HOW TRUST ADMINISTRATION WORKS What happens if someone creates a trust and then dies? Now what? The person in charge is called the “successor trustee.” Being a successor trustee is an honor and privilege since the person who created the trust (the “Decedent”) trusted your judgement and character to allow you to exercise control over…
How Probate Works If your loved one has passed away and left behind certain assets, you may or may not have to go to court in order to access or inherit those assets. You can learn more about what a probate is generally and why it occurs by reading our article, What is a Probate? …
This is a common question from those who set up living trusts. First off, if you are contemplating NOT doing a trust because you plan on just owning an account in your personal name, and you figure by naming other individuals as your beneficiaries, you are fine, then please read why you should not rely…
Whether intentionally or not, some people are of the opinion that a trust is not necessary either because they have someone else named on their account or because there is a beneficiary. So can beneficiary-designated accounts or joint accounts avoid going through probate? Well, it depends. Keep reading… Avoiding Probate with Beneficiary Accounts If an…
WHAT IS A PROBATE? You may think that after your loved one passes away, everything they own will simply go to their spouse, children, siblings, or closest family members. Unfortunately, it’s not that simple. With a few exceptions discussed below, when you die, your assets will go through court. This is called probate. (For…
Many answers to questions from attorneys begin with, “It depends,” followed by a long list of rules, which themselves are followed by a longer list of exceptions. This is not one of those answers! Instead, the answer to whether you should add your child to the home deed is almost always, “Never.” There are many…
This is a part in a series of articles I have written on various types of irrevocable trusts. Understanding Bypass Trusts Prior to 2012, many married couples created joint trusts known as “A-B” trusts. The problem now is that these trusts may actually cause more harm than good. In this article, I discuss Bypass Trusts. Who…
This is a part in a series of articles I have written on various types of irrevocable trusts. It’s not the QTIP you’re thinking of! To better understand this concept, it’s advised that you first read my article about estate taxes and then my article on bypass trusts. The QTIP trust is a popularly-used strategy to…
This is a part in a series of articles I have written on various types of irrevocable trusts. Irrevocable Life Insurance Trusts Why set up an irrevocable life insurance trust (ILIT)? An irrevocable life insurance trust (referred to as an ILIT) is a type of irrevocable trust that typically is used to own life insurance policies…
Feeling in-SECURE? In January of this year, a new law came into effect known as the SECURE Act, which is the most impactful legislation affecting retirement accounts in decades. You may have read politicians applaud the bill but be very weary — what Congress cloaked under the guise of “freebies” turns out to be nothing…
What is an Irrevocable Trust? Many people often ask me, “What’s an irrevocable trust?” Or some clients come ready to ask the follow-up question, “If an irrevocable trust means I cannot change it, why would anyone want to create one?” Let’s get one thing straight. No one wants a trust they can’t change. Rather, it’s…
When a Beneficiary Dies “When the RMS Titanic sank into the icy waters of the North Atlantic, one of the lesser-known problems it raised was how to handle the estates of married couples who refused to part as the ship went down. Several women chose to remain with their husbands on board the ship instead…
This is Part 1 in a two-part series about Transfer Taxes. In Part 2, I discuss what is the generation skipping transfer tax. Understanding the Estate and Gift Tax There are two types of federal taxes. The first, and more well-known one, is called income tax. The second type of tax is known as transfer taxes. …
This is Part 1 in a two-part series about LLCs. In Part 2, I cover how to setup an LLC to maximize asset protection. Why do People Create LLCs? If you own a rental property, it is strongly advised that you create an LLC. I’m going to give you 3 reasons why, but before that…
Why are some estate plans more expensive than others? If this is your first time doing an estate plan, one question you are probably asking yourself is, “How much is a trust going to cost?” This is a reasonable question to ask. But it should not be the only question you ask. Instead, you should…
PROP 19: REDUCE PROPERTY TAXES BEFORE FEBRUARY 16TH! Proposition 19 will affect each and every person who owns a property, whether it’s a primary residence, a vacation home, a rental property, or a commercial property. According to the new law, we have a limited window to take action in order to lock in our property taxes under the old…
Bridge Law LLP partner, Simon Khinda, has been following The CARES Act carefully since new information is being made available daily and every few hours. This video explains the latest updates on the Payment Protection Program as of April 3rd, 2020
Bridge Law LLP partner, Simon Khinda, explains The CARES Act regarding SBA Loans and Loan Forgiveness.
Many concerned businesses, contractors and consumers have contacted us regarding their rights and obligations including cancelling contracts, and specifically with regards to Force Majeure in light of COVID-19.
Bridge Law LLP partner, Simon Khinda, explains how COVID-19 affects rental obligations and the eviction process.
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