What is the best way to find a good estate planning or probate lawyer in San Diego? There are many resources that can help you find an attorney – but not all of them will produce an optimal result. Two good ways of finding an attorney are by contacting your friends or the [...]
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A Wisconsin court has ruled that giving a loaded shotgun to a suicidal parent is not the proximate cause of the parent’s death (although it is the actual or but-for cause), so that a wife and daughter of the man may inherit his $500,000 estate. The man was terminally ill with lymphoma and his [...]
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Barack Obama has aired a new ad accusing John McCain of favoring offshore asset protection trusts that operate as tax shelters in Bermuda. McCain is alleged to have taken $50,000 while on a lobbyist supported vacation from those who have benefited from the trusts. You can see the ad here, courtesy of the [...]
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If you are appointed as executor, administrator, or personal representative (What are the duties of a personal representative?) of an estate, you are responsible for filing a tax return. An estate tax return must be filed within 9 months of the decedent’s death. Internal Revenue Code §6075. You may file for an extension [...]
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The executors (See “What is a California Personal Representative?“) of Superman’s estate – Joanne Siegal and Laura Siegal Larson – have successfully reclaimed the estate’s half of Jerome Siegal’s copyright of Superman by terminating its grant to Warner Brothers, Time Warner, and DC Comics.
The opinion is an interesting read on the creation and promotion of [...]
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Who may write a will in San Diego? Any person that is eighteen years of age and of sound mind may write a will (But should you? See Will Advantages; and Disadvantages of a Will). A person is of sound mind if they understand the rights, risks, and consequences of the testamentary act, [...]
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A will is a living, breathing legal document (See “What Will Happen if I Die Without a Will?”. There are many ways in which people have tried – and failed – to revoke California wills (See “Advantages of a Will” and “Disadvantages of a Will“) that have produced unexpected and unintended results. Just [...]
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In a previous article, “Eight Signs Your California Tax Shelter or Offshore Asset Protection Trust Is Actually Tax Evasion,” I pointed out that several partners were in trouble at Arnold and Porter for promoting abusive tax shelters. The current state of charges, indictments, and investigations against other firms are almost too numerous to count.
Indictments [...]
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If San Diego estate planning is anything like the rest of the nation, it is in pretty bad shape. The National Association of Estate Planners & Councils has planned the third week of October for a National Estate Planning Awareness week. The reasons for the promotion?
70% of Americans do not have a [...]
Filed under: Current Events, Estate Planning - Generally, Powers of Attorney and Living Wills, San Diego Estate Planning, Trusts, Wills, Wills and Trusts | No Comments »
Now that the big accounting firms have been stung by IRS investigations, indictments, and convictions of the promoters of off the shelf tax shelters (like the POPS, PICOs, and FOCUS of Arnold and Porter), they have largely stopped offering speculative “investments” and offshore asset protection trusts. Now “a few smaller accounting and regional law [...]
Filed under: Asset Protection Trusts, Estate Planning - Generally, Estate Planning of the Rich and Famous, Offshore Trusts, San Diego Estate Planning, Tax, Trusts | No Comments »
Statutory Trust Revocation May Reward Devious Spouses - Punish Sloppy Trust Drafting
It has long been settled that under California probate law, if the trust does not provide for an exclusive method of revocation, the settlors may revoke either by the method contained in the trust or by resort to procedures outlined under statutory revocation. [...]
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Elaine and William Murphy Sr. had two children, Murphy Jr. and Maureen. Murphy Sr. had a thriving law practice in San Francisco and an estate worth $2 million. Murphy v. Murphy, 164 Cal.App.4th 376 (2008). When Elaine became ill in 1991, Maureen returned to the family home to care for her mother. [...]
Filed under: Probate, Probate Litigation, San Diego Estate Planning, Will Contests, Wills, Wills and Trusts | No Comments »
For those looking to learn information about California Probate Court, Supervising Judge Aviva Bobb of the Los Angeles Probate Court gives real life examples of the practice of probate in her jurisdiction. Probate cases include living trust proceedings, conservatorships, guardianship, estate distribution, minors’ compromise, elder abuse restraining orders, petitions to authorize medical treatment and [...]
Filed under: Estate Administration, Probate, Probate Litigation, San Diego Estate Planning, Trusts, Will Contests, Wills, Wills and Trusts | No Comments »
A California company has been sued for the unauthorized practice of law in several jurisdictions after selling living trusts over the phone to senior citizens. The Minnesota Attorney General initiated suit against two California companies – American Family Legal Plan and Heritage Marketing and Insurance Services, Inc., “for operating a ‘trust mill’ scheme [...]
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“In malpractice lawsuits, taxpayers prevailed in courtrooms, around arbitration tables, and in settlement negotiations against peddlers of abusive tax shelters. This analysis illustrates how the tax shelter malpractice experience embodies many virtues that yield tax compliance. From these virtues emerge several important lessons on how to curb aggressive tax planning. Evident from these virtues and [...]
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“This is a fun topic. Are there public policy limits to how you can give away your property in your Will or trust? The answer is yes . . .” [Death and Taxes Blog]
Filed under: Estate Planning - Generally, Probate, Probate Litigation, San Diego Estate Planning, Trusts, Wills, Wills and Trusts | No Comments »
“Americans can save billions of dollars annually on credit card and other interest payments by raising their credit scores, but many consumers still don’t know enough about the complex numerical values that represent their credit risk.
Washington Mutual estimates that, because financial institutions offer lower interest rates to consumers with better scores, consumers could reduce credit [...]
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“One way of doing this is through divorce mediation. The basic attitude marking divorce mediation is a focus on solving problems, not fighting the fight. It is a voluntary process which gives a divorcing couple the opportunity to make their own arrangements for their financial and personal future, while protecting themselves and their children from [...]
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“Vicki Miller bought her childhood home in Altoona, Pa., from her mother’s estate for $32,000, using a nice, traditional mortgage from the local savings and loan.
Seven years later, her debt has more than doubled, her once-significant equity has shrunk to zero and she’s behind on her payments. The lender has begun to threaten foreclosure.
Miller said [...]
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“Stumbling emotionally over his words at a special shareholder meeting, Angelo Mozilo, the company’s founder, chairman and chief executive, said he saw no future role for stand-alone mortgage lenders such as Countrywide, which thrived during the housing boom and had suffered badly during the bust.”
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