When you’re concerned about the safety and wellbeing of someone close to you who has lost the mental or physical ability to make personal or financial decisions, a California conservatorship can help. By creating a conservatorship, the court will name a person to serve as a “conservator,” who will supervise the incapacitated person’s care or finances. Every situation is different, which is why conservatorships can take three different forms: The conservator can be given decision-making authority over the incapacitated person’s personal affairs (known as a conservatorship of the person), over his or her property and finances (known as a conservatorship of the estate), or both. The type of conservatorship created will depend on what’s needed under the circumstances to fully take care of the “conservatee.” Read the rest of this entry »
Creating California Conservatorships When Loved Ones Can No Longer Care for Themselves
February 9th, 2010
All is Not Done Behind Closed Doors: Accounting to Beneficiaries of a Living Trust or Probate Estate
January 8th, 2010To make sure that beneficiaries to a will or living trust aren’t kept in the dark when it comes to the money being spent, earned, and distributed from the estate, California law requires that certain people who are in charge of handling the estate or trust property provide accountings. The right to an accounting becomes even more important when administering a living trust because there’s much less court oversight than there is when property is distributed by the probate court when a person passes away with or without a will. Every trust designates a “trustee” to handle administration of the trust and distribution of its assets. If a person dies with a will, these responsibilities can fall on the “executor” who was named in the will, and when neither a trust nor a will is left behind, an “administrator” will be appointed for the job. Read the rest of this entry »
How Medi-Cal Planning Can Help You Cope With the Escalating Costs of Long Term Care
December 9th, 2009Reuters reports that throughout most of California, the costs of long term care are rising faster than inflation, with the median annual cost for a private nursing home room here in San Diego coming to $86,688 (or about $237.50 a day). Judging by these numbers, your savings can quickly run out and your assets can soon be depleted when paying for long term care and medical expenses. You can act to help prevent these possible consequences with Medi-cal planning. Among other things, the Medi-cal program, with its joint federal and state funding, provides need-based help to persons who are age 65 or older, blind, or disabled, through payment for long term medical care in a skilled nursing home. Proper planning seeks to qualify applicants for government Medi-cal benefits by adjusting to meet eligibility requirements, while also protecting income and assets as permitted under California law. Read the rest of this entry »
Threatening Disinheritance for Challenging a Will or Living Trust: The New California Law on “Will Contests”
November 18th, 2009Threats of disinheritance to prevent challenges to a will or living trust are nothing new, but the enforceability of these threats will be affected by new California law. At the start of the new year in 2010, the rules will be changed for challenges brought against wills and trusts if the “testator” (the person who made the will) has included a “no contest clause” in the document. A no contest clause generally says that if you challenge the will and lose the contest, you’ll be completely disinherited under the will, or take a significantly reduced share. For public policy reasons, no contest provisions are not blindly followed by the courts. That’s why even when there is a no contest clause, if the legitimacy of the will or trust (or parts of the document) come into question, it’s sometimes possible to bring a valid challenge in order for the probate court to determine if the deceased’s true wishes are reflected in the will. Read the rest of this entry »
San Diego Union Tribune Reports Jury Deliberating in the Trial of Socialite Brooke Astor’s Son: Was There Fraud in Changing His Mother’s Will?
October 7th, 2009After nearly six months, the trial of Anthony Marshall is winding down and jury deliberations have begun, as recently reported by the Associated Press in the San Diego Union Tribune. Marshall, a Broadway producer, is the only son of Brooke Astor, one of New York’s most well known philanthropists and socialites, who died at the age of 105 in 2007, leaving behind an estate estimated to be worth $198 million. The 85-year old defendant stands accused of grand larceny, forgery, and of allegedly defrauding his mother of her estate by making changes to her will when she no longer had the mental capacity to do so, says the Los Angeles Times. Read the rest of this entry »
California Personal Representatives: Getting the Job Done and Avoiding Personal Liability
September 29th, 2009A personal representative’s job is to carry out the wishes of the deceased according to the instructions in his or her will and according to California law. If a person dies without a will, then the personal representative appointed by the court to handle the estate is called an “administrator,” while someone named by the will is called an “executor.” If you’re deciding whether to accept appointment as a personal representative - or thinking about who to nominate in your own will - then you need to know what a personal representative’s duties are during probate and how to fulfill these obligations without putting your personal assets in jeopardy.
Recently, much has been made about the many deals struck by the executors of Michael Jackson’s estate. Read the rest of this entry »
Passing on the Family Business: Yes, It Can Be a Smooth Transition For San Diego Entrepreneurs
August 7th, 2009You’ve worked hard to build a successful business, and as you look ahead to your retirement here in San Diego, you should be thinking about your exit strategy: Will you sell your business, or pass it along to your family? Start this planning early, and if you want a successful transition, don’t just surprise your family with your final plan. It’s crucial that you involve your family as you answer important questions, such as determining which family members are best able and willing to run the business, whether these persons should get a greater ownership share than non-managing family members, and how to handle tax issues. Not only that, but you also need to make sure that you’ve planned for your own retirement needs. Read the rest of this entry »
California Advance Health Care Directives: Take Control and Plan Ahead For Your Health Care Wishes
July 13th, 2009In California, you can prepare your end of life wishes now by creating an advance health care directive, instead of leaving these important decisions to your family during already difficult times. A New York Times health blog by Tara Parker-Pope encourages people to plan for death when you’re healthy, since “the better and the further in advance you plan for that end, the less traumatic it’s likely to be, not just for you but for those you leave behind.” Read the rest of this entry »
Make My Burial Green, Please: Will You Choose a Natural Burial in San Diego?
June 12th, 2009Eco-consciousness in burials - it’s on the rise according to a recent New York Times blog, but will it catch on in San Diego? A green or natural burial means using a biodegradable box and saying no to chemical embalming and concrete grave lining (which can also save a lot of money). By preparing burial instructions you can make certain your wishes for a greener resting place are followed. Even if you’re not interested in a green burial, it’s important to plan for burial plot and funeral expenses and help prevent burial disagreements. Read the rest of this entry »
Can You Trust Your Trustees When You’re Gone? Choose Wisely When Preparing Your California Living Trust
May 15th, 2009Preparing a living trust in California can bring many benefits: your heirs (called beneficiaries) can avoid probate of trust assets, tax advantages are possible, and you can maintain more control over who gets what and when. To help ensure your wishes are carried out when you’re gone, it’s crucial that you think carefully about who will be your trustee. It’s easy to see why naming the right trustee is so important, since this person will be managing the assets and making distributions from the trust to your beneficiaries. Read the rest of this entry »
