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LEGAL RECAP: Estate Planning – 07/10-14/17

Legal Recap of the Week

FYI: Probate Administration Explained

What is probate administration? Find out by reading Robert J. Silverman’s explanation.

Read Rob’s advice

FYI: The Estate Planning “Game” – How the Rules Work

The estate planning “game” requires an understanding of how all the rules work. Walnut Creek CA attorney Rob Silverman explains the optimal way to play.

Find out more.

LEGAL QUESTIONS ANSWERED: What is Probate?

Walnut Creek CA Attorney Robert J. Silverman explains the probate process.

Find out more.

ESTATE PLANNING: It Really Is All About Your Health

Advance Health Care Directives tend to be the “poor step-child” of estate planning. Attorney Robert Silverman explains why these documents are an intricate part of estate planning.

Find out more.

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This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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REAL ESTATE LEGAL SERVICES: Need to find a real estate attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Real Estate Titling, Limited Liability Company (LLC) Formation, Purchase/Sale Transactions (Residential & Commercial), Commercial Leasing, Real Estate Legal Representation, Joint Ownership (aka T.I.C or Equity Share) Agreements, Buyer/Seller Disputes, and Promissory Notes & Deeds of Trust.

Read more

FYI: Probate Administration Explained

United States Supreme Court Pillars of Justice and LawBy Robert J. Silverman, Attorney at Law

Probate – a court-supervised estate administration proceeding – is generally required for administering the estates of people who die without a funded Revocable Living Trust.

Attorneys and the press constantly remind people about the disadvantages of probate. It is typically a long and inconvenient process that takes place at the most inopportune time – when loved ones and family members are grieving. Unfortunately, like many legal processes, it is difficult and extremely time consuming for a layperson to navigate the myriad requirements, legal filings, etc. Choosing a sensitive, diligent and experienced probate attorney can be a tremendous help and relief during this difficult time.

What is Probate?
When a person dies with a Will or without a Will, but has no Revocable Living Trust, a Probate is usually required. A Probate is, quite simply, a court-supervised estate administration proceeding. The Probate Court judge oversees the process, admitting the last, valid Will, if the decedent had one, and working with the appointed Executor (person designated in the decedent’s Will as the “personal representative” of the estate) or Administrator (if no Will exists, the person who petitions the court to manage the estate) to administer the estate in an orderly manner. The law requires that the personal representative (typically, with the assistance of professionals, such as a trust/estate attorney, C.P.A. and others) satisfy many substantive and procedural requirements. The proceeding typically takes at least 8-9 months to complete and often lasts more than a year. An attorney is nearly always hired to help the Executor or Administrator fulfill many, important substantive and procedural requirements during this long process.

Under what circumstances is Probate required?
Generally, a Probate is required when: a) a person dies with assets that have an aggregate gross value exceeding $150,000; and b) the decedent did not have all or substantially all of his or her assets titled in a Revocable Living Trust and/or in joint accounts and/or in accounts or financial instruments, such as retirement plans and life insurance policies, in which the decedent has on file with the associated financial institution a valid beneficiary designation and such beneficiary(ies) is alive at the time of administration. *

* There are often significant legal, tax and other disadvantages, of trying to do estate planning (attempting probate avoidance) via joint accounts, beneficiary designation; and doing intra-family transfers of real estate.

What does the process of Probate entail?
The personal representative, in conjunction with the Probate attorney, has many important obligations. These include, but are not limited to: inventorying and arranging for the appraisal of estate assets; notifying and paying bona fide creditors of the estate; ensuring that appropriate tax returns are prepared and filed, and tax payments are made; keeping the estate beneficiaries informed; preparing an accounting of the estate’s income and expenses; managing the estate assets prudently during the pendency of the probate; and ultimately distributing the assets to the rightful beneficiaries when and in accordance with a court order that is issued at the close of the Probate.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

Please contact us at R. Silverman Law Group to discuss how we may best assist you with all of your Estate Planning, Trust Administration, Probate, Real Estate, Business or related legal needs.

