probate | Law Firm Newswire

Roseville, CA (Law Firm Newswire) November 30, 2016 – Effective Jan. 1, 2017, claims by California Medi-Cal Estate Recovery will be decreased to the minimal amount required under federal law. The reduction applies to those who receive Medi-Cal and who die on or after Jan. 1, 2017. The new legislation, SB 833, was signed by Governor Jerry Brown on June 27. Under federal law, the state is required to obtain an adjustment or recovery from a person’s estate for nursing facility services if the person was permanently placed in an institution. The state also had the option to secure an […]


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Fairfax, VA (Law Firm Newswire) November 21, 2016 – In September 2016, the Sixth Circuit repeated the precedent that failure to file a tax return and to pay a tax liability must be subject to penalty under §6651(a) (1) and §6651(a) (2). Estate executors should understand the notion that penalties will be owed in cases where they neglect to file a tax return in a timely fashion or perform a miscalculation of the estate tax liability. However, despite the executor’s consultations with the attorney on several occasions, and the attorney’s reassurances that such duties will be carried out in a […]


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Brandon, FL (Law Firm Newswire) June 29, 2016 – The musical artist Prince died on April 21, 2016, apparently without ever having created a will, referred to as “intestate” death. Prince had no known children, but had six surviving siblings, who are the sole heirs. Even if there is little conflict among the heirs, the process of probating his estate is expected to be long and expensive. O. Reginald Osenton, a Florida probate attorney, cited two important reasons why individuals with significant assets should be sure to create a valid will. “First, creating a will serves to keep the scope […]


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Roseville, CA (Law Firm Newswire) June 20, 2016 – It can be challenging to administer the estate of a deceased California resident who, at one time, was a citizen of a foreign country, or the estate of a deceased non-resident of California who is the owner of real property in California. Consider the case of a deceased California resident whose most recent will was executed in another state or country. Under California law, a will that was executed in another state or nation can be enforced in California if it was completed in compliance with the law of the place […]


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Virginia Beach, VA (Law Firm Newswire) June 9, 2016 – When an individual or family has an estate plan, it is important to review the documents periodically, and to update them. It is also important to make certain that specific assets are contained within the trust. Any changes in the financial or family situation should be reflected in a revision of the estate planning documents. There are some life events that may prompt the testator to review the estate plan. “Due to changes in circumstances, it is advisable to review the estate plan whenever there is a major life-changing event, […]


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San Francisco, CA (Law Firm Newswire) May 25, 2016 – A new estate planning law that went into effect on January 1 seeks to help California homeowners avoid the costly, time-consuming process of probate when leaving property to heirs. Bill AB139 was signed into law in September 2015 after previous efforts to pass the legislation failed for almost a decade. It introduces the Revocable Transfer on Death Deed (TOD) which allows individuals to transfer property to a beneficiary upon their passing without the need to set up a revocable living trust or sort out matters in probate court. Such deeds […]


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Roseville, CA (Law Firm Newswire) May 9, 2016 – There are many risks and disadvantages for the grantor and beneficiaries of the California Revocable Transfer on Death Deed (“TOD” deed), which became effective on January 1, 2016. In the event the decedent is indebted to anyone, the TOD deed creates a liability for the beneficiaries. In an effort to satisfy the decedent’s debts, the personal representative who is handling the probate of the decedent’s estate may require payment from any of the beneficiaries of the TOD deed up to three years following the death of the transferor. The TOD deed […]


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Roseville, CA (Law Firm Newswire) April 25, 2016 – It is imperative that people understand the consequences of holding title to assets and that the ways in which the owner holds title can greatly impact the transfer of the property upon the owner’s death. Some individuals choose to add an agent to an account when they are depending on that person to help with the management of their finances. This method does not provide the agent with any ownership rights or name the agent as a beneficiary. However, it grants the agent permission to act on behalf of the owner […]


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Fairfax, VA (Law Firm Newswire) April 18, 2016 – Those who have recently divorced are advised to review their estate plans and update them to reflect any changes they wish to make. If they have children, then one objective is to preserve any assets for their heirs in light of the divorce. While a will allows the grantor to avoid probate, and many assets may have been distributed in the form of gifts, there may be some remaining assets. The will may not identify each remaining asset that the grantor owns. The residuary describes a clause in a will that […]


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Virginia Beach, VA (Law Firm Newswire) April 12, 2016 – Childless couples can face certain challenges with respect to estate planning. It may be difficult for couples to select the person who will make decisions on their behalf in the event of their incapacity and upon their death. They may also not know to whom they should leave their assets. As a result, they may fail to engage in any estate planning at all. If there are no powers of attorney, and one or both spouses become incapacitated, in all likelihood, the state will mandate that the family file for […]


