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 […]

Estate Planning and the SECURE ACT

Posted Posted in Beneficiaries, Estate Planning

Ask Cale Beck, ESQ – How does the new SECURE Act impact my Estate Plan? On January 1, 2020, the SECURE Act (“the Act”) became law and some of the provisions of this Act could have a very real effect on your estate plan. Specifically, it brings significant changes to the transfer and taxation of your retirement plans after death. The purpose of the Act, as stated, is to encourage retirement savings, and it does […]

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 […]

The Ultimate Estate Checklist

Posted Posted in Beneficiaries, Estate Planning

Recently I created a new worksheet. No two estates are alike. It’s pretty much impossible to identify every talking point or action item for every conceivable situation.  But I feel that it’s a pretty comprehensive list of considerations to properly plan the majority of estates.In this blog post, I want to highlight the section of the checklist that I probably spend the most time on with my clients. These are considerations that should be addressed in […]

Winter Break Special

Posted Posted in Advanced Health Care, Beneficiaries, Estate Planning, Power of Attorney

Winter Break is here, and the college kids are coming home for Christmas. If last month’s blog post resonated with you, and you and your kids have concerns that you will lack the ability to make decisions for them if they are injured or fall ill and become unable to make decisions for themselves or to even speak with a doctor about their medical information, then I would encourage you and your child to speak […]

Minors, Adults and Capacity

Posted Posted in Beneficiaries, Capacity, Estate Planning, Minor Dependents

On November 6 my oldest nephew turned 18 years old. By law he is officially an adult, able to vote and to open an IRA. From the standpoint of basic rights, there is very little difference between him and me (except for a curfew). This includes the right to sign contracts, to manage our own accounts, to choose our friends and partners, to conduct business, and to essentially perform every other function that the law […]

Protecting Your Minor Children With a Revocable Trust

Posted Posted in Beneficiaries, Estate Planning, Minor Dependents, Revocable Transfer

Estate planning has many key objectives, but in my opinion, the most important of them all is the protection of vulnerable beneficiaries – especially minor children. I have met with and personally know many of young parents who are homeowners who have some savings, retirement and a term life insurance policy, and yet have not done any estate planning.  It cannot be stated strongly enough that is more important for those parents to plan their […]

The Revocable Transfer on Death Deed- Analysis of California AB 139

Posted Posted in Beneficiaries, Estate Planning, Legislative Alert, Revocable Transfer

Effective as of January 1, 2016, the State of California now allows the use of a revocable transfer on death deed (“TOD deed”) to convey an individual’s interest in certain real property to specifically named beneficiaries upon the individual’s death without the need for formal probate proceedings. The legislative purpose behind this bill is essentially to provide a simplified method for transferring real property to an individual’s chosen beneficiaries without probate. This has historically been […]

Gov. Brown Approves California Assembly Bill ABX2-15, “End of Life Option Act”

Posted Posted in Beneficiaries, Estate Planning, Legislative Alert

On October 5, 2015, Gov. Jerry Brown approved California Assembly Bill ABX2-15, making California the latest state to enact some form of legislation allowing an individual the ability to self-administer prescribed drugs aimed to bring about the individual’s death, and setting forth guidelines under which a medical professional or other person assisting the individual in accomplishing this act may escape liability for providing the requested assistance.  This law will be known and cited as the […]