Minors in California (people under the age of 18) cannot own assets directly. Minors must own assets through a guardian. However, minors can be Trust beneficiaries. Typically, when a Trust is established with minor beneficiaries, the Trust terms require the minors’ shares to be held in Trust rather than distributed outright.
Trust shares for minor
Generally speaking, inheritance is not subject to tax in California. If you are a beneficiary, you will not have to pay tax on your inheritance. There are a few exceptions, such as the Federal estate tax. However, an estate must exceed $11.58 million dollars per person in 2020 to be subject to estate tax
A Trust is an entity that holds assets. Living Trusts are set up to benefit the Trust creators, (also referred to as the “Settlors,” or “Grantors,”) during their lifetimes. Living Trusts also provide the terms for management and distribution of the assets once the Grantors pass away.
Living Trusts are typically drafted by an
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Hi, this is Keith Davidson from Albertson & Davidson. In this video, we’re discussing real property taxes. When a person passes away and they transfer assets, real property, from themselves to their children, under California law, the children are allowed to
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This is Keith A. Davidson from Albertson and Davidson. In this video, I want to talk to you about the differences between Wills and Trusts. A lot of times people think that Wills and Trusts are the same thing, that they’re
Casey Kasem’s passing is a sober reminder of how people with estate plans can still be subject to bitter Court disputes in their golden years. Prior to Mr. Kasem’s death his wife and children (from a prior marriage) were involved in a bitter conservatorship dispute. Mr. Kasem had apparently prepared a healthcare directive naming his
How much do lawyers cost? Well that’s a loaded question that no lawyer wants to answer. And yet, every client and potential client wants to know—“what’s this gonna cost me?” Well as a lawyer I have no desire to discuss this on a blog post put out into the public realm. Or if I do
Albertson & Davidson, LLP is pleased to announce the addition of attorney Mark D. Perryman to the firm as a partner. Mr. Perryman focuses his practice on Trust, Will and Probate litigation. He also helps clients in estate planning, trust administration and business litigation.
“I chose to join Albertson & Davidson because they share my
In this video, Keith Davidson discusses the factors that comprise a good Trustee selection for your California Trust.
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Keith Davidson discusses the methods you can use to revoke your California Trust.
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