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New Case Alert: Novak v. Fay

Filed April 28, 2015, Second District, Division Five Cite as B256889 An attorney representing a client on a contingency basis brought a petition to determine the client was a pretermitted spouse. A settlement was reached and approved by the probate court under which a trust established by the deceased spouse was to make various payments. The client then died. The attorney filed a petition to enforce his claim for fees against the trust. The trial court denied the attorney’s p

Donald Sterling's companion must return millions to his wife

A woman who received some $2.6 million in gifts from L.A. real estate mogul Donald Sterling must turn them over to his wife, a judge ruled Tuesday in a rare interpretation of California family law. V. Stiviano, who often was seen in public with Sterling but denied their relationship was sexual, received lavish gifts from the former Los Angeles Clippers owner between 2011 and 2014. By Marisa Kendall — The Recorder #EstatePlanning

New Case Alert

Ukkestad v. RBS Asset Finance Filed March 16, 2015, Fourth District, Div. One Settlor established a Trust which recited that all of his “right, title and interest” to “all of his real … property” is included in the Trust’s assets. After the Settlor’s death, the Co-Trustee brought a petition under Prob. C. § 850 for an order that two parcels held in the name of the Settlor were part of the Trust. In reversing the trial court’s denial of the petition, the appellate court not

Notary Update - Jurats

Chapter 197, Statutes of 2014 amends California Government Code section 8202 to require the addition of the following specific disclaimer to the top of the form jurat: "A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document." The disclaimer must be legible and in an enclosed box. The jurat (PDF) must

Notary Update - Acknowledgments

Chapter 197, Statutes of 2014 amends California Civil Code section 1189 to require the addition of the following specific disclaimer to the top of the form certificate of acknowledgment: "A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document." The disclaimer must be legible and in an enclosed box. T

Treasury Green Lights Longevity Annuities In 401(k)s and IRAs

According to a recent Forbes Article: More employees should be seeing longevity annuities in their 401(k) line-up, thanks to final rules announced by the Treasury Department’s J. Mark Iwry today. The rules are technical but the gist is that employees will now be able to convert part of their 401(k) or Individual Retirement Account balances into a longevity annuity with guaranteed lifetime payouts. http://www.forbes.com/sites/ashleaebeling/2014/07/01/treasury-green-lights-long

2015 Estate, Gift and GST Rates

Tax Exemption Inflation Increases for 2015: In 2015, there is a $5,430,000 federal estate tax exemption (increased from $5,340,000 in 2014) and a 40% top federal estate tax rate. In 2015, there is a $5,430,000 GST tax exemption (increased from $5,340,000 in 2014) and a 40% top federal GST tax rate. In 2015, the lifetime gift tax exemption is $5,430,000 (increased from $5,340,000 in 2014) and a 40% top federal gift tax rate. In 2015, the annual gift tax exclusion is $14,000 (n

Your Rights as Trust Beneficiary

Trust Beneficiary’s Right to Information: The trustee has a duty to keep the beneficiaries of a trust reasonably informed of the trust and its administration. Probate Code § 16060. This rule applies to remainder beneficiaries who might not otherwise be entitled to an accounting. Prob Code § 16062. The California Law Revision Commission (CLRC) Comment to Prob Code § 16060 states: “The trustee is under a duty to communicate to the beneficiary information that is reasonably n

Protection of the House

California has one of the most aggressive estate recovery programs in the Country. The Medi-Cal Estate recovery regulations provide that after the death of a Medi-Cal recipient, the State has a right to repayment from: “All real and personal property and other assets in which the decedent had any legal title or interest at the time of death (to the extent of such interest), including assets conveyed to a dependent, heir, survivor, or assignee of the decedent through joint te

Estate Planning for Clients Facing Catastrophic Long-Term Care Costs

Many estate-planning attorneys focus on dealing with tax issues when drafting estate plans. However, because many elderly clients are entering skilled nursing facilities, estate-planning attorneys must be familiar with long-term care issues when drafting estate-plans. Over 40 percent of people age 65 and over need nursing home care at some point in their lifetime. Having the flexibility to take advantage of techniques to avoid needing to spend down investments, and avoid lat

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