The wrong kind of deed can have expensive and unintended consequences. Once the horse is out of the barn you can get back! What is a deed? Real estate property ownership is legally changed by a document commonly known as a deed which is signed by the person making the…
Older Affluent Man – New Wife & Step Mother – Man’s Kids Lose! We recently handled an unfortunate situation where a mature man who was quite successful and had a lot of assets including several companies married a younger woman. He was only married a couple of years when he…
Wife Passes Away in Middle of Divorce = Messy Litigation We handled a probate court case involving a lady named Susan who died while in the middle of a divorce. She had an expensive ocean view house and lots of valuable furniture and jewelry. At first, nobody could figure out…
A permanent estate builder that provides asset protection and covers future generations What does a Life Insurance trust do? Life Insurance Trusts – A Life Insurance Trust is a permanent, irrevocable trust that is established to own one or more life insurance policies that cannot be altered, amended, or revoked.…
Don’t set up a trust before understanding the Tax and Probate Fees issues Types of trusts In addition to describing a trust as revocable or irrevocable, there are many types and variations of trusts, depending upon the purpose for the trust. Typical trusts are living revocable trusts to avoid probate…
Assets can be controlled through a trust for a long time Trust determines who is in control Trusts Used to Control Assets – Basically, the trust document establishing the trust states who controls the trust assets (monies, accounts and properties) and gives detailed instructions on how much, when, and under…
Disabled persons on public assistance can lose benefits if they inherit money in the wrong form Purposes of special needs trusts Trusts for Special Needs – Special Needs Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according…
Save legal fees by learning Basic Trusts Terminology Purposes of trusts Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according to detailed written instructions. Trusts are used to safe-keep money and property and prevent it from being…
Probate is not needed to transfer ownership of joint tenancy property Generally, Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise EXCEPT for some narrow exceptions. A major exception is property held in…
Collection or transfer of personal property by affidavit will save Probate court delays and expense Generally, Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise EXCEPT for some narrow loopholes. This loophole rises to…