If you and your spouse or partner recently welcomed a new child into your California household, likely the last thing on your mind is estate planning. Nevertheless, you should not overlook this very important aspect of new parenthood.As reported in Kiplinger, you and...
estate planning
Do my step children have inheritance rights?
If an unforeseen accident takes your life, your estate should be left to your family to settle. However, this process may not be as clear for blended families. In fact, without certain provisions, some family members could be completely excluded from the probate...
2 effective methods of reducing estate tax
For most people across California, one of their main objectives when working on their estate plans involves figuring out how to leave as much of the wealth they have amassed behind for their loved ones as possible. At the Law Office of Stephen W. Penn, we understand...
What is a generation-skipping trust?
As a reasonably well-to-do Californian, you likely want to pass your estate down through your family in the most advantageous ways possible. If you have not yet considered one or more generation-skipping trusts as vehicles by which to do this, you may wish to educate...
How to modify an estate plan after a divorce
Divorce turns your life upside down; you go from sharing your life with your spouse and family to time on your own. The shift influences every aspect of your personal life, including your future and what happens to your assets after you pass.Estate plans are often...
What is testamentary capacity?
When you set about instructing your attorney on how to draft your California last will and testament, you must possess the necessary testamentary capacity to do so. The word testamentary relates to anything having to do with a will. Therefore, as explained by the...
How might a first-party special needs trust benefit me?
If you have a disability, you know that it is important to have numerous benefits and government programs available to you, especially Medicaid. However, as you may also know, having significant assets may cut off your eligibility for Medicaid and other programs and...
How many trust choices do I have?
If you are a reasonably well-to-do Californian who has already done some estate planning, you likely know that the types of trusts you can incorporate into your estate plan are almost limitless. Regardless of their specific type, however, all of them fall into the...
What is breach of fiduciary duty?
If you agreed to take on the responsibility of becoming someone's trustee or the executor of his or her California estate, you became a fiduciary whether you realized it or not. A fiduciary is one who holds and manages assets for the benefit of someone else, in this...
What is undue influence?
If your well-to-do California parent requires the services of a live-in caregiver due to age, illness, injury or infirmity, you likely feel relieved that (s)he can afford such care. On the other hand, however, you may have developed a nagging suspicion that this...