HOW TO ACCESS CASH ON DEATH (CASH AVAILABILITY PLANNING) By: David L. Crockett, Attorney, CPA UCLA Law School , J.D. ’69, UC Berkeley ’66 901 Dove St., Ste 120, Newport Beach, CA 92660 Phone: 949-851-1771 Email: David@CLCNewport.com Website: TrustandProbateLawyers.com Typical problem. We all need spendable money to survive from day…
Articles Posted in Probate court proceedings
Trust accounting lawsuit/petition procedures
TRUST ACCOUNTING LAWSUIT/PETITION PROCEDURES By: David L. Crockett, Attorney, CPA Trust terminology basics. A trust is created by a written document known as a declaration of trust, and is then funded by transfer of money into trust bank accounts and/or deeding or transferring of properties to the trust. The…
INCOME TAX APPRAISALS TO ESTABLISH INCOME TAX BASIS ON DEATH OF PROPERTY OWNER-TRUSTOR
AN APPRAISAL IS NEEDED UPON DEATH OF A PROPERTY OWNER. A routine part of trust administration or probate administration is to obtain an appraisal of each property owned. This is for income tax reasons. Because the income tax basis is increased “stepped up” upon death to fair market value an…
INCOME TAX RETURNS TO FILE IN TYPICAL ESTATE OR TRUST SITUATION
SORT OUT WHAT NEEDS TO BE FILED. A routine part of trust administration or probate administration is for the Probate Executor or the Successor Trustee of a living trust to sort out the income tax situation. First, you have to determine if the individual income tax return filings of…
Personal Property and Jewelry Division Can Cause Irreconcilable Problems in an Estate
Typical situation. An elderly mom with two adult children, Sally & John, passes away with a house full of nice personal belongings (furniture, antiques, crystal and jewelry). Sister Sally lives with mom or in the same town and brother John lives 500 miles away. When mom passes, Sally notifies John…
Guardianships For Children
Who Will Take Care of My Children and Their Inheritance if the Worst Happens? Types of Guardianships For Children Guardianships For Children – A guardianship is a legal status whereby an adult is given authority to take care of the person of a minor child and/or the estate of the…
Probate Counting of Pre-Death Transfers
Let’s Subtract the Money Johnny Got From His Share of the Estate TYPICAL SITUATION A father dies without a will leaving an estate of $100,000. Under the laws of intestate succession which apply because there is no will, his 4 children are to receive equal shares of the estate which…
Probate Asset Inventory & Collecting
WHAT IS IN THE ESTATE AND HOW THE PERSONAL REPRESENTATIVE FIND AND MANAGE IT? PROBATE ESTATE ADMINISTRATION Probate Asset Inventory & Collecting – If a person passes away leaving money or property there may need to be a probate court administration of the estate. If there is a living trust…
Probate Debts & Taxes
CAN A DECEASED PERSON’S ESTATE ESCAPE PAYING DEBTS & TAXES? PROBATE ESTATE ADMINISTRATION If a person passes away leaving money or property there may need to be a probate court administration of the estate. If there is a living trust and all of the deceased person’s assets have been placed…
Probate Conservatorships
What To Do When Someone Lacks Mental or Physical Capacity? WHAT IS A CONSERVATORSHIP? A conservatorship is a court proceeding to protect a person and/or his or her property. Conservatorships are regulated by the California probate code and operate under the supervision of the probate court system. The person protected…