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FYI: The Estate Planning “Game” – How the Rules Work

Chess piece isolated on white background advising to strategic behaviorBy Robert J. Silverman, Attorney at Law

INTRO: The estate planning “game” is one every adult plays, but some play more actively and more intelligently than others. The challenge lies in understanding how all the rules work, and thus the optimal way to play. This can be pretty tricky and difficult without expert professional advice.

Sadly, if you lose this game, your loved ones usually suffer. Despite people’s best intentions, unintended consequences happen all too frequently, as described in the hypothetical examples below.

Family #1: Judy has two adult children, John and Jane. Judy’s primary assets are a $1 Million home, with no mortgage; and a $200,000 bank account.

Family #2: Bob has two adult children, Bill and Betty. Bob’s primary asset is his $1 Million 401K.

Relevant Facts: Judy and Bob each divorced their first spouses, have been happily married for 15 years and live in Judy’s home. They keep a small joint checking account for routine living expenses, but otherwise maintain separate assets.

Judy and Bob know that all responsible adults do Wills. Thinking they don’t need a lawyer, they download basic Will forms from the internet, and each sign one. Each Will states that on the death of the testator, all assets go to the testator’s children, in equal shares. It is simple and they are satisfied.

1) Judy takes out a home equity credit line on her home. In order to qualify, Bob’s income is needed. So Bob goes on title with Judy, as required by the lender. Their neighbor (who seems like a pretty smart guy) tells them that he and his wife hold title to their home as “joint tenants”, as do most married people. So, Judy and Bob tell their lender that they’ll take title as joint tenants.

2) In case anything ever happens suddenly to Judy, she wants one her children to have authority to access funds from her bank account. She thinks about adding both John and Jane to her account, but decides against that since the kids don’t get along well. So, Judy adds John as a signer.

3) Bob lists his children, Bill and Betty, as beneficiaries of his 401K so that they’ll receive the bulk of his assets.

Let’s explore the harsh unintended consequences on the death of Judy and on the death of Bob:

1) Judy’s $1 Million house. Joint tenancy carries with it the “right of survivorship” (“R.O.S.”), which trumps a Will. This means that at the death of one joint tenant, title vests fully in the name of the surviving joint tenant. Since Judy added Bob as a joint tenant she took out a home equity line, the R.O.S. feature results in Bob automatically becoming the sole legal owner of the house on Judy’s death. Even though John and Jane are in Judy’s Will to receive all of her assets, they receive no interest whatsoever in their mother’s house.

2) Judy’s $200,000 bank account. Judy didn’t understand that adding John as a signer meant that he would be the legal co-owner of this account. She also didn’t know that she could have instead established a Power of Attorney to give him access to the account if she became incapacitated. Even though Judy’s Will provides that John and Jane are to share equally in all of Judy’s assets, the joint account acts the same as a joint tenancy – on Judy’s death, John becomes the sole account owner. Though Judy wants each of her children to receive $100,000 from the account, John is entitled to all $200,000. John dislikes his sister, so when he becomes the legal owner of the account, he doesn’t feel any obligation to share half, or any at all, with Jane.

3) Bob’s $1 Million 401K. ERISA (federal law governing 401K plans) dictates that the spouse of a 401K owner has rights to it on the death of the plan participant, regardless of what the beneficiary designation states. If Judy had signed a written waiver, formally consenting to Bob designating his kids as the beneficiaries, Bill and Betty would each receive half of Bob’s 401K on his death, as he intended and as set forth on the beneficiary designation on file with the custodian. But no such waiver is on file, so Judy is automatically entitled to 50% of it.

It would not have required a large investment nor been difficult for Judy and Bob to obtain legal advice from an experienced estate planning attorney. Had they done so, they would not have made the innocent, but damaging mistakes they made.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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ESTATE & TRUST ADMINISTRATION: Need to find an experienced estate & trust administrator in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on a Revocable Living Trust, “Summary” Estate Administration, Trust/Estate Beneficiary Representation and Will & Trust Disputes.

