When Is Your Trust Taxable in California?

When Is Your Trust Taxable in California?

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....
California Irrevocable Trusts

California Irrevocable Trusts

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,...
Top 3 Reasons You Need a Revocable Living Trust

Top 3 Reasons You Need a 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...
Is an Irrevocable Trust Really Irrevocable?

Is an Irrevocable Trust Really Irrevocable?

While irrevocable trusts tend to make some grantors uneasy, as they associate an irrevocable trust with words such as irreversible, final, and unalterable, the truth is, it is possible in some instances to revoke an irrevocable trust. Cases to Support an Irrevocable...

[Video] Modifying an Irrevocable Trust

https://youtu.be/wigBj9NLStc At the Mendes Weed, LLP we aim to provide answers to some of your more sought after questions. Our last video discussed how to modify a revocable living trust.  Today, I’m going to cover a few ways that you might be able to modify a trust...

[Video] Revoking a California Will or Trust

https://www.youtube.com/watch?v=d3aO7hnIDZE In California, a will can be revoked by a new will that specifically revokes the old one, or by destroying the will by physical act.  A physical act can include burning, tearing, canceling, obliterating or destroying the...

[Video] When Should I Update My Estate Plan?

https://youtu.be/uZUX-1YnWgs When Do You Need to Update Your Estate Plan? Any time you undergo a significant life event such as: Marriage First Marriage- In California, your spouse does not receive 100% of your estate under the laws of intestate succession; specify...

Estate Planning Tips: How to Modify an Irrevocable Trust

Trusts ensure a secure future for an individual’s family and loved ones. While trusts are geared toward building a secure future in the long term, sometimes laws change and a trust becomes less relevant to modern needs. In that case, trustees may need to modify the...