Ensure your financial affairs are in order, and prepare for the new year by reviewing your trust for 2022. It is important to review trust documents every 2 to 3 years. There have been many recent changes to asset protection related laws as well as the US exemptions for estate...
Will or Trust in Southern California – an Obvious Choice
As experienced trust and estate planning attorneys we are often asked which is better - a will or trust in Southern California? Simply stated, if you own any real estate whatsoever, or have more than a few thousand dollars in your accounts a revocable trust is almost always the least...
Should You Consider an Irrevocable Trust for Life Insurance
What is the best strategy for handling life insurance proceeds for your heirs and beneficiaries. It is often important to consider an irrevocable trust for life insurance proceeds to prevent your designated beneficiaries from misusing the funds you have planned and worked so hard to provide. An irrevocable trust is usually...
California voters took to the polls and preliminary results are in….Proposition 19 passed!
California Proposition 19 passed resulting in new questions and opportunities for many here in San Diego and across California. Proposition 19, entitled: ‘Changes Certain Property Tax Rules’ is good news for homeowners who are 55 or older, disabled, or have been victims of wildfires, or other natural disasters. The Constitutional...
An Unfortunate Lesson in Estate Planning from David Cassidy
We may have learned an unfortunate lesson in estate planning from David Cassidy this week. His death has brought several life lessons to light, and one of them is a reminder to update your estate plan and trust documents every two to three years. Things change. David Cassidy's daughter Katie was...
Your San Diego Business Succession Plan – “You Make the Plan, or a Plan Will Be Made for You!”
Why should you be thinking about your San Diego business succession plan as the year comes to a close? The National Law Review recently asked a great question: "Who is the better planner for your (business) affairs - You or the State? You Make the Plan, or a Plan Will...
Even If Washington Raises the Estate Tax Exemption to $10 Million You Should Still Have a Trust
Even if Washington raises the estate tax exemption to $10 Million you should still have a trust, especially if you are a home owner. Why? The short answer is time, money and saving a lot of hassle for your loved ones, heirs and beneficiaries. Raising the exemption on federal estate...
Legal and Accounting Services for Executors and Trustees in San Diego
Allen Barron provides legal and accounting services for executors and trustees in San Diego. Most people are completely unaware of the heavy personal legal and financial responsibility they accept when they agree to serve as the executor of an estate or the trustee for a family trust. Once the glow...
How Should a Couple Take Title to Their Home
How should a couple take title to their home if they intend to keep it? How is the asset to be taxed after both spouses pass? Many couples keep the asset in "Joint Tenancy" which allows the asset to avoid probate upon the death of one of the spouses. Upon...