We have often written that every San Diego homeowner should have a trust due to the high costs of probate and the time involved. Yet most San Diegans don't even have a will, let alone an estate plan which includes a trust. What should a homeowner know and why should...
Passing Assets and Accounts to Your Heirs
Passing assets and accounts to your heirs and beneficiaries in the shortest time and with minimal or no tax consequence requires expert estate planning. Allen Barron is uniquely structured to provide a single-source legal, estate planning, accounting and tax solution for complex family trusts, business succession planning and estate plan...
Remarriage and a Blended Family is an Excellent Reason for a New Trust
Are you consider remarrying in San Diego? Do you and/or your spouse have children from a previous marriage? If so, remarriage and a blended family is an excellent reason for a new trust. Blended families are becoming the "norm" here in San Diego and across the country. What do you...
How can a Trust Help a San Diego Home Owner
A revocable trust is most often the most advantageous way to take title to real estate. How can a trust help a San Diego home owner or a married couple? The estate planning and trust attorneys at Allen Barron can help you to establish a revocable trust in an efficient...
Review and Update your Trust in San Diego
You should review and update your trust in San Diego every two to three years. If you have created an estate plan that includes a revocable trust or multiple layers of trusts it is important to review changes in federal and state law, as well as the health of associated...
What is a PFIC and Why are the Taxes So High?
What is a PFIC and why are the taxes associated with PFICs so high? A Passive Foreign Investment Company or PFIC is classified by the IRS as a foreign corporation or entity who meets either an asset test or income test established by the agency. The asset test is based...
A Revocable Trust is the Best Option After Reform of Medi-Cal Estate Recovery SB 833
The recent implementation of California SB 833 and the reform of Medi-Cal estate recovery will have a significant impact on estate planning for many Californians. The new law essentially limits the ability of Medi-Cal to pursue the estate of a deceased patient in order to recover costs of their treatment. ...
How Does New Medi-Cal Legislation Change Your Estate Plan?
Governor Jerry Brown recently signed new Medi-Cal legislation SB 833 into law, and it will take effect for those who pass away after January 1, 2017. The new Medi-Cal legislation reduces the State's ability to go after the assets of deceased Californians who required "specific medical assistance" including permanent nursing...
Why Put Off Estate Planning and Establishing a Trust?
Why do so many San Diegans put off estate planning and establishing a trust for their home and assets? Quite simply, in my experience its as simple as they don't want to face the reality of their own mortality. Unfortunately, the failure to undertake estate planning leaves a complicated and...