Trusts Archives

Facebook insiders use trusts to plan ahead for estate taxes

Californians recently witnessed one of the largest initial public offerings of stock in Silicon Valley history when California-based Facebook, Inc. went public. For some, like Facebook's co-founder Mark Zuckerberg and other insiders, the IPO will only add to their already considerable financial assets. These 20 and 30-year-old millionaires prove that estate planning is not only the concern of the elderly; indeed, minimizing estate taxes and maximizing asset protection are very much on their relatively young minds.

California pet owners can include pets in estate plans

Many California pet lovers may be concerned about what will happen to their beloved pet after they pass away. A good estate plan should ensure that four-legged friends and other companions are cared for. Fortunately, over the years the law has increasingly come to recognize that some people want to provide for pets in their wills and has created mechanisms for them to do so.

Highly detailed estate planning protects an artist's legacy

As previously noted on this blog, Michael Jackson's estate is one example of excellent estate administration that continues to manage the estate's assets and preserve the musician's legacy after his death. The Kinkade Family Trust has already proven essential in protecting the legacy of Thomas Kinkade and his estate's future earnings after the artist's sudden death on April 6 at his Northern California home.

Some California residents may benefit from a testamentary trust

There are many ways a person can pass wealth on to descendants. One of these is the trust, which comes in a wide variety of forms to suit a person's needs. Trusts can be particularly useful if a person has minor children or other young descendants who could benefit from receiving their inheritance once they become older and more financially mature.

Whitney Houston's death raises questions about her estate plan

The death of Whitney Houston this past week in a California hotel was an occasion to mourn the singer's untimely death, and to remember how her soaring mezzo-soprano voice brought joy to the lives of millions. But at the same time many people wondered how much money she had accumulated and who would be the beneficiary of all that wealth.

Over half of Americans don't have a will, estate planning

While we would all like to think we will live long enough to set up a will or complete some kind of estate planning, not everyone will make it that long. For those people in Sacramento who don't have their final wishes written down in a will, it is possible that all the individuals they hoped to give money or property to will spend time and money fighting about the estate in probate court.

Too young to create a trust? Think again

Sacramento's young professionals may not think they are old enough or rich enough for estate planning, but that mistake could lead to years of heartache and strain for their relatives should an accident happen. For those young people who have taken the initiative to speak with an estate planning lawyer, however, it is most likely they have only created a will. Instead of just making a will, there are other options, including trusts, that may make more sense.

Trust administration for California family winery ends up in court

Proper estate planning is very important for California families, as even when a trust is set up while an individual is still alive, legal matters can still arise. The heirs to a California winery are learning this after winding up in court over matters related to trust administration of the family winery. The family has settled the legal dispute, but there may be emotional scars left on the family for some time.The matter involves the Foppiano wine family from Healdsburg. The winery was family-founded and has been in operation since 1896. The 101-year-old father passed control of the winery to his son in 2005, and named both children as co-trustees in 2009.

Revocable trusts a good option for California blended families

Estate planning for a California blended family can be a challenging to try to create something that is fair to both spouses and their children. A revocable living trust is one means of accomplishing that goal. This type of revocable trust becomes irrevocable upon the death of one of the spouses. The trust can be altered or revoked during a lifetime, depending on the grantor. After death of one of the spouses, the property is transferred pursuant to the terms of the trust.

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