Estate planning is essential for securing your legacy and providing for your loved ones. One crucial aspect is understanding the drawbacks of probate and how a revocable living trust can offer a comprehensive solution for many people. This blog will explore the negatives of probate and elaborate on the multiple benefits of a revocable living trust. The Drawbacks of Probate Probate can be a lengthy process, taking months to years. This delay in asset distribution can be burdensome for … [Read more...] about Sidestep Probate and Reap Additional Living Trust Benefits
There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan. Read on to learn more. … [Read more...] about There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Litigation…a Necessary Evil?
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, beneficiaries need to bring a legal contest to enforce the terms of the decedent’s plan and force fiduciaries to act in accordance with their duties. This article examines a recent court case that could have ended in a failure of the decedent’s Estate Plan. Read on to learn more. … [Read more...] about Litigation…a Necessary Evil?
Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates attended one of the nation’s premier legal education conferences in San Diego, CA from October 5 to October 8. The American Academy of Estate Planning Attorneys hosted their 30th annual Fall Summit which included over 90 estate planning law firms from around the country. The American Academy is committed to helping its Member attorneys innovate the way they practice law. The conference focused on … [Read more...] about Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Understanding Estate Tax Portability
When it comes to estate planning, there's a silver lining that often goes unnoticed: the concept of portability. Imagine this – you've spent years of careful planning to pass on your assets to your spouse and loved ones. Then, you find out your spouse can actually make use of any unused estate tax exemptions from your estate. It's like a financial gift that keeps on giving, but how does it work? Let’s dive in. What Is Portability in Estate Tax Law? Portability is a feature in U.S. estate … [Read more...] about Understanding Estate Tax Portability
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
The Importance of Hiring a Probate Attorney (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie A. LaBranch-Gonzales discusses the Estate of Sanchez, Sixth Appellate District. In the Estate of Sanchez, the appeals court upheld that a personal representative may not represent the estate in propria persona (without the assistance of an attorney) even in the probate action on claims pursued for the benefit of the estate’s beneficiaries. Maggie discusses some elements of the case and the importance of hiring a probate attorney … [Read more...] about The Importance of Hiring a Probate Attorney (VIDEO)
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
