after 2025.  Also, many states have estate taxes as well.  While California currently does not have an estate or inheritance tax, that could…
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22 December By Christina Weed | mendasweed

Make Time During the Holidays to Discuss Estate Planning with Your Family

While the typical holiday get together includes great food, a gathering of those we love the most, and festivity, it's also a perfect time to discuss Estate Planning. Chances are, the members of your family are all present, which provides an opportune moment for everyone to communicate their needs and wishes for assets. When you document detailed instructions in an Estate Plan in the event you die or become incapacitated, you are avoiding any stress…
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10 December By Christina Weed | mendasweed

[Video] Estate Planning for the Blended Family

https://youtu.be/Vi_IUce_YUU It is very common for clients to come to me regarding their estate plans when they have blended family issues.  Blended families are not only the result of divorce.  Many individuals live longer now and may want to remarry if they outlive their spouse. If you are a member of a blended family, you will want to make sure your estate plan is well-suited to your specific needs.  A well-drafted estate plan can help…
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12 October By Christina Weed | mendasweed

The Effects of Owning a Business on Your Personal Taxes and Estate Planning

Owning a business allows many freedoms and possibilities, but it also comes with a sense of responsibility to protect your future, your family, your net worth, and your estate. If you are a business owner, it’s in your best interest to perform your due diligence when it comes to matters of how your business can affect your personal taxes as well as your estate planning. Contacting a tax law and estate planning attorney with any…
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