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Virginia Beach, VA (Law Firm Newswire) October 16, 2015 – Probate is the legal procedure that decides whether a deceased person’s will is valid. While it impacts many elements of a person’s estate, there are non-probate assets, such as life insurance policies, that are given directly to the decedent’s heirs. Following a person’s death, their will is filed with the probate court. Once the court makes a decision concerning the validity of the will, there is an inventory and appraisal of all property, debts and claims of the estate. There is a collection of all legal claims of the estate, […]


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Fairfax, VA (Law Firm Newswire) August 7, 2014 – The late North Carolina basketball coach Dean Smith left $200 to each of approximately 180 players he had coached for years. The payments are not from his will, but rather from his revocable living trust. A revocable living trust is an estate planning tool that is used partly to maintain some level of privacy concerning the details of one’s estate. While wills are public documents, and thus available to anyone who wishes to search public records, trusts are private. Smith’s generosity was publicized because players uploaded photos of his letters and […]


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Fairfax, VA (Law Firm Newswire) May 13, 2015 – Enactment of the measure would allow residents to avoid probate on their property. On April 9, California took a major step toward allowing transfer-on-death deeds for real estate. The state Assembly passed a bill to permit such deeds by a unanimous 73-0 vote. If approved by the state Senate and signed into law by Gov. Jerry Brown, the Golden State would become the 21st and largest state to legalize this estate-planning method for avoiding probate. The measure, sponsored by Assemblyman Mike Gatto, D-Glendale, would make so-called revocable transfer-on-death deeds available. These […]


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Ontario, CA (Law Firm Newswire) April 28, 2015 – Albertson & Davidson, LLP had four proposals for law changes protecting California Trust and Will beneficiaries accepted for consideration at the 2015 Conference of Delegates for the Conference of California Bar Associations (CCBA). Each year, attorneys from across the state submit proposals for possible resolutions that will be adopted by the CCBA. As part of its mission, the CCBA then works to turn the resolutions into state law through legislative proposals. Albertson & Davidson, LLP trial lawyer Kevin Yee serves as the San Diego County Bar Association Delegate to the CCBA […]


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Virginia Beach, VA (Law Firm Newswire) October 29, 2014 – When a person is named as executor of an estate, he or she becomes legally responsible for protecting the assets of the decedent until the estate administration is complete. This can be a complicated, lengthy process, and organization is the key to keeping the process manageable. “Estate administration can be complex, especially if the estate planning is incomplete or there are disputes about the estate,” said Andrew Hook, a Virginia estate planning attorney with Hook Law Center. “Staying organized can help.” From the outset, the executor should understand his or […]


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Fairfax, VA (Law Firm Newswire) October 28, 2014 – Parental cash assistance for a down payment can actually shield a family’s wealth from probate in the future. The recent recession seriously impacted the U.S. economy and noticeably changed the socio-economic fabric of the country. In that environment, more young adults opted to live with their parents in order to save money. Now that the economy is recovering, another change has helped reverse the earlier trend: more parents helping their grown children accumulate a down payment for a house of their own — an act that also fits in with some […]


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Fairfax, VA (Law Firm Newswire) September 15, 2014 – Probate filings for musician Lou Reed’s estate were recently entered in the Surrogate’s Court, Manhattan’s probate court. With an estate worth over $30 million and assets still earning millions in royalties and other income, Reed was among a small number of individuals who relied only on a will for estate planning. Reed left only a 34-page will, signed in April 2012. Reed passed away on October 27, 2013 from liver disease, at the age of 71. “A well-written trust can make estate administration quicker and more private,” said Lisa McDevitt, an […]


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Fairfax, VA (Law Firm Newswire) July 8, 2014 – On June 28, 1969, members of the gay community spontaneously rose up in protest against a police raid being conducted at the Stonewall Inn in New York City. The ensuing riot is now considered one of the most important instigating events for the LGBT rights movement that followed. Though there is no set date for LGBT Pride events nationally, many cities center their events to commemorate the Stonewall Riots. Now, as June comes to a close with days or weeks of pride for the LGBT community, extra attention should be paid […]


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Brandon, FL (Law Firm Newswire) June 19, 2014 – Avoiding surprises may be the most important step in minimizing inheritance disputes among family members. Dealing with the passing of a family member can be a stressful experience – one which does not always bring out the best in survivors. When money (in the form of asset inheritance) is added to the mix, bitter conflicts sometimes rise up between family members dealing with difficult emotions. Probate attorney O. Reginald Osenton says that when heirs are taken by surprise at how the decedent’s assets are to be distributed, they are more likely […]


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White Plains, NY (Law Firm Newswire) September 19, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount. What every amount of sudden wealth has in common is that it is a windfall of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone. It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, […]


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