Prop 19’s Impact on Estate Plans

Posted Posted in Beneficiaries, Estate Planning

Ask Cale Beck, ESQ – Proposition 19 Brings Big Change to California Estate Plans The November election ballot included a couple of proposed California measures affecting how property was assessed and taxed in California.  The one that passed was Proposition 19, and its impact will affect most California estates and trusts more than voters were likely aware.  Under current law, Proposition 13 requires that California real property be reassessed on a change in ownership.  If […]

Consider a “Restatement”

Posted Posted in Beneficiaries, Estate Planning

Ask Cale Beck, ESQ – Consider a Restatement – Updating Your Trust When a client executes an estate plan, the idea is that the plan is perfectly tailored to suit the client’s needs at that moment and for the foreseeable future.  However, for better or worse, the only real constant in life (I suppose in addition to death and taxes) is change!  The way your life looked 10 years ago, and the situation that your […]

My trust, my house, and my mortgage

Posted Posted in Beneficiaries, Estate Planning

Ask Cale Beck, ESQ – When I transfer my residence into the name of my trust, how will it affect my mortgage? If you take a look at your mortgage paperwork, you may notice a clause stating that if your property is sold or otherwise transferred during the term of the mortgage the entire principal balance will become immediately due.  This is called a “due-on-sale” clause, and it has generated more than a few panicked […]