Wednesday, August 16, 2017
Tuesday, August 8, 2017
Time for some good news: Important changes to Medi-Cal laws
The following changes to Medi-Cal claims are now in effect:
What this means to you: If your assets are held in a Living Trust—not in your name—they’re protected from Medi-Cal
Thursday, August 3, 2017
He and his wife, “Allison”, had been married for 15 years
Equal division of property and shared custody of children
Selling their home and downsizing would likely be necessary
Are you thinking about Divorce and need more information?
Wednesday, July 26, 2017
Here are a few common myths about Living Trusts:
Myth #1: A Revocable Trust is Always Complicated. FALSE
Myth #2: A Revocable Living Trust Reduces Estate Taxes. FALSE
Myth #3: A Revocable Living Trust Always Avoids Probate. FALSE
Myth #4: A Revocable Trust Protects Your Assets Against Lawsuits. FALSE.
Myth #5: A Revocable Living Trust Eliminates All of the Work after the Trustmaker Dies. FALSE.
Myth #6: Revocable Trusts are Only for Wealthy People. A great big FALSE!
Tuesday, July 11, 2017
It’s baseball season. In the Bay Area, both the A’s and the Giants are struggling. There are moments of brilliance, an occasional little winning streak when we hold our collective breath and hope our luck is changing, but we end up disappointed once again. We’ve learned to love our Giants for their ability to play killer ball when it really matters, but this year may be the exception. And the A’s? Well, there’s still a lot of baseball to play.
But let’s take a look at Yogi Berra
Another contribution: Yogi was a financial planner and adviser
Wednesday, June 28, 2017
Tuesday, June 20, 2017
Now, it seems, they have become each other’s best friends
George’s struggle with cancer has been a wakeup call for this couple
There are other issues on the table for this couple as they complete their estate planning
Wednesday, June 14, 2017
Barbara Theobald, who has worked in our Walnut Creek office for more than eight years, was contacted by “Sherry”, a previous Living Trust client. Sherry needed assistance solving a dilemma with a Deed that her mother and brother had created for her.
- Sherry created her Trust in 2014, and her mother, “Irene”, gave her another property in Redwood City.
- Sherry transferred the property into her new Trust.
- Irene had recently changed her mind and decided to transfer the property back into her own Trust, which requires preparing a Deed to transfer ownership.
- Irene asked her son, “Richard”, to prepare the Deed.
- Sherry signed the Deed and Richard recorded it with the county clerk in January 2017.
Property now being reassessed, with a considerable bump in taxesIn April, Irene received a notice from the assessor’s office that the property was being reassessed for tax purposes. The bill was substantial and Irene couldn’t understand what had happened. Barbara did some research and discovered that Richard had prepared the deed incorrectly. Instead of its being transferred from Sherry’s Trust to Irene’s Trust with the appropriate assessor forms so there would be no reappraisal of property taxes, the deed was recorded from Sherry as an individual to her mother as an individual and recorded as a gift. The lack of supporting paperwork to show that the property was going from child to parent caused the reassessment and the subsequent bump in property taxes.
Barbara was able to correct the DeedBarbara was able to correct the Deed for Sherry and Irene, but it ultimately cost this family more money than it would have if they’d come to California Document Preparers in the first place to transfer and file the Deed. It also would have saved considerable time and anxiety.
A final note: DIY processes can often have consequencesWe hear this a lot from our Do-It-Yourself (DIY) clients who abandoned the process. Those “simple, easy processes”—especially when it comes to Divorce and Living Trusts—can quickly become complex. Legal documents that have long-term consequences are not the place for guesswork.
Do you need to transfer your Deed? Contact California Document Preparers at one of our three Bay Area offices today to schedule an appointment today. You can also jumpstart the process with our easy-to-use, secure online storefront--we’re still available by phone and email if you have questions. We’re helpful, compassionate and affordable.