News

How do six siblings refinance Mom’s house?

This week, “Ask the Experts” tackles this financial topic. The answers are from Sacramento estate planning attorney Kay Brooks, one of Sacbee.com’s online contributors.

Q: Several years before my mother passed away in 2010, she added her six kids to the deed on her house. The oldest sibling is executor, and I am secondary. The first loan is in (Mom’s) name only. She is on the second deed, as well as myself. One sibling lives in the house and would like to refinance both loans, but her name is not on them. Does she need permission from all of us to refinance? The bank can’t seem to give us an answer.

Also, what is the difference between a “trustee” and “executor”? Is being the executor the same as having power of attorney?

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

How do six kids refinance Mom’s house? Who gets the burial plot after a divorce?

This week, “Ask the Experts” tackles those two very different financial topics. The answers are from Sacramento estate planning attorney Kay Brooks, one of Sacbee.com’s online contributors.

Q:My husband and I bought two burial plots when we married. Later we got divorced, and he remarried. The plot is listed in both our names but did not come up in our divorce settlement. My ex died two years ago and was cremated. Am I entitled to the other burial plot, or does his new wife get it? The plot is listed in our names.

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

Download: Genshlea Press Release 2012.pdf

SACRAMENTO / SAN FRANCISCO / LOS ANGELES –Weintraub Tobin Chediak Coleman Grodin Law Corporation, a business law and litigation firm, announced that founding partner, Joe Genshlea, is leaving the firm at the end of 2012 to focus his attention on his new mediation practice.

While Joe has enjoyed his years as one of our state’s most pre-eminent trial attorneys, receiving countless accolades over four decades, he has always had an appetite for peacemaking. As a mediator, or “negotiator” as Joe likes to say, he will continue to put his lifetime of experience to good use. Joe’s knack for persuading parties to recognize their own solutions to intractable conflict is unmatched.

“Joe has been our esteemed partner since 1978, and while we are losing a dear friend, we fully support his decision to turn a new page and wish him tremendous success and happiness” says Michael Kvarme, Managing Shareholder.

“The firm is on solid ground and in good hands with its current leadership. The direction the firm has gone these last few years gives me great confidence that the legacy I helped to build will carry on” says Joe. “I am equally confident in the future generation of leaders at the firm and will be watching with pride where the firm goes in the years to come.”

Joe has successfully represented both plaintiffs and defendants in an extraordinarily wide range of disputes, both large and small, including banking, real estate, commercial contracts, fraud, intellectual property, accounting malpractice, labor and employment, personal injury, and securities just to name a few. His accomplishments are impressive and include being the tenth lawyer in California to be elected to its State Bar Trial Lawyer Hall of Fame, a Fellow of the American College of Trial Lawyers since 1986, and selected in 2001 as the “Distinguished Lawyer of the Year” by the Sacramento County Bar Association. Joe will move into his new office at 400 Capitol Mall, Suite 1750, on January 1st. You will then be able to contact him at joe@genshlealaw.com.

This week, Sacramento, Calif., attorney Kay Brooks answers one of the most basic questions in financial planning: Do I need a trust or not?

Q: When is it best to set up a trust? My assets are four cars, household goods (but no house), less than $100,000 in savings, and a federal retirement account. What type of trust would you recommend, and how do I select a firm to set one up?

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

What happens when siblings don’t agree on dividing up their parents’ estate?

That issue is addressed this week by Sacramento estate planning attorney Kay Brooks, part of our online “Ask the Experts” panel.

Q: My parents passed away in December 2011 and July 2012. My two sisters and I are to divide everything equally, according to their trust. Our middle sister is the trustee. Much to our surprise, she wants to make all the decisions without our consent. She insists that we sell the house, which was recently assessed and is well below what we thought it was worth. My other sister and I would like to rent it out until the market is up. I know we can buy her out, but what determines the price? Does the house come out of the trust? Does it involve a lot of legal problems? My parents also owned property in Nevada. Would we be better off just liquidating everything as opposed to waiting for a better market? It has been two months since my dad died. Do we get a grace period before we have to decide? My sister, the trustee, says we need to decide by Nov. 1, which seems too soon, as we are still grieving our parents.

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

Changes in estate tax laws can be extremely confusing. This week, Sacramento estate planning attorney Kay Brooks answers a reader’s question about how to preserve a mother’s financial assets in the Sacramento Bee column “Ask the Experts.”

Q: I’m concerned that Congress may fail to act on the 2013 estate tax law, letting the estate tax exclusion return to $1 million per individual ($2 million per couple). I’m responsible for managing my mother’s estate, which consists of $4.9 million in cash and real estate. My plan is to gift assets so that her remaining assets total $1 million cash, with no estate tax due (hopefully!) when it’s time to settle her estate. How long would you wait on Congress before going ahead?

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 question regarding buying out another siblings portion of assets from a living trust in the Sacramento Bee column “Ask the Experts.”

Q: My parents passed away recently, in December 2011 and July 29, 2012. There are three daughters; my two sisters and I are to divide everything equally, according to the living trust. Our middle sister is the trustee.

Much to our surprise she wants to make all the decisions without our consent. She insists that we sell the house on 2 1/2 acres. The attorneys had us have the house assessed and it is well below what we thought it was worth. My other sister and I would like to rent it out until the market is up. I know we can buy her out, but what determines the price?

Does the house then come out of the trust? Does that involve a lot of legal problems? My parents also owned property in Nevada. Would we be better off just liquidating everything as opposed to waiting for a better market?

It has been two months to the day that my dad died. Do we get a grace period before we have to decide? My sister, the trustee, says we have to decide by November 1, which seems too soon, as we are still grieving our parents. Thank you for any consideration you can give. — Linda, Rocklin, 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 power of attorney question in the Sacramento Bee column “Ask the Experts.”

Q: I have power of attorney for my 96-year-old great grandma who is suffering from dementia and is no longer able to live in her home. She has a vacant home in Bakersfield. I am wondering if I should leave the home vacant until she passes or would there be benefits to selling it while she is still alive? — Linda, Fair Oaks, CA

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

Download: Lee Smith Joins Weintraub Tobin.pdf

SACRAMENTO / SAN FRANCISCO / LOS ANGELES –Weintraub Tobin Chediak Coleman Grodin Law Corporation, a business law and litigation firm, is pleased to announce that Lee N. Smith has joined the firm as a shareholder in its Real Estate Group and will head up the firm’s emerging environmental and agriculture law practice.

Smith has extensive experience in land use regulation and development, environmental compliance, water law and litigation. “Lee is an outstanding attorney with considerable experience in the real estate arena and we are thrilled to have him join us,” said David Krotine, Chair of the firm’s Real Estate Group.

Smith’s practice over the last 25 years has included cases relating to federal and state water quality, air quality and hazardous materials compliance issues, Prop 65 and Food Safety issues. He has handled cases before the Central Valley Regional Water Quality Control Board, the San Joaquin Unified Air Pollution Control District, and local environmental agencies. He has also been involved in state court litigation concerning the California Environmental Quality Act (CEQA), and Prop. 65 litigation, as well as federal litigation involving the Clean Air Act and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA).

“Lee is a talented attorney. He brings a wealth of knowledge to the firm’s emerging environmental and agriculture law practice. We are proud and honored that an attorney with such high caliber would come and be part of the team at Weintraub Tobin,” says Michael Kvarme, the firm’s Managing Shareholder.

“This is an exciting new chapter in my career and I look forward to bringing a fresh perspective to Weintraub’s real estate group, which already has an enviable track record and impressive reputation,” says Smith.