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…
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…
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…
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…
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…
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…
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…
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…
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…
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…