Welcome to Our Newsletter

Fall 2024 Newsletter
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FIVE ASSET TYPES NOT TO FUND INTO YOUR TRUST

As our clients already know, creating a written estate plan is not the end of the process. Trusts must also be funded in order for them to be effective planning tools. Funding is the process of re-titling assets into your name as trustee of the trust.

Summer 2024 Newsletter
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SUCCESSOR TRUSTEE DUTIES WHEN TRUSTOR BECOMES INCAPACITATED

When a trustor of a trust becomes incapacitated in California, the successor trustee must take several specific steps to effectively manage the trust and protect the trustor’s interests. Here’s a detailed guide outlining the exact steps a successor trustee should take:

Spring 2024 Newsletter
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ISSUES ARISING FROM ASSETS TITLED IN ONE SPOUSE’S NAME ALONE

Many people believe that everything automatically passes to their spouse upon their death, regardless of how property is titled or any estate planning documents prepared. In some cases, this may be true. However, there are several situations where this may not be the case, and the surviving spouse may either not receive the property or may experience difficulty gaining access to the property, even if the deceased spouse intended that their surviving spouse receives everything.

Winter 2023 Newsletter
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COMMON ISSUES THAT ARISE IN ADMINISTERING A TRUST THAT HOLDS REAL PROPERTY AND HOW TO AVOID THEM

Real property is often the most complicated trust asset for trustees to manage. Trustees want to do the best they can to please the beneficiaries, who are often their siblings or family members, and still follow the terms of the trust. We will discuss three very common scenarios that we see in our trust administrations where real estate is involved and the questions that arise.

Fall 2023 Newsletter
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NAVIGATING TANGIBLE PERSONAL PROPERTY AFTER A LOVED ONE’S PASSING: A GUIDE TO FAMILY DECISION

Among the many responsibilities a trustee faces after a loved one’s death, dealing with tangible personal property (TPP) can be particularly challenging and complex. For some family members these physical possessions are laden with memories and sentimental value. It is not unusual for squabbles to arise over items with no monetary value. The trustee is stuck in the middle because tangible personal property is often not planned for in much detail. Trustees have little guidance to help them make decisions. This article delves into how families can plan ahead and also navigate the process of dealing with tangible personal property after a death, striking a balance between practicality and emotional attachment.

Summer 2023 Newsletter
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TRUSTEE TOOL: NOTICE OF PROPOSED ACTION

What is a Notice of Proposed Action? A Notice of Proposed Action (NOPA) is a legal document that a trustee of a trust sends to the beneficiaries of the trust informing them of an impending action and giving them the opportunity to object or consent. A common example that we see is when a trustee wishes to use the trust’s cash reserves to fix up a house for sale. Some beneficiaries might not be agreeable to spend $50,000 of their inheritance to fix up a house without knowing for certain if the Trustee will recoup the investment upon the sale of the house. A Notice of Proposed Action would require that the Trustee send the beneficiaries all of the pertinent information regarding the proposed action so that the beneficiaries could make an informed decision about their inheritance.

Spring 2023 Newsletter
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WHO SHOULD WE NAME AS TRUSTEE OF OUR CHILD’S SPECIAL NEEDS TRUST?

A special needs trust or a supplemental needs trust is a trust, typically established by parents for their disabled child, that is created to provide financial care for that child without jeopardizing any government benefits that they may be entitled to. Parents will set up the special needs trust so that after they die there is money and a trustee in place to care for that child. One of the biggest concerns for parents is who will care for their child after they are gone. Parents know their special needs child the best and fear that nobody can care for their child as well as they can. This fear often leads parents to name one of their other as trustee for their special needs child’s trust. Here are a few tips offered by the Insurance Information Institute for conducting an efficient and comprehensive home inventory.

Winter 2022 Newsletter
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ON SANTA’S “NICE LIST?” IT MAY BE TIME TO UPDATE YOUR INSURANCE COVERAGE!

Now that the holidays are over and our homes are filled with new gifts and purchases, the insurance industry, specifically the American Property Casualty Insurance Association (APCIA), recommends doing a post-holiday home inventory. This is especially important in California, where many of us live in areas susceptible to wildfire and all of us are exposed to the possibility of an earthquake. After the holidays we often have more high-ticket items brought into our home as gifts, including jewelry and electronics. This is a good time to connect with your insurance agent to make sure your coverage for personal property is up to date.

Here are a few tips offered by the Insurance Information Institute for conducting an efficient and comprehensive home inventory.

Fall 2022 Newsletter
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SPECIAL NEEDS: PLANNING FOR A LIFETIME OF CARE

For parents whose special needs child will always require the care of someone else, comprehensive Special Needs Planning should successfully replace the parents’ support and effort after they pass away. Parents of a special needs child who is expected to depend on needs-based government benefits such as SSI and Medi-Cal for the remainder of their life need to carefully consider the following when planning their child’s Special Needs Trust (SNT).

