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A grantor trust is established by the grantor irrevocably transferring property to a trust during his or her lifetime while retaining an interest for a number of years with the remainder to the beneficiary. The remainder interest to the beneficiary is subject to gift tax and its value is ascertained per the tables provided by Internal Revenue Code Section 7520. (more…)
An unprecedented number of Californians are faced with the realization of losing their homes, either through short sale or foreclosure. Many Californians took advantage of generous financing to purchase homes with little to no down payment while home values were at record highs. A large number of these homeowners can no longer afford to keep these homes due to personal circumstances such as divorce or a loss of employment. Additional homeowners are simply choosing to “walk away” from their homes believing that it makes little economic sense to continue to pay for a mortgage which far exceeds the value of their home. (more…)
A review of Masry v. Masry (2008) 166 Cal.App.4th 738
Edward and Joette Masry created a revocable living trust (Family Trust). The property transferred to the trust was community property as it was acquired during marriage. The trust named Edward and Joette each as a trustor (settlor) and trustee of the trust and reserved the right of each to revoke the trust “by written direction delivered to the other Trustor and to the Trustee.” (more…)
The primary role of an attorney in providing counsel to a client is to represent the client’s interests. However, there may come a time when the client becomes incapacitated and is no longer capable of acting in his or her best interest or following the advice of the attorney guiding the client to proceed in the client’s best interest. Incapacity can result from mental illness, substance abuse, or physical ailments which prohibit the client from exercising sound judgment and protecting his or her interests. Lack of capacity issues are of particular concern to trusts and estates attorneys as many of their clients are elderly and may have medical problems, particularly the onset of dementia. (more…)