Read more

LEGAL QUESTIONS ANSWERED: What is Probate?

Probate Title On Legal DocumentsBy Robert J. Silverman, Attorney at Law

What is Probate?

When a person dies with a Will or without a Will, but has no Revocable Living Trust, a Probate is usually required. A Probate is, quite simply, a court-supervised estate administration proceeding. The Probate Court judge oversees the process, admitting the last, valid Will, if the decedent had one, and working with the appointed Executor (person designated in the decedent’s Will as the “personal representative” of the estate) or Administrator (if no Will exists, the person who petitions the court to manage the estate) to administer the estate in an orderly manner. The law requires that the personal representative (typically, with the assistance of professionals, such as a trust/estate attorney, C.P.A. and others) satisfy many substantive and procedural requirements. The proceeding typically takes at least 8-9 months to complete and often lasts more than a year. An attorney is nearly always hired to help the Executor or Administrator fulfill many, important substantive and procedural requirements during this long process.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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ESTATE LEGAL SERVICES: Need to find an estate planning attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Revocable Living Trust, Wills, Durable Power of Attorney, Advance Health Care Directive, Special Needs Trusts, and Irrevocable Trusts & Advanced Estate Planning, including Irrevocable Life Insurance Trust (ILIT), Qualified Personal Residence Trust (QPRT), Defective Grantor Trust (IDGT), Grantor Retained Annuity Trust (GRAT), “Crummey Trust”, and various types of Charitable Trusts.

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ESTATE PLANNING: It Really Is All About Your Health

Hand press on First Aid iconBy Robert J. Silverman, Attorney at Law

INTRO: Quite often, we hear people say things like: “the most important thing is our health” and “if you have your health, you have everything”. It is so true, yet nevertheless, Advance Health Care Directives tend to be the “poor step-child” of estate planning, typically taking a distant back seat to trusts, wills and powers of attorney. Accordingly, I thought it might be helpful for this article to focus strictly upon Advance Health Care Directives. Hopefully, you will find informative the basics and nuances described in the article. As always, if I can advise and/or assist you or others you know, don’t hesitate to contact me. Thanks, Rob.

Of all of the core estate planning documents I draft for clients, the Advance Health Care Directive (AHD) is arguably the most important. After all, nothing is more essential than our health. Yet, the other three core estate planning documents – Trust, Will, Durable Power of Attorney – all tend to get more attention.

Simply put, if you are a legal adult (at least 18 years old), you should have an AHD. Why? What does an AHD accomplish? First and foremost, it enables you to appoint someone you trust to communicate with health care providers about your health care needs if you are ever unable to do so yourself.

Additionally, your preferences about many health care issues are inserted into the document as “directives” that can be carried out by your agent. These may include, among others, decisions about whether or not you would want your agent to have the discretion, under certain circumstances, to withhold or withdraw “heroic measures” to keep you alive; organ donations; autopsy; disposition of remains.

It is awkward for many people to discuss the above-referenced kinds of directives with family and/or friends. But, if your agent ever needs to invoke these AHD provisions, it can be a huge source of comfort and relief to your family and friends that your agent knows that your wishes are being honored.

Some people fear they are ceding valuable control by doing an AHD. The fact is that you can revoke the AHD and establish a new one, with a different agent, any time and as many times as you wish. Furthermore, the law in California is crystal clear that as long as you are capable of articulating your health care needs to physicians and other providers, your decisions control and your agent has absolutely no authority.

The real danger is if you become incapacitated and you do not have an AHD in place. In that instant, court proceedings could be initiated, resulting in someone being appointed to make your health care decisions whom you would never have chosen and don’t want.