Summer 2022 Newsletter
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3 THINGS YOU NEED TO KNOW ABOUT ESTATE PLANNING AND MENTAL ILLNESS

According to a recent New York Times article,¹ mental illness among young people is on the rise in the United States. The U.S. surgeon general has called it a “devastating mental health crisis among adolescents.” The problem had been growing prior to the 2020 pandemic, with increased use of social media as one of the probable causes. The isolation, increased anxiety and just constant bad and worse news over the last few years has exacerbated the problem.

So, what does that have to do with estate planning? Everything! There are many considerations that parents (and grandparents) need to evaluate when they have a child of any age struggling with mental illness. Listed here are a few of the big ones:

Spring 2022 Newsletter
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WHEN SHOULD YOU START TAKING SOCIAL SECURITY?

For many Americans, Social Security is their largest source of financial support after retirement. Yet, few do any kind of planning or analysis to maximize their Social Security before they elect to start taking retirement benefits. There are a variety of resources available to help with this analysis, as we will discuss, but first, let’s lay out some of the basics.

Winter 2022 Newsletter
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LEGISLATIVE UPDATES

There was some very interesting legislative activity in 2021, both Federal and California state legislatures. This activity resulted in new laws effective as of 2022, laws that will roll out over the next few years, and other laws that have yet to be finalized. Here is brief summary of this activity:

Fall 2021 Newsletter
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TRUSTEE DOS AND DON’TS

A family member has passed away and you are now a trustee.

Every trust administration is unique and over the years we have seen trustees bump up against a wide variety of obstacles. We have also noticed some common mistakes and missteps that can and should be avoided. This article highlights a few of these, occurring in the early stages of trust administration, to help you avoid making these mistakes yourself.

Summer 2021 Newsletter
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TRUST FAILURES: DON’T LET THIS HAPPEN TO YOU

At Absolute Trust Counsel, in nearly 100% of the trust administrations, we are hired to execute, there is at least one failure that could have been avoided.

Spring 2021 Newsletter
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UNDERSTANDING THE CHANGES EFFECTIVE ON APRIL 1, 2021 DUE TO POPOSITION 19

Proposition 19 is an amendment to the California State Constitution which was passed in the November, 2020 election and makes several changes to property tax assessments and transfers.

Winter 2021 Newsletter
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LEGISLATIVE CHANGES FOR 2021

“VIRTUAL SERVICES?”
Due to ongoing health and safety concerns, we are very excited to be able to offer virtual services to our clients. This means that we can help clients located anywhere within the State of California as well!

Fall 2020 Newsletter
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ARE YOU WORRIED ABOUT A RESIDENT IN A LONG-TERM CARE FACILITY?

“HOW CAN I SIGN MY ESTATE PLAN DURING COVID-19?”
Most of the documents our clients sign when creating or updating an estate plan are usually notarized. Unlike some other states, California law does not provide the authority for California notaries public to perform a remote online notarization.

Summer 2020 Newsletter
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HOW TO LEGALLY CHANGE ESTATE PLANNING DOCUMENTS

“4 QUESTIONS EVERY BUSINESS OWNER NEEDS TO ANSWER”
Our clients’ primary motivation, the real reason they come to us to help them with their estate planning, is their concern for their family. They want to make sure their children will be OK.

Spring 2020 Newsletter
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WHAT THE SECURE ACT MIGHT MEAN FOR YOU AND YOUR ESTATE PLAN

“DO YOU OWN PROPERTY IN HAWAII?”
If you own real property in Hawaii, you may be subject to an estate tax under Hawaiian law.

Winter 2020 Newsletter
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“NATURAL LIGHT MAY BENEFIT DEMENTIA PATIENTS”

It may be winter now, but spring is coming, get outside with your loved ones when the weather permits! Exposure to natural light— or direct sunlight—has long been believed to have significant health benefits.

“AVOID PROBATE OF YOUR CCRC REFUND”
Continuing care retirement communities (CCRCs) often require new residents to pay an entry fee in exchange for lifetime housing and priority access to healthcare, in addition to a monthly fee..

Summer 2019 Newsletter
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“WHAT IS SHARE OF COSTS?”
By Kirsten Howe

Upcoming Event – Elder Advocacy Boot Camp – September 18, 2019 at the Contra Costa Country Club

My team and I are working hard on our upcoming First Annual Elder Advocacy and Law Boot Camp educational seminar. We’ve got a line-up of eldercare experts from our local area to speak about critical matters facing our growing elderly population.

ABSOLUTE TRUST TALK is our bi-monthly PODCAST. They are informative interviews with legal and financial professionals to help educate you on a wide variety of topics.

Spring 2019 Newsletter
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“MORTGAGE LOANS TO IRREVOCABLE TRUSTS AND PROBATE ESTATES CAN HELP PRESERVE LOW PROPERTY TAXES”
By Kirsten Howe

There are a number of situations where a borrower doesn’t qualify for a traditional loan and that’s often true in solving the challenges of real estate lending for irrevocable trusts and probate estates..

“2019 MEDI-CAL RESOURCE UPDATES”
By Kirsten Howe

The California Department of Health Care Services recently announced new Medi-Cal resource numbers for 2019.

ABSOLUTE TRUST TALK is our bi-monthly PODCAST. They are informative interviews with legal and financial professionals to help educate you on a wide variety of topics.

Fall 2019 Newsletter
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“OUR AGING POPULATION: INCREASING WORKER SHORTAGE WILL ONLY MAKE IT WORSEBy now, we have all probably been made aware of the so-called “silver tsunami:” the phenomenon we are seeing in our country of a rapidly-growing senior population. In the years following World War II, the U.S. experienced an unprecedented population increase, the “Baby Boom”, the generation that is now hitting social security age at the rate of 10,000 people a day

“MEDI-CAL AND NATIONAL DISASTERS”
As we head into wildfire season, it is important that Medi-Cal recipients be aware of their rights concerning disaster assistance and insurance payouts.

Winter 2019 Newsletter
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“THE WHEN AND HOW OF APPLYING FOR MEDICARE”
By Kirsten Howe

We all know that when we turn 65 we are covered by Medicare. But many people don’t know that coverage is not automatic. We actually have to sign up for it.

“NOT ALL POWERS OF ATTORNEY ARE CREATED EQUAL”
By Kirsten Howe

When someone calls our office to schedule their first appointment, we ask them a series of questions to get an idea of what kind of help they need.  Often the person calling is the child of the parent who needs Medi-Cal benefits. Two important questions we ask, does your parent have the capacity to understand and participate in the planning and if not, is there a power of attorney?

ABSOLUTE TRUST TALK is our bi-monthly PODCAST. They are informative interviews with legal and financial professionals to help educate you on a wide variety of topics.

Summer 2018 Newsletter
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“What Happens to My Estate Plan if I Move to Another State?”
By Kirsten Howe

We get this question a lot – from younger clients who know their job might get transferred someday.  Also, it seems that more and more Californians are choosing to move to another state when they retire, including some of our clients.  The answer is, of course, it depends.

“Don’t Use the Wrong Assets to Pay For Care”
By Kirsten Howe

All attorneys will agree with me that if there’s one thing we wish our clients would do it would be to talk to us before they act. It’s much better for the client, and less expensive in the long run, to have your attorney review that lease or contract before you sign it than to be surprised later.

Spring 2018 Newsletter
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“Special Needs Planning Must Be Multi-Generational”
By Kirsten Howe

I recently attended the Special Needs Planning Symposium.  The sessions were all very informative, but it was the opening session that really stands out for me, “Proactive and Next Generation Planning for Families That Include a Loved One with Disabilities.” The panel of presenters in the session really brought to light how important it is to consider the needs of the whole family in the plan.

“Inflammation and Your Diet”
By Kirsten Howe

As we age, many of us develop conditions that cause inflammation, such as arthritis.  We can treat the pain of arthritis with pain relievers, and certainly medication and other treatments are important.  Many experts also recommend adopting an anti-inflammatory diet.

Fall 2018 Newsletter
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“ESTATE PLANNING FOR YOUR PETS”
By Kirsten Howe

For most of our clients, the family pets are just that – family. These pets are valued members of the extended family and, for some, the pets are their primary family.

“HAVE YOU HEARD IT? DID YOU LIKE IT? WAS IT HELPFUL AND INFORMATIVE?”
By Kirsten Howe

ABSOLUTE TRUST TALK is our bi-monthly PODCAST. They are informative interviews with legal and financial professionals to help educate you on a wide variety of topics.

Winter 2018 Newsletter
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“Fire! Are You Prepared”
By Ora Citron

In 2017 over 245,000 acres were burned costing at least $9.4 billion in insured damages. This can happen to anyone at any time, and unfortunately, the least costly homeowner’s insurance solution might be the start of your nightmare if the unthinkable happens.

“Special Roles in Special Needs Trusts”
Special Needs Trusts are different from estate planning trusts in many ways, namely with the number and variety of participants whose assistance is needed. Learn why the careful selection of each participant is vital to accomplishing the grantor’s goals over the entire life of the beneficiary of a Special Needs Trust.