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Published: July 6, 2021
Trusts & Estates Legal Updates
Britney Spears says so. After thirteen years of conservatorship, on June 23, 2021, Britney appeared remotely at her conservatorship hearing and relayed her emotional plea to the judge to terminate her conservatorship without the need for any further evaluation.
Published: February 2, 2021
by
Carlena L. Tapella
Trusts & Estates Legal Updates
Conservatorship proceedings are commenced for a variety of reasons, but the most common circumstance is when an elderly person requires assistance, either with their medical care, or their financial affairs, or both, and that individual does not have an alternative in place which would eliminate the need for a conservatorship.
Published: January 5, 2021
Since 1986, when Proposition 58 passed, certain transfers of real property between parents and their children have been excluded from reassessment for purposes of determining property taxes. Proposition 58 provided an exclusion from reassessment for (1) a principal residence of the transferring parent, and (2) the first $1 million of full cash value of all “other real property” transferred from a parent to a child. Proposition 193, passed in 1996, added a similar reassessment exclusion for transfers between grandparents and their grandchildren (when the grandchildren’s parents are deceased).
Published: December 29, 2020
Trusts & Estates Legal Updates
2020 has been a year to remember for so many reasons: a global pandemic, the race to a vaccine, and an election with record-breaking voter turnout.
President-elect Joe Biden and his running mate Vice President-elect Kamala Harris campaigned on a platform of detailed proposals, including changes to certain areas of tax law. Here are some reforms that we might see during a Biden presidency, and the effects those changes might have:
Published: August 18, 2020
Trusts & Estates Legal Updates
In 1978 California voters approved Proposition 13, a landmark measure that set—and has kept—property taxes at a low rate. This November’s ballot includes a proposition known as the “split roll” initiative that would make significant changes to Proposition 13.
Published: July 31, 2020
Trusts & Estates Legal Updates
When Karl Lagerfeld passed away in February of 2019 in France, many speculated that his cat, Choupette, was well provided for as part of his estimated $150 million estate. This pampered feline was much loved by Mr. Lagerfeld during his life, and appeared in photoshoots and featured in many high-end fashion magazines. However, over a year after Mr. Lagerfeld’s death, certain media outlets have reported that the administrator of Mr. Lagerfeld’s estate has “disappeared.” Based on these reports, many question whether Choupette will ever be able to dig her claws into her alleged inheritance.
Published: May 8, 2020
by
Carlena L. Tapella
Trusts & Estates Legal Updates
In advising clients regarding the rights afforded to joint tenants on a bank account, most practitioners would say that the agreement with the financial institution generally would control, with the surviving joint tenant succeeding to the funds remaining in the account on the death of the other joint tenant.
Published: May 1, 2020
Like most estate planners, we always remind clients that tax and estate planning laws are subject to change and frequently do. As busy practitioners, it is impossible for us to reach out to every client when a change might affect him or her, so we remind all clients to come back to see us if they have questions or are concerned about how recent developments affect their plans (and in any event, at least every three to five years).
Published: April 23, 2020
Co-Authors: Thomas W. Shaver, Esq., John M. Andersen, Esq., and Agnieszka K. Adams
This article was first published in Volume 26, Issue 1, 2020 of the California Trusts and Estates Quarterly, reprinted by permission.
Published: February 19, 2020
Trusts & Estates Legal Updates
First, what is a contract to make a will?
A contract to make a will is exactly as it sounds. It is an agreement to provide for a person as part of a decedent’s will. The terms of the agreement could be as simple as a promise to provide services in exchange for a specific cash gift as part of a decedent’s will. For example, Elizabeth may promise to provide caregiving and household services to William in exchange for William’s promise to provide her with $250,000 upon his death. When William dies, hopefully his will has a provision leaving a specific cash gift of $250,000 to Elizabeth. If not, then there has been a breach of the agreement. The agreement can become substantially more complex, particularly when real property is the subject of the agreement. Instead of agreeing to pay Elizabeth $250,000 in exchange for her services, William may promise to leave his house to Elizabeth. Again, when William dies there may be a breach of the agreement if William’s will contains no provision instructing that his house be given to Elizabeth.
A contract to make a will in California can be oral or in writing. The cases litigated often relate to oral agreements which are difficult to prove. Further, the terms of the oral agreement may be so uncertain and indefinite that the agreement is incapable of being enforced. In the above examples, the agreement between William and Elizabeth is potentially vague. What are the specific terms of the agreement? What is the duration of the agreement? Does Elizabeth have to provide services for William’s lifetime? What happens if Elizabeth ceases providing services or dies first? Would this simple agreement be enforceable if there were no writing? These questions make litigation of these matters a near certainty.