Estate planning is often an uncomfortable topic, yet it is one of the most important steps you can take to protect yourself and your loved ones. A common question we hear is, "What happens if I die without a will in California?" If you die without a valid will—or without a comprehensive estate plan—California law determines who inherits your assets. Depending on the type of property you own and your family circumstances, your loved ones may also have to go through probate before receiving … [Read more...] about What Happens If You Die Without a Will in California? Understanding California Probate, Intestate Succession, and Why Estate Planning Matters
How to Choose a Successor Trustee for Your Living Trust in California
When people hear about the benefits of a living trust, they are often drawn to creating one as part of their estate plan. However, an equally important decision is choosing the right successor trustee. The person or institution you select will be responsible for managing your trust if you become incapacitated or after you pass away. Quick Answer: How Do You Choose a Successor Trustee? A successor trustee is the person or institution who manages your living trust if you become incapacitated or … [Read more...] about How to Choose a Successor Trustee for Your Living Trust in California
Litherland, Kennedy & Associates – A Half-Century Strong (VIDEO)
In this Vlog, Litherland, Kennedy & Associates Attorney and President celebrates the major milestone of the firm providing 50 years of service to our community. Transcript: Hello, I'm attorney Justin M. Kennedy. This year, I am honored to celebrate a major milestone with our team at Litherland, Kennedy & Associates: 50 years of service to our community. Our office was founded in 1975 with the goal of providing quality legal services and education in the Bay Area. Our … [Read more...] about Litherland, Kennedy & Associates – A Half-Century Strong (VIDEO)
Estate Planning Insight: How to Tackle Challenges After a Loss
The passing away of a loved one leaves a void that's difficult to fill. You're suddenly thrust into an emotional rollercoaster, wondering how to go on without that essential person in your life. To help you navigate this challenging chapter, here are some concrete strategies to manage both your emotional and practical needs during this trying time. Embrace Your Emotions Validate Your Feelings: Feelings of loss, sadness, or even anger are natural. Acknowledge them without judgment. Remember … [Read more...] about Estate Planning Insight: How to Tackle Challenges After a Loss
Five Years to Elect Portability (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses Revenue Procedure 2022-32 and how the period for a surviving spouse to elect portability has been increased to five (5) years from the date of death of their deceased spouse. … [Read more...] about Five Years to Elect Portability (VIDEO)
Trustee Tax Liability (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses the federal priority statutes and how they can create personal tax liability for a Trustee. … [Read more...] about Trustee Tax Liability (VIDEO)
Trust Administration Frequently Asked Questions (FAQs)
What is a Trust Administration? When a Trustor dies, the state of California requires that the Trustee of the Trust take some actions. The extent of these actions depends upon whether the Trust becomes irrevocable at the death of the Trustor or if the Trust provides specific actions for the Trustee to take upon the death. We recommend that upon a death of a Trustor, the Trustee schedule a meeting with an attorney within the first month to discuss the legal requirements upon death and what … [Read more...] about Trust Administration Frequently Asked Questions (FAQs)
Advantages of the Clayton Trust
By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law Prior to 2014, for married clients with estates valued at over one million dollar ($1,000,000), our office often recommended ABC Trusts. This trust structure was used to preserve the Deceased Spouse’s estate tax exemption. For much of that time, there was a one million dollar ($1,000,000) estate tax exemption. Utilizing the ABC Trust structure allowed you to double that, to be able to pass two … [Read more...] about Advantages of the Clayton Trust
What Happens to a Living Trust when a Spouse Passes Away?
In this blog article, we will address the issue of living trusts as they apply to married couples and what happens to the trust upon the passing of the first spouse. First, we will review the value of living trusts in general. Many people assume that a last will is the best choice when they are planning their estates. They believe that trusts are only useful for those who are very wealthy. However, this is not entirely true. While there are trusts that are utilized to meet the objectives … [Read more...] about What Happens to a Living Trust when a Spouse Passes Away?
Who Administers My Living Trust When I Die?
The process of estate planning involves exploring your options. You do not want to make any assumptions without knowledge of all the facts, and people often do harbor misconceptions about trusts. One of the misconceptions is the idea that you cannot handle assets that you convey into any type of trust. This is not the case when it comes to a revocable living trust. When you create and fund this type of trust, you can act as the trustee while you are alive. If you create a joint living trust … [Read more...] about Who Administers My Living Trust When I Die?