In many states, different (and sometimes multiple) documents are legislated and/or used commonly, including Living Wills, Medical Directives, Health Care Powers of Attorney, Health Care Proxies, and others. For many years, California law provided for the use of a Durable Power of Attorney for Health Care Power (DPAHC) but there were also other documents in use with various titles, including Natural Death Act and Directive to Physicians. Then, in 2000, California’s AHD law was enacted to consolidate the various forms that indicated health preferences. Generally, validity requires that the principal’s signature on an AHD be notarized or witnessed by two individuals.

If you have an older DPAHC, it is not, per se, invalid; however, you should be on alert about a few things. One is that for many years, a DPAHC was effective for only seven (7) years after executing it. So, some people believe they still have an effective document but it may, in fact, be expired.

Another word of caution is that in 2003, HIPAA, a federal privacy law became effective, under which strict rules govern when and to whom a health care provider may disclose “protected health information”. All properly drafted AHDs should have a HIPAA Release provision (or alternatively, an applicable HIPPA release form attached to the AHD), specifically authorizing health care providers to turn over your medical records to your appointed AHD agent. NOTE: shockingly, some of the most common forms (pre-printed by large organizations) still do not contain a HIPAA release.

A word to the wise – if you have a valid AHD, and you only appointed one agent, consider establishing a new one in which you designate a primary agent and at least one alternative agent. Without an alternate agent listed, if you and your agent (e.g. spouse or child) are in a common accident or your agent is for some reason unable or unwilling to serve upon your incapacity, nobody you trust will have legal authority to make your medical decisions on your behalf.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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ESTATE & TRUST ADMINISTRATION: Need to find an experienced estate & trust administrator in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on a Revocable Living Trust, “Summary” Estate Administration, Trust/Estate Beneficiary Representation and Will & Trust Disputes.

Read more

LEGAL RECAP: Estate Planning – 07/03-06/17

Legal Recap of the Week

ESTATE PLANNING: Myopia Can Be Hazardous

Advice from attorney Robert Silverman about how people are frequently short-sighted when it comes to estate planning.

Read Rob’s advice

ESTATE PLANNING: When Giving To Children, Is Equal Always Fair?

ESTATE PLANNING: Treating children equally? Robert Silverman explores two primary questions that have come up time and time again in his practice.

Find out more.

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This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

===

Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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REAL ESTATE LEGAL SERVICES: Need to find a real estate attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Real Estate Titling, Limited Liability Company (LLC) Formation, Purchase/Sale Transactions (Residential & Commercial), Commercial Leasing, Real Estate Legal Representation, Joint Ownership (aka T.I.C or Equity Share) Agreements, Buyer/Seller Disputes, and Promissory Notes & Deeds of Trust.

Read more

ESTATE PLANNING: Myopia Can Be Hazardous

By Robert J. Silverman, Attorney at Law

INTRO: Well intentioned people are frequently short-sighted when it comes to estate planning. In this article, I’ve highlighted a few common types of estate planning myopia that can lead to significant problems. These include failing to fully fund one’s revocable living trust and neglecting to submit beneficiary designations (or submitting ones that are not optimal) for retirement plans and life insurance. As always, I’m available to help you and your loved ones avoid the detriment that can result from such myopia by helping you plan and keep your plan updated. Be well, stay dry, and enjoy the sunshine when it visits!

Over the years, I’ve encountered many situations in which clients, regardless of best intentions, have been myopic. In this context, let’s define myopia as a lack of foresight or discernment (or narrow-mindedness). Unfortunately, myopia often leads to unnecessary cost and inconvenience, if not also unintended consequences.

Here are two common examples of myopia in the world of estate planning:

1) Failing to fully fund a Revocable Living Trust: One of the most valuable benefits of a Living Trust is probate avoidance – avoiding this expensive and inconvenient court-supervised estate administration process.

Often, a Living Trust is established by a person or couple who keeps significant assets (e.g. bank or securities accounts) in their own name(s). Conveniently, an account co-owned by spouses will, on the death of the first spouse, be automatically owned by the surviving spouse. The problem is that probate is not avoided if the account is still held in the surviving spouse’s name when the surviving spouse dies. The negative consequences tend to be much more severe when people don’t transfer title of their real estate into their Living Trust.

The preparation and execution of a Living Trust is only the first step. In order to avoid probate, one must accomplish the second step – retitling all or substantially all assets into the Living Trust. With advice and assistance from a knowledgeable estate planning attorney, the “trust funding” (title transfer) process is typically straightforward and quite manageable. Nevertheless, if this is not done or is not done correctly, it can result in considerable hassle and tens of thousands of dollars in unnecessary probate fees and costs to loved ones.

2) Neglecting to submit beneficiary designations on retirement plans and life insurance policies: Retirement plans, such as 401(k)s and IRAs, are legally owned by the plan participant; not by the participant’s Living Trust. Fortunately, probate is avoided on the death of the plan participant because the beneficiary(ies) who are designated and on file with the retirement plan custodian are entitled to the retirement account. The same concept applies to life insurance contracts.

Myopia occurs when a retirement plan participant or life insurance contract owner: a) never submits a beneficiary designation form to the retirement plan custodian institution or life insurance company; or b) designates a primary beneficiary but no secondary/alternate beneficiary; or c) doesn’t designate new beneficiaries when desired; or d) fails to integrate these beneficiary designations with his estate plan (e.g. Living Trust).

It is very unfortunate when a retirement plan owner dies and there is no then-living designated beneficiary on file with the custodian. This sometimes occurs when the primary designated beneficiary is deceased and no secondary beneficiary is designated. In this situation, the account is subject to probate.

Another problem stems from this fact: many people don’t realize that beneficiary designations “trump” Living Trusts and Wills. Let’s suppose that Betty is the beneficiary of your Living Trust and Will, but Bill is designated as beneficiary of your retirement plan. Bill takes your retirement plan.

It’s ironic and sometimes tragic that people do not attend to their beneficiary designations carefully, even when large sums are at stake. Some years ago, I was involved in a case in which my client had been the designated beneficiary of a $3 million life insurance policy owned by her husband. They divorced. Fifteen years later, he died. She was entitled to, and received, the $3 million death benefit. It’s uncertain whether my client’s ex-husband wanted that result; however, it’s possible, if not likely, that due to his myopia, he simply never submitted a new beneficiary designation form (naming someone different) following their divorce.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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ESTATE LEGAL SERVICES: Need to find an estate planning attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Revocable Living Trust, Wills, Durable Power of Attorney, Advance Health Care Directive, Special Needs Trusts, and Irrevocable Trusts & Advanced Estate Planning, including Irrevocable Life Insurance Trust (ILIT), Qualified Personal Residence Trust (QPRT), Defective Grantor Trust (IDGT), Grantor Retained Annuity Trust (GRAT), “Crummey Trust”, and various types of Charitable Trusts.

Read more

ESTATE PLANNING: When Giving To Children, Is Equal Always Fair?

Happy family in the park together on an autumn dayBy Robert J. Silverman, Attorney at Law

INTRO: Parents usually try their best to treat their children equally and children tend to expect that. In this blog post, I will explore two primary questions that have come up time and time again in my practice, two questions that are worth your time to consider – Is equal always fair? How does equal work in the context of estate planning?

While giving to children equally is a common parental goal, it is impossible. Children have different needs, intellects, hobbies, educational goals, aspirations, etc. I have never encountered a parent with more than one child who keeps a ledger for each child from birth and insists upon strict equality in giving.

If one child plays baseball and another plays lacrosse, should the parents make an equalizing distribution to the child whose sport costs less? Most parents would answer, “of course not”. Is the answer tougher if the parent pays tuition for one child who chooses to go to an expensive private college and pays tuition for another child who chooses to go to a community college? What if one child has extensive medical expenses or disabilities or one needs more support in launching into adulthood?

In the estate planning realm, these kinds of questions and even more difficult ones are frequently raised. The interesting and challenging part is that there are no universally right and wrong answers – just right and wrong ones (or better and worse ones) in the judgment of any given parent.

Below, I outline a few common situations that raise questions of equality and fairness, and describe some of the associated estate planning implications.

Loans to children. Suppose you make a loan to a child or you make loans to multiple children but in different amounts. How should a loan be treated upon the death of the parent? While there is no set answer, such loans should definitely be documented.

First, a promissory note should be prepared by an attorney and signed by the child borrower. Second, good records should be kept so that if the parent dies, the then-principal loan balance can be ascertained. Third, it may be helpful if the parent’s Living Trust states specifically what is to happen with that loan receivable upon the parent’s death. For starters, is the loan to be fully or partially repaid or is it to be forgiven?; and if it is to be forgiven, should the amount forgiven be charged against that child’s share of the estate? Without adequate documentation, ambiguities arise and frequently lead to conflict, if not seriously damaged relationships, among the children.

Child Caretaker. Not infrequently, a child becomes a part-time or full-time caretaker for aging parents. In doing so, the child may make substantial personal and/or financial (e.g. employment/career) sacrifices. An estate planning attorney can help parents evaluate the circumstances and navigate reasonable solutions. Again, documentation is critical.

Parents should consider working with their estate planning attorney (and accountant) to draft an appropriate contract under which the child is paid a reasonable wage for the caretaking. If a parent has insufficient liquid assets to pay the child or if the child refuses to take any pay, the parent may wish to include in his or her Trust a cash gift to be made (or a slightly higher percentage of the assets) to such child upon the parent’s death. If the parent does so, it is often helpful if he or she articulates in the document the reason that the children are being provided for unequally. The other children may not like or agree with the stated reason, but at least they will understand why the parent believed the unequal treatment to be appropriate and fair.

Other critical estate planning decisions may be perceived as “unequal” but may be necessary or desirable, such as: i) holding funds in trust until an older age for some children than others; ii) choosing one or several children, but not all, to serve as successor trustee of the parent’s Trust; iii) designating certain specific assets, such as real estate or family owned business interests, to be distributed to the child(ren) who happen to be involved in such real estate or business operations.

Attorneys don’t have all the answers, but one of their most valuable functions is to know what questions to ask and how to guide their clients to answers that work best for the clients and their loved ones.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

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Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

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ESTATE & TRUST ADMINISTRATION: Need to find an experienced estate & trust administrator in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on a Revocable Living Trust, “Summary” Estate Administration, Trust/Estate Beneficiary Representation and Will & Trust Disputes.

Read more

LEGAL RECAP: Estate Planning – 06/26-29/17

Legal Recap of the Week

ESTATE PLANNING: Are You Prepared for Long Term Care?

Attorney Robert Silverman writes about the importance of planning your long term care.

Read Rob’s advice

ESTATE PLANNING NEWS: Asset and Family Protection

Attorney Robert Silverman discusses a subject that both intrigues and confuses: asset protection. Take these practical steps to try to protect your assets.

Find out now

LEGAL FYI: The Often Neglected Piece of Estate Planning

Robert Silverman, estate attorney in Walnut Creek CA explains why the “poor step-children” of estate planning – Durable Powers of Attorney and Advance Health Care Directives – should not be forgotten.

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ESTATE PLANNING ADVICE: What to Do With Your Digital Legacy

As social media plays a bigger role in our lives, the aspect of user legacy is something no one should ignore. Attorney Robert Silverman explains why.

Find out more

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This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

===

Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

===

REAL ESTATE LEGAL SERVICES: Need to find a real estate attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Real Estate Titling, Limited Liability Company (LLC) Formation, Purchase/Sale Transactions (Residential & Commercial), Commercial Leasing, Real Estate Legal Representation, Joint Ownership (aka T.I.C or Equity Share) Agreements, Buyer/Seller Disputes, and Promissory Notes & Deeds of Trust.

Read more