We recommend that you review your estate plan every year to ensure it accurately reflects your wishes and your current circumstances. In reviewing your estate plan in 2022, ask yourself the following questions to determine whether your plan needs to be reviewed and updated: 1. Has your health, finances, family situation, or your inheritance wishes, … Continue reading Top 10 Reasons to Review Your Estate Plan in 2022
California Advocates for Nursing Home Reform (known as “CANHR”) is a highly respected California nonprofit with clear and concise educational resources regarding Medi-Cal. If you would like to learn more abut how the Medi-Cal Asset limit is increasing, check out this CANHR link: http://canhr.org/factsheets/medi-cal_fs/PDFs/FS_Medi-Cal_Asset_Limit_Change.pdf Copyright 2022 Phillips Law Offices, A Professional Corporation
If the trust document is silent on the matter of trustee compensation, then California law directs that said compensation must be “reasonable.” (Probate Code Section 15681.) Often, a trust simply states that the trustee is entitled to “reasonable compensation” without any definition or any guidelines to help determine the amount of trustee compensation. In those cases, … Continue reading Trustee Compensation
People often ask what should be included in a new living trust plan or, similarly, what should be included when updating an existing living trust plan. Here are the basic elements of such a plan for California residents: 1. Revocable Living Trust. Note that for those with an existing living trust that needs to be updated, … Continue reading What to Include in a New or Updated Living Trust Estate Plan
In selecting a successor trustee for a living trust, people often gloss over the complications involved and think in broad generalizations as who will “manage” or “settle” my estate or “take care of my beneficiaries.” In reality, a trustee performs very specialized, complicated functions. The trustee must administer the trust consistent with the trust terms, … Continue reading What to Consider in Choosing Your Trustee