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Living Trust Administration on the Death of a Trustor Part 2

The following was written by Attorney Jack E. Stephens, for the professional manual, Rules of Trust Administration in California, regarding the administration of a Living Trust on the death of a Trustor. This is Part 2 of an ongoing series. 

Living Trust Administration on the Death of a Trustor Part 1

The following was written by Attorney Jack E. Stephens, for the professional manual, Rules of Trust Administration in California, regarding the admistration of a Living Trust on the death of a Trustor. This is Part 1 of an ongoing series. 

Estate Planning and Incapacity

       Believe it or not, most people are more reluctant to plan for incapacity than death. More individuals can accept death but not incapacity. They can accept the graveyard but not the nursing home. When I asked one elder male client why he knew he would never go to a nursing home he responded , "because of my .45 caliber pistol I keep in my chest of drawers". Okay, but what if you have a stroke and can't pull the trigger. Incapacity, physical and mental, must be addressed in your documents. Why wouldn't you want to determine where you lived and who would care for you post-stroke or other incapacitating event?

Estate Planning with Durable Powers of Attorney

       Many clients are confused regarding the use of Durable Powers of Attorney in their Estate Plan. In California we have two separate documents, the Healthcare Power of Attorney, known as the Advanced Healthcare Directive (AHCD). The Financial Power of Attorney is called the Uniform Durable Power of Attorney (UDPA).

Estate Planning with Protective Inheritance Trust (PIT) Provisions

       Okay, you've got a child who doesn't understand marriage and is twice-divorced; a child who attracts lawsuits like teenage groupies to a rock star; or, a child who flirts with bankruptcy like a "hot" swimsuit model.

Estate Planning with the Home and Other Real Property

       Okay, put down the remote and give me 5 minutes. We need to talk about Estate Planning with your home and possibly other real property. Would you like the Court to take away your home; would you prefer to die in a lonely nursing facility and not in your home; would you care that a judge, who you don't even know, decides who gets your home at your death; would you want your children to pay extra, and unnecessary, property taxes on your home as part of their inheritance?

Estate Planning with Retirement Plans (IRAs, Roths, 401Ks, etc.)

       This subject led me to write a book in the late 90s called Avoiding Tax Traps In Your IRA which was endorsed by Kiplinger's Retirement Reports. In my research for the book, I discovered a minefield of tax traps which caused individuals to lose substantial money to taxes and penalties.

Contact

The Law Offices of Jack Stephens, J.D., LL.M.
12526 High Bluff Dr.
Suite 200
San Diego, CA 92130
Phone: 858-792-0909
Fax: 858-792-0806
Map and Directions

Video of Jack Stephens' AV Preeminent Rating by Martindale-Hubbell

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