News

This week , Sacramento estate planning attorney Kay Brooks answers a reader’s living trust question.

Q: I am writing for my Aunt A. My grandmother died in the 90’s. She had a living trust that gave her house to her two daughters, Aunt A and Aunt B. Aunt A took care of my grandmother towards the end of her life, and the trust was changed to give her 3/4 interest in the house. Grandmother died in a nursing home, paid for by the county. Aunt A has lived in the house all these years, taking no action to close the trust or anything. She was afraid she couldn’t afford to pay the attorney to do the administrative work required, afraid that the county would want some money for grandmother’s care, and afraid Aunt B would find out she got more interest in the house. So she’s done nothing at all. Aunt A is having health problems and needs to refinance the house for money to take care of her health and because the house is in disrepair.
My question is this: what is her legal liability at this point? She is afraid to take any action, because she doesn’t know what the ramifications will be.
Any information or advice you can give us would be greatly appreciated!

– Joy, Sacramento, CA

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com

This week , Sacramento estate planning attorney Kay Brooks answers a reader’s probate question.

Q: I read the article about trusts, which are used to avoid probate. How much would a simple probate cost…no real estate, just cash and IRA? My son processed his divorce papers through court with all the online resources, so I’m inclined to think that person with a duplex doesn’t need a trust. How many of us die in our residence? — Linda, Folsom, CA

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com

This week, Sacramento estate planning attorney Kay Brooks answers readers questions in the Sacramento Bee column “Ask the Experts.”

Q: My wife and I are trustees on our Revocable Trust. My wife died recently. My question: What do I do now regarding the trust? I’ve received different advice such as do nothing to I must file a tax return. What about time frames for acting? Also, I understand that any shares of stock gets a step-up in basis, either a 100% or 1/2 step-up. How do I accomplish this step-up? — Lewis, Rio Linda, CA

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com

This week, Sacramento estate planning attorney Kay Brooks answers readers questions in the Sacramento Bee column “Ask the Experts.”

Q: We have an older Trust which was written when our children were minors. We need to update and make some changes since the children are now in their 40s. We need recommendation for a trust attorney in our area, we are elderly and driving into the city is a problem for us. It is important to make changes in our trust before we are gone from this earth. Recommendations for a good and reasonable priced attorney in our area would be appreciated. –Gloria, Gold River, CA

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com

Attorneys Anjani Mandavia, Audrey Millemann and Marvin Gelfand filed a trademark action against Marvel Entertainment. The case has been reported in the following publications:

Law360: Luggage Co. Says Marvel’s ‘Avengers’ Box Set Rips Off Suitcase (Published August 3, 2012)

To read the full story, click the link above.

The Hollywood Reporter: Marvel Sued by Luggage Company Over ‘Avengers’ Box Set Packaging (Published August 3, 2012)

To the read the full story, visit www.hollywoodreporter.com.

Attorney Alan Grodin is named in Variety’s cover story about his client Doug Liman. To read the full story, visit www.variety.com.

Article published on July 25, 2012.

Sharing ownership of a vacation home can pose a dilemma. This week, Sacramento estate planning attorney Kay Brooks answers a reader’s question on that topic.

Q: My boyfriend and I recently purchased a vacation home. For now, the title is held in joint tenancy because we could not agree on what would be the fairest thing to do if one of us should die. We both have living trusts where each of our assets are transferred upon death. The problem is: My boyfriend wants his son to inherit his half of the property after he dies. I see potential problems in having to share ownership with his son. What if something happens and he needs money? Can he force me to sell the house or buy him out? I don’t think it’s fair that the son would be entitled to assets from the property just because he is kin. I would be the one paying the mortgage and keeping up with the maintenance. Can you offer any solutions so that both parties are satisfied? The son is currently 17 years old and my boyfriend is 20 years my senior. Thank you.

To read Kay Brooks answer, visit the Ask the Experts column here on Sacbee.com.

This week, Sacramento estate planning attorney Kay Brooks answers readers questions in the Sacramento Bee column “Ask the Experts.”

Q: I have a rental property valued at $265,000, the mortgage balance is $151,000 at 5.75%. I’m considering a loan to pay off this balance from my father’s living trust account, which is in excess of $400,000. I am the sole heir and these funds are just sitting in money market accounts making .25%! I would set up documents for the loan for tax purposes pay the monthly interest to my father’s account at 2.00% with a 5-year payback schedule. If my father passed, how would these funds $151,000 which would be outside the trust be viewed by the IRS? Is there an amount of money that can be outside the trust without being subject to probate or tax? – Walt, Sacramento, CA

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com

This week, Sacramento estate planning attorney Kay Brooks answers readers questions in the Sacramento Bee column “Ask the Experts.”

Q: My boyfriend and I recently purchased a vacation home. For now, the title is held in joint tenancy because we could not come to an agreement as to what would be the fairest thing to do if one of us should die. We both have living trusts set up where each of our assets are transferred into upon death. The problem is that my boyfriend wants his son to inherit his half of the property after he dies.

I see potential problems in having to share ownership with his son. What if something happens to him and he needs money? Can he force me to sell the house or buy him out? I don’t think it’s fair to me that the son would be entitled to assets from the property just because he is kin. I would be the one paying the mortgage and keeping up with the maintenance. I am fine with leaving my half to my boyfriend, but he wants to revisit the lawyer in a few years and change the trusts so that his son has a stake in the house.

Can you offer any solutions so that both parties are satisfied? I should mention that the son is currently 17 years old and my boyfriend is 20 years my senior. Thank you for your time.

To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com