Probate, Estate Planning and Trust Law
Law Offices of Alice A. Salvo  Law Offices of Alice A. Salvo
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Phone: 818-676-9572

October 2017 Archives

Upcoming Can't-Miss FREE Seminar on Nov. 4: How to Protect Your Assets and Avoid Nursing Home Costs

Nursing Home Benefits - Without Sacrificing Your Inheritance

The unfortunate reality for many is the exorbitant cost of nursing home care for an aging family member. In addition to the cost, many people come to find their inheritances - often in the form of a home or proceeds from the sale of that home - lost to Medi-Cal, which can recover benefits paid from the deceased family member's estate - that is, unless you have the proper legal documents.

Understanding the limitations to spendthrift trusts

As you get deeper into your estate planning, the issue of how you can preserve your assets for the benefit of your beneficiaries in Woodland Hills will inevitably come up. Many come to us here at The Law Offices of Alice A. Salvo concerned that their beneficiaries will misuse the money or property they leave to them (or worse, end up losing such funds to creditors). If you share this same worry, some may recommend that you place your assets in a spendthrift trust. These trusts are believed to be virtually untouchable by creditors. However, a unique provision of California law may mean that such instruments are not as ironclad as they seem. 

Detailing others' obligations to your deceased loved one

Say that you have a loved one living in the San Fernando Valley while you and other family members live in other states. If that family member dies, and you and others are not immediately available to help handle his or her affairs, what happens? The scenario just described has happened to many of those that we here at The Law Offices of Alice A. Salvo have worked with. There are pressing matters that must be addressed upon your loved one's death that, if not dealt with promptly, could complicate the handling of his or her remains and even impact the value of his or her estate. 

California's order of preference for conservators

For many in Woodland Hills, their greatest fear may be having to be placed under the care of another. Second to that may be the concern that if they do become incapable of caring for themselves, that the person assigned as their guardian or conservator is selected solely at the discretion of the court. While it is true that California law does state that the court does have the ultimate authority to determine who should be the conservator of a person and his or her estate, it does also make room for special considerations to be given to a conservatee and his or her family. 

Woman looking to take back control of estate from trustee

Assuming the role of trustee over a trust account in Woodland Hills may be an unenviable task. By doing so, one agrees to manage the trust assets of another for the benefit of designated beneficiaries. Of course, those beneficiaries may not always be keen to know that their interest in their trust funds is out of their control. These frustrations may often come to a head when the trustee attempts to block any dispersals that he or she believes may be in violation of the trust's purposes. While beneficiaries (as well as others who may have their own interests in a trust's assets) may not like such a move, it should be remembered that it is only being done in what is believed to be their best interests. 

Seeking guidance on the various types and benefits of trusts

With a certain amount of uncertainty involved, many individuals may be hesitant to put a plan in place for the future. However, chances are, you may have preferences as to the distribution of your assets and how you wish to provide for loved ones after you are